Listing to Settlement Tips


The preparation you put into getting your property ready for sale can be the difference between getting a standard price and getting a great price. And, the best part is, it’s not hard, time consuming or expensive. For most, the sale of a property comes around every 5-7 years. For others it has become a more regular event, choosing to capitalise on the opportunity of upgrading the family home and make substantial tax free gains in the process.

Whatever your motive for selling, the process can either be stress free and lucrative or tense and disappointing.

We hope that your experience with CRASTO will be rewarding and we have for you tips for your journey from listing to settlement:



Buyers for good quality property can be found all year round. With the marketing process having become far more sophisticated than in previous times, the issue of timing is less critical today than in the past.

The time required to sell property that is accurately priced will typically vary between two and six weeks. Prior to placing your property on the market, allow an additional two weeks to prepare both the property and the marketing material.

After Listing your property with CRASTO


Photographers, copywriters and videos are booked (where appropriate), letters and flyers notifying your neighbours are prepared and distributed. Advertisements (including internet) are booked as per your advertising schedule. Additional brochures detailing what you love about your property may also be prepared.

Signboards and pointer boards are arranged and the property will be added to our weekly electronic email bulletins.

We contact your legal representative requesting the necessary documentation on your behalf.

In most cases you will be supplied with a calendar of events so you know what will happen throughout the entire campaign.



Presentation of your property is a critical factor in achieving the highest possible price. The emotional appeal required to stir the spirit of the buyers is unlikely to be generated by a poorly presented property. And a neglected building sends out ‘warning signals’ to prospective buyers. So it is important to do whatever is possible to have your property looking its absolute best on inspection day. Some of the turn offs for buyers include:

  • Animal odours in the house
  • Evidence of dampness or moisture in the walls
  • Cigarette or strong food odours
  • Doors, windows or gates that stick
  • Cracked glass
  • Too much furniture or personal belongings cluttering the space
  • Stained carpet
  • Unkempt  garden

To improve the presentation, seek an outside opinion, as many of these problems can be fixed over a weekend for little expense.

Talk to us now about having our in-house Property Stylist to help in preparing your property.


Open For Inspections/ Open Homes


In most cases we recommend holding advertised ‘open for inspections’ to ensure that we get as many people as possible through the property and so buyers feel more comfortable looking at the home without pressure. Also, the more people at the inspection the better, as people realise they have competition. Rather than disrupt you on numerous occasions, you can also plan ahead for these scheduled inspections to ensure the presentation is 100%.

A consultant will always be there to speak to everyone who is in attendance allowing us to gain as much feedback as possible that we will report to you.

Our team closely observe people inspecting the home and though theft is extremely rare, we recommend that you remove small valuables from sight.

The ‘For Sale’ board – how important is it?

A large number of buyers live locally or have been told about a property by a local resident so boards are very important.

The success of a board is reliant upon quality photographs, a concise and simple description including important attributes not obvious from outside, with clear contact details.


Method of Sale

When it comes to selling your property, there are three popular methods to choose from:

  • Private Treaty (Sale)
  • Public Auction
  • Public Tender

Each has its own advantages and it is advisable to speak to your agent about the benefits of each method. Our company has successfully utilised all three methods.

Sale Preparation Checklist

  1. Get the property detailed thoroughly
  2. A few hundred dollars spent sprucing up the property will increase the saleability and more than likely increase the sale price.
  3. A property stylist can improve the appeal of your property by enhancing its appearance. This helps in obtaining a higher sale price.
  4. Obtain a building and pest inspection report. – This allows you to have necessary repair work done prior to sale. A 100% clear report can be used as a selling feature for buyers.
  5. The Contract for Sale should be prepared by your solicitor or conveyancer with all the essential terms and conditions.
  6. A certificate of compliance should be obtained from the Local Council if you have recently undertaken major building works.
  7. It is advisable to have a survey of the land and buildings available if required when selling a property.
  8. If there is a current lease, check the expiry date and termination requirements and advise your solicitor.
  9. Make a note of all the inclusions. That is, everything that will be included in the purchase price and remaining at the property after completion. Standard items include light fittings, floor coverings, curtains and blinds. These can also be excluded if you prefer but it should be noted in the contract for sale.

Documentation and Other Requirements

Contracts and Section 32 ‘Vendor’s Statement’

The Standard prescribed contract includes a number of general conditions designed to protect both buyer and seller, and covers most normal land transfer situations. Additionally, a solicitor prepared contract may include additional special conditions which are typically included to protect the vendors interests, or cover any special circumstances surrounding the property – i.e. where probate is still in process of being granted or assigning liability for a notice affecting the property. They may also include a directors guarantee so that if the property is sold to a company, the directors assume personal liability for the completion of the contract, should the company default.

The Vendors Statement is required under section 32 of the Sale of Land Act 1962, and provides various details about the property. For a contract to be legally binding on a purchaser, a Vendors Statement, signed by the vendor, must be given to a purchaser before he/she signs a contract.

