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:
- explain the process to them in full including all statutory and general requirements for the smooth completion of the sale process.
- 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.
- Outline the process of completion of sale including any advantages and disadvantages of processes where applicable.
Your response should cover the following points:
- Contract process
- employing a conveyancer/settlement agent
- preparation of contracts
- signing of contracts
- executing contracts
- receiving the deposit monies
- the cooling-off period
- 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.
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