05 Jan 2022

What Happens Once a House Is Sold?

When a vendor accepts an offer, their house is sold. They enter the settlement period with the homebuyer. For the Australian housing market, the settlement period takes place in three stages that last a total of 30 to 90 days.

First, the deposit is paid. This takes the property off the market. The homebuyer receives an opportunity to bring a valuer onto the property. The valuer evaluates the home and determines if the property has any significant deficiencies. In addition, the mortgage lender appraises the property. This ensures that they fund the correct amount. Contracts are exchanged binding both parties to the sale.

Next, the homebuyer and vendor receive a cooling-off period. Sometimes the vendor changes their mind. They decide that they don’t want to sell the property after all. For the homebuyer, sometimes the financing falls through. Thus, they have to decide if they want to go through with the purchase or not.

There are no penalties during this period if either party calls off the deal. 

Lastly, the settlement period makes the transaction official. Both parties sign the paperwork that starts the transfer of ownership process. Plus, the buyer receives the keys from the seller.  This stage also begins the transfer of funds to the seller. 

House Is Sold Conclusion

After a house is sold, the homebuyer and the seller enter the closing period. In Australia, it takes place in three stages. Mortgage House works with homebuyers and home sellers who seek to purchase another home. Contact our loan specialists to obtain more information.

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