FINAL INSPECTION COMPLETE- Seller - Evolution Realty
Evolution Realty’s Industry Leading
“Risk Reversal” Satisfaction Guarantee
applecross@evolutionrealty.com.au
Call Us 08 9364 7488

FINAL INSPECTION COMPLETE- Seller

THE FINAL INSPECTION IS COMPLETE- What Next?

(Based on the contents of the Joint Forms of General Conditions 2018).

  • Congratulations, the final inspection is completed!
  • Your home is nearly settled and you can nearly move on. 

I have put together a simple guide which will hopefully assist you in the final steps before settlement.

What happens next?
  • I will send today both Settlement Agents a copy of that signed acknowledgement document
  • So that they both know we have completed the final inspection
  • I know for Sellers this can be quite stressful as it means the final moving out plans are being made, but also exciting as the next chapter of your life is soon about to begin.
  • We are nearly there but there is still a few things to do and know before the property settles.

Please read the following with the view that we are trying to help you manage this with minimal surprises and adverse risks. Thank you.

1. Settlement Date- The settlement date is what is on the contract. On that date the buyer will be entitled to full access as they are the new owners. (Except when you are still living there, as explained in 4) Keys- handover, below).

I realise there is a lot to do but at key handover we must have everything out, as often the buyer is arriving to move in soon after.

2. Settlement Agents/ documents- Transfer of land docs- please make sure these are signed and in on time back to the Settlement Agents. Any delays or loss of documents can cause delays in settlement, or worse, penalty interest depending on who causes the delays. Nobody wants that.

Proactive role-
I suggest you chase your Settlement Agents to make sure that they let you know in advance any potential red flags that they can see, well in advance.

Ask- Anything else needed? – A great question to ask in the week before settlement.

3. Fixtures and fittings- It is important that anything agreed in the contract is left with the property, e.g. dishwasher, pool cleaning equipment, curtains etc.

  • If pot plants or furniture was included that is normally separately listed in the contract or arranged privately between Buyer and Seller.

4. The 3 Day Grace period- Both Buyer and Seller have an automatic 3 day grace period set in the contract so please be aware this can and often does come into play.

  • Banks and Settlement Agents know this applies and often use it for a number of reasons. Papers can get misplaced, one of the parties is slow returning docs, many reasons.
  • Please have a backup plan in place that includes the possibility that settlement could be delayed up to 3 working days without penalty to either party.
  • Beyond that the offending party that causes the delay could be liable for paying penalty interest.

5. Keys Handover- the Buyer is entitled to the keys at settlement if the property is vacant. If it is being lived in, the Buyer is entitled to take possession at midday the day after settlement.

  • It is then their property.

Quantity- One key for every lock is the standard.

  • That includes all garage remotes too. (Usually 2 minimum, one for each car space).

Where- I suggest leave all in the kitchen cutlery drawer, I will hand them the keys I had for the marketing campaign.

6. Condition at handover- Sellers are required to maintain the home/property in the same condition that is was leading up to the Buyer making an offer and for the marketing campaign.

7. Further Access- the Buyer is not entitled to any further access without your prior consent.

8. Furniture removalist truck- Many buyers arrange their truck to be at the door step of their new home at 12PM the day after settlement. (Or earlier for where the home was/is vacant).

9. Mail re-direction- I suggest that you take care of this a week or two before settlement to make sure they can implement for you in sufficient time.

10. Services- Gas, electricity, phones, internet, water.

  • Best to let all know you are moving.
  • Sometimes when the previous owner does not disconnect the phone service, the new owner can’t connect.
  • I suggest cancel the lawn mower person too from day after settlement.

11. Manuals, warranties and floor plans etc. –
Availability and where- If you have them can we please have any and all that you may have, again kitchen drawers are ok.

12. For sale sign- I have as at today ordered it down. (If it isn’t already).

13. Rubbish removal- Please make sure that all items are removed from the property except as marked in the contract.

14. Payment of settlement proceed funds into your account- Please liaise directly with your Settlement Agent as to how and when this will occur.

As always if there is anything that you need please feel free to let me know.
Yours faithfully,

Ian Barnes
Managing Director/ Licensee

P.S. We are nearly there, the home stretch now! (Exciting)

As always if there is anything that you need please feel free to let me know.

Yours faithfully,

 

Ian Barnes
Managing Director/ Licensee