Podcast
Questions and Answers
Once all parties have signed a contract, how many copies of the Sale & Purchase Agreement should be made?
Once all parties have signed a contract, how many copies of the Sale & Purchase Agreement should be made?
Three
After the contract is signed, who should receive copies of the Sale & Purchase Agreement?
After the contract is signed, who should receive copies of the Sale & Purchase Agreement?
The buyer, seller, both solicitors, the real estate agent, and the licensee.
What is the minimum amount of time an agency is legally obliged to keep a copy of a written offer?
What is the minimum amount of time an agency is legally obliged to keep a copy of a written offer?
12 months
What actions should you take after successfully concluding negotiations and before the conditions of the contract are satisfied? (Select all that apply.)
What actions should you take after successfully concluding negotiations and before the conditions of the contract are satisfied? (Select all that apply.)
What is your primary responsibility related to the buyer's deposit?
What is your primary responsibility related to the buyer's deposit?
What right of inspection does the buyer have between the unconditional date and settlement date? (Select all that apply.)
What right of inspection does the buyer have between the unconditional date and settlement date? (Select all that apply.)
Which clause in the sale and purchase agreement outlines the buyer's right of inspection?
Which clause in the sale and purchase agreement outlines the buyer's right of inspection?
What is the licensee's primary responsibility regarding keys and security devices at settlement?
What is the licensee's primary responsibility regarding keys and security devices at settlement?
Flashcards
How many copies of the Sale & Purchase Agreement are made after signing?
How many copies of the Sale & Purchase Agreement are made after signing?
When using paper copies, 3 originals are created. One for the buyer, one for the vendor, and one remains with the agent. Once signed, copies go to both parties' solicitors, the real estate agent, and the agent's files. With an electronic agreement, only 1 electronic 'original' is created, but multiple copies are printed. A total of 6 copies are needed for the seller, buyer, their respective solicitors, the real estate agent, and the agent's files.
How long must the agency keep a copy of the written offer?
How long must the agency keep a copy of the written offer?
The agency must keep a copy of the written offer for 12 months, regardless of who submitted it or the outcome.
What are the key tasks after a successful negotiation?
What are the key tasks after a successful negotiation?
After a successful negotiation, you'll need to collect the buyer's deposit, ensure the seller completes any agreed-upon work, confirm the buyer fulfills any conditions, help arrange a final inspection before settlement (if required) and arrange the handover of keys and security devices.
What is the licensee's responsibility regarding the deposit?
What is the licensee's responsibility regarding the deposit?
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What right of inspection does the buyer have between the unconditional date and settlement date?
What right of inspection does the buyer have between the unconditional date and settlement date?
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Where is the right of inspection stated in the agreement?
Where is the right of inspection stated in the agreement?
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What is the licensee's role regarding keys and security devices at settlement?
What is the licensee's role regarding keys and security devices at settlement?
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Study Notes
Sale & Purchase Agreement - Key Responsibilities
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Copies of Sale & Purchase Agreement: Three original copies are typically created for paper agreements. Six copies are needed if using an electronic agreement, to distribute to all parties (buyer, seller, solicitors, agent, transaction files).
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Offer Retention Period: The agency is legally obligated to keep a copy of the written offer for 12 months, regardless of outcome.
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Post-Agreement Contact: After contract signing, follow-up actions include:
- Collecting buyer's deposit.
- Ensuring seller attends to conditions (e.g., pool fencing).
- Ensuring buyer satisfies conditions (e.g., mortgage approval, sale of current property).
- Arranging final buyer property inspection before settlement.
- Arranging key and security device handover.
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Deposit Handling: The licensee must prompt the buyer for the deposit after agreement confirmation (unless otherwise stated) and provide a trust account receipt.
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Inspection Rights (Buyer): The buyer has the right to inspect the property (including fixtures/chattels) between the unconditional date and settlement date, to verify condition. The licensee can aid this inspection, adhering to tenant rights if applicable.
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Inspection Clause Location: The right of inspection is specified in clause 3.2 of the sale and purchase agreement.
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Settlement Responsibilities (Keys/Security): The licensee is responsible for arranging the handover of keys and security devices (e.g., garage door openers) at settlement.
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Description
This quiz covers the key responsibilities involved in a Sale & Purchase Agreement, including the handling of documents, offer retention, and necessary post-agreement actions. Test your knowledge on the obligations that agents and parties must adhere to in property transactions.
