THE PROPERTY SALES PROCESS
UNCONDITIONAL AND DEPOSIT
Step 8: Unconditional and Deposit
Once the purchaser's solicitor has confirmed in writing that the contract conditions have been met, the contract is officially unconditional.
The salesperson is responsible to immediately arrange for the deposit payment instructions to be sent to the purchaser and his/her solicitor. The Finance Manager sends out the deposit payment instructions and thus needs to be notified immediately once the contract is unconditional.
The salesperson is also responsible to ensure the deposit is paid immediately after receiving the instructions. A delay in the payment of the deposit could result in a delay of settlement with associated interest payments to the vendor for late settlement.
The Real Estate Trust requires a 10 working day period for the release of the deposit - so ensure that their is at least 12 working days between the unconditional date and the settlement date on your contract.
Once the deposit is paid the salesperson is responsible to ensure Office Support immediately sends the 10 day release of deposit letter to the Real Estate Trust to ensure the deposit is paid out to the vendor's solicitor on time.
The Finance Manager will ensure the vendor's solicitor has a copy of the full commission statement so they know how much commission is payable to Haze Real Estate upon release from the Trust. Once the commission is paid from the vendor's solicitor, to Haze Real Estate, the Finance Manager will schedule the relevant payment/s to salespeople for the following Monday or the first working day after the following Monday, after receiving the payment from the solicitor.
Once the deposit is paid, the solicitors will process all the required paperwork for settlement. The salesperson is responsible to arrange, facilitate and attend the pre-settlement inspection during the period from unconditional to settlement.
Unconditional and Deposit Resources
Once written notification is received from purchaser's solicitor that contract is unconditional, immediately arrange for deposit payment instructions to be sent by Finance Manager - this must happen on the same day as notification is received.
Follow up and ensure deposit is paid immediately - within 24 hours of receiving instructions.
If deposit is not paid immediately, escalate to the General Manager without delay.