06 Jan 2022

What Are the Stages of a House Sale?

It takes several steps to sell a home. But four stages of a house sale exist. When you place the property on the market, you undergo the sale stage. It involves fielding offers, holding open house inspections, and marketing. Once you accept an offer, you enter the settlement period.

In Australia, the settlement period has three stages: contract of sale, cooling-off period, and settlement period.

The contract of sale stage takes place when the vendor accepts an offer from the home buyer. It makes sense to request a deposit to hold the property for the home buyer.

Throughout the Australian territories, homebuyers and vendors receive a cooling-off period. It ranges from two to five days. The period allows the home buyer an opportunity to have the house professionally inspected.

If neither party raises concerns when the cooling-off period expires, the contract of sale becomes binding assuming a 5 or 10% deposit has been paid.

The transaction becomes more official when the home sale enters the settlement period. The home buyer’s lender enters the fold. If everything checks out with the home after the inspection and valuation, the lender agrees to release the funds. The paperwork is finalised and the transfer of ownership begins. The process ends with the home seller handing over the keys to the homebuyer.

Mortgage House provides an array of mortgage choice options.

Stages of a House Sale Conclusion

As you make your way through the stages of a house sale, keep in mind that Mortgage House can help. We work with homeowners interested in purchasing a new home after selling their current house. We offer portable mortgages, among several other innovative home loan products. Contact our loan specialists for more information.

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