The solicitor or conveyancer preparing a vendors statement on your behalf will likely have a number of questions about your property, and it will be useful to have on hand a rates notice, details of services connected to the property, as well as details of owners corporation (where applicable) and in particular, details of any building works which have been conducted in the past 10 years. There are a number of insurance requirements around major building works, as well as any owner-builder works and renovations, which is often a cause of significant delays with documentation if not identified early.


A copy of the council and water rate notice for the current period;


Details of the services including gas, electricity, water, sewerage and telephone that are connected at the property. Similarly if any services are available to the property but not yet connected to any dwelling please advise them;

Selling a Unit

Any time that a property being sold is affected by an Owners Corporation (formerly known as a body corporate) the vendors must provide the purchaser with an Owners Corporation Certificate. This is irrespective of whether the Owners Corporation is active or not, and whilst two lot subdivisions are exempt from certain requirements, an Owners Corporation Certificate must still be supplied and be affixed with the common seal of the Owners Corporation. The only sure way to tell if the property is affected by an Owners Corporation is to check the title documents. Failure to include the required certificate in the documentation will give the purchaser the right to avoid the contract at any time up until settlement, so this is an important topic to discuss with your legal advisor.

Selling a property which is tenanted

If the property is on a month to month residential tenancy, and is to be sold with vacant possession at settlement, a minimum of sixty days’ notice to vacate must be given to a the tenant by you or the managing agent. If however a fixed term Tenancy Agreement exists, the tenants cannot be required to vacate until the end of the term specified in that written agreement.

Building approvals

Building approvals for a new house or renovations that have been done to the property in the last ten years must have a copy of Building Approval or, if you do not have a copy, your solicitor will require the Building Approval Number of any building approvals that have been granted in the last ten years. They will also require a copy of any guarantee from the Housing Guarantee Fund or builders insurance (if applicable).

Where works are completed by a registered builder, your solicitor will require a copy of the builders warranty insurance, and in the case of owner builder works, a prescribed defect report and provision of home owners warranty insurance in accordance with S.137 of the Building Act 1993.


Details of any notices received, such as fencing notices, unless otherwise dealt with in the contract of sale you will be responsible for complying with all notices issued prior to the date the contract is signed.





The sole aim of our marketing strategy is to generate quality enquiries so we must be clear on the type of buyer that will be interested in order that your advertising investment is wisely spent.

The Campaign Commences

A marketing calendar will be supplied so that you are aware of every detail of the campaign in a simplified, structured approach.

Successful Outcome

Our aim for you is that your property is sold within the desired time frame and at a net return that meets or exceeds your expectations and that you receive a thoroughly positive service experience.

Feedback & buyer follow–up

All buyers visiting your property will be contacted in the days following inspection to gain further feedback and, more importantly, their levels of interest. Those showing interest will be regularly contacted throughout the campaign regarding its progress. This helps to ensure you are well informed when the time comes to make any decisions.

All of this feedback will be relayed to you. You will receive regular communication outlining enquiry levels, buyer feedback, etc. Details of all visitors inspecting the property are kept on file. Written reports and/or emails will also be provided summarising the number of interested buyers and feedback, both positive and negative.

Selling the property

Receiving an offer

We will be with you every step of the way, keeping you fully informed throughout the selling process and briefing you on all offers received.


It is important to note that an offer is not deemed a sale until:
– The offer is formally documented and signed by all parties
– The cooling off period has lapsed
– All special conditions are met

Exchange of contracts

Signatures of both the Vendor and the Purchaser are required on a contract. The Purchaser may, in some cases, have a cooling off period during which the Purchaser can withdraw from the contract. Once the contracts have been checked for accuracy, we will forward copies to your solicitor or conveyancer.

Your solicitor will commence the legal process of conveying ownership of the property from your name to that of the purchaser.

We can assist you with the selection of a solicitor to help ensure your documentation is both complete and timely.


When you sell your property, you not only sell the bricks and mortar, you also agree to sell the inclusions that will be listed in your contract. You must inform your agent and solicitor if you wish to exclude any commonly included items (e.g. special curtains, light fittings) prior to the commencement of marketing as these exclusions must also be listed in the contract as well as pointed out to buyers.


Prior to settlement

Exchanging contracts (Unconditional)

Once the property is sold, we will provide your solicitor with a copy of the signed contract and your solicitor will confirm the terms of the sale with you at that time.


We recommend that the vendor maintains adequate insurance so that in the event of any incident, they can restore the property to its former state “fair wear and tear excepted” for settlement.

Some contracts do transfer the onus onto the purchaser for maintaining insurance, so this needs to be addressed on a case by case basis.

