How negotiations work on Airlisting

 

Negotiations on Airlisting properties can, and usually do, take place completely online. It's better for buyers and sellers as both have complete transparency. HEre's how it works, step by step. 

In order to make an Offer, a Buyer must

  • be registered on Airlisting, and
  • have nominated their conveyancing lawyer or engaged Airlisting’s suggested conveyancing firm for buyers.
  • Buyers can also have completed Purchasing Power by uploading a valid finance pre-approval or volunteering their borrowing capacity and available cash. This is never seen by the Seller, however the Seller will be able to see if the Purchasing Power exceeds the amount offered.

Offers can be made by Buyers 24/7 by clicking the “Make an offer” button on a listing. Here a Buyer will nominate their Offer Price, deposit amounts, whether Building & Pest and Finance are terms of the contract plus any other terms. The Buyer must also nominate who is offering to Buy the Property; as that may be the person logged in to Airlisting, the logged in person AND another party or parties for whom the logged in person is acting. When the offer is ready the Buyer will press submit. The Seller will then receive the offer and the Buyer will be emailed a copy of the offer made.

Sellers are notified by email and text that they have received an offer on their listing. Sellers can then review the offer and Accept, Decline or Counter the offer and its terms.

A Counter offer will be sent back to the Buyer. The Buyer can then choose to Accept, Decline or Counter again.

Whenever an offer is Declined, both the Seller and Buyer are notified by text and email. Whenever an offer is Countered, the receiving party will be notified.

When an offer is Accepted, all Selling and Buying parties will be notified by text and email.

At Acceptance, the Seller’s conveyancing lawyers will be sent:

  • The Agreement for immediate actioning
  • The details of all Buying and Selling parties, and
  • The Buyer’s conveyancing lawyer’s details.

The Buyers conveyancing lawyers will be sent

  • A copy of the Agreement,
  • All parties’ details
  • The Seller’s conveyancing lawyer’s details, and
  • Instructions on when to expect the contract to be sent from the Seller’s lawyer.

If either the Seller or the Buyer engaged Airlisting’s suggested conveyancing lawyers, all parties will be kept up to date as to the status of the sale contract in real time through Airlisