This is when a buyer and seller have agreed on a sale price and conditions and then have entered into a written, legally-binding agreement to transfer the property.
This is a small amount paid by a buyer once under contract. This amount counts towards the final sale price at settlement. The deposit can be up to 10% of the purchase price.
This is an inspection to ensure the building is structurally sound and check for termites. If the buyer is not happy with the outcome of this inspection, the contract can be voided and the deposit will be refunded.
Unless purchasing the property with cash, it will usually be subject to finance. This means that if the buyer cannot get finance; the contract becomes void and the deposit is refunded.
This is when the buyer's conditions have been fulfilled, and the sold sticker goes up. From here the property sale is considered final.
This is an inspection by the buyer in the lead up to settlement date, in which they check that the property is in the same condition that it was when they inspected it.
This is the day that the title of the property officially changes to the buyer, and they receive keys.