CPPREP4105 Sell Property

ASSESSMENT TASK 3 – Scenario: Provide Information to Client

You have just negotiated the sale of a property with all terms and conditions and price agreed upon. The vendor has asked you, "what happens next?".

You are to:

1. explain the process to them in full including all statutory and general requirements for the smooth completion of the sale process.
   1. The explanation may be completed in a 1 page or more report, a 1 page or more letter to the vendor or a flow chart.
2. Outline the process of completion of sale including any advantages and disadvantages of processes where applicable.

Your response should cover the following points:

1. Contract process

• employing a conveyancer/settlement agent
• preparation of contracts
• signing of contracts
• executing contracts
• receiving the deposit monies
• the cooling-off period

1. Settlement process

• what is settlement?
• when does it occur?
• purchasers right to final inspection prior to settlement
• vendors and purchaser’s responsibilities prior to settlement (including building and contents insurance)
• holding the deposit monies
• what happens if settlement doesn’t occur
• releasing the key to the property
• authorised agency disbursements
• how agency fees are calculated
• account sale statement
• releasing the deposit monies, including before settlement (Section 27 Sale of Land Act 1962).
• Any other detail relevant to the effective and legal completion of the sale.