Exchanging Contracts (Conditional)

If the contract is conditional upon the purchaser obtaining finance, a satisfactory building inspection or any other matter and the condition is not satisfied by the due date the purchaser must notify your solicitor, the estate agent or you by the date set out in the contract. The purchaser may request an extension of the time to satisfy the condition or may terminate the contract. If the contract is terminated by the purchaser within the allowed time any deposit paid is refundable. If no notification is given within the allowed time the contract is deemed to become unconditional.

Changes to contracts, including settlements etc.

Although we will help in any way we can, once the paperwork has been passed on to your solicitor, any changes to be made to the contracts must be negotiated between your solicitor and the purchaser’s solicitor.

Cooling-off period – a simple explanation

A purchaser is entitled to a 3 day cooling off period after exchanging contracts (the day the buyer signs is not counted nor are weekends and public holidays). In most cases, if a buyer cools off (other than due to a condition of the contract), you will be entitled to keep $100 or 0.2% of the contract price as compensation that is normally deducted from the deposit and the remainder is returned to the buyer.

Cooling off does not apply for properties sold at auction, or within 3 business days before or after a publicly advertised auction date. There are also many other fine points associated with the cooling off period that should be discussed with your legal representative.

Buyer quality inspections – how can they affect the sale?

Pest and Building Inspections are a regular aspect of the selling process, with many buyers opting to have this done prior to competing at an auction, or prior to submitting an offer on a property. In some instances, an offer will be submitted which is conditional upon the results of a building or pest inspection within a specified timeframe.


The law requires that the deposit be paid into an estate agent’s or solicitor’s trust account until settlement, or until an early release of deposit is obtained in accordance with the requirements of section 27 of the Sale of Land Act 1962.

To fulfill these requirements, your solicitor must prepare a Section 27 Statement which you are required to complete to detail any money owing on the property to enable the purchaser to determine if the balance payable on the settlement day is sufficient to discharge all mortgages, and the purchaser must be deemed to have accepted title. This is usually 28 days from when the section 27 statement is served on the purchaser, provided their solicitor does not lodge any objection to the release of deposit within this timeframe.

Where new subdivisions are approved but titles not yet registered, or deceased estates are still going through probate, or if there are one or more caveats lodged on title, then it is unlikely that an early release of deposit will be possible.

Transfer of Documents

The Transfer of Land document to transfer the property into the name of the purchaser will be sent to you together with a Statement or Statutory Declaration required by law. Each of the documents will need to be signed by you. Your solicitor will hand the signed documents over at settlement so that the property can be registered in the name of the purchaser.

Strict procedures must be followed when making a statutory declaration and an information sheet will be attached to the declaration when it is forwarded to you. Please be sure to follow the instructions, as failure to do so may mean the declaration is unacceptable at settlement.

Final Inspection

Under the standard law institute contract, the purchaser has a legal right to have a final inspection or inspections at “any reasonable time” 7 days prior to the settlement of the sale. If the purchaser should choose to have a final inspection, we will be in touch with you to organise a suitable time to show them through your property.

Discharge of Mortgage


If your property is mortgaged you will need to give your solicitor the name, address, loan account numbers and contact at the bank so they can advise them of the sale. The bank will require you to sign an authority, authorising them to hand over the title to your solicitor at settlement in return for the amount of money required to pay out the loan.

This payout figure will be calculated approx. 1-2 days prior to settlement and will include a pro-rata interest calculation to the settlement date and also any penalty payable for early repayment under the mortgage. The bank will also charge a legal fee for the preparation of the discharge. This will be included in the final payout. Your solicitor is provided with the payout figure only. If you require a detailed breakdown of this figure, you will need to contact the bank directly.


Settlement will take place at a time arranged between your solicitor, the purchaser’s solicitors, your bank and the Purchaser’s bank (if applicable). It is not necessary for you to attend settlement. Unless otherwise arranged with the purchaser you must vacate the property by the appointed settlement time.

The keys should be left with the estate agent unless otherwise arranged. If you make alternative arrangements directly with the purchaser or your solicitor please advise us of these so that we can respond to any queries from the purchaser’s solicitors.


Change of ownership advice will be sent by your solicitor to the local council, water authority, and State Revenue Office who will then update their records and issue future notices to the new owners. Please advise your solicitor and us of your new address.

A statement of all sale proceeds and distributions will be provided to you shortly after settlement. You should also receive a final statement from your bank showing the payout figure for your mortgage.

Remember to notify the relevant authorities of your change of address. See below for a comprehensive check list.

Australia Post Electoral roll (available at Post Office)
Health Care Providers
Banks, building societies
Financial advisers re shares, investments
Taxation Department
Driver’s licence
Magazine subscriptions
Credit providers (auto deductions, etc)
Insurance (health, car, personal, home):
Newsagent Gas Supplier
Electricity Provider Telephone (Home & Mobile)
Local Government Water Supplier

Keep in contact with us! We are only ever a phone call away, and are more than happy to assist you with any real estate needs.

Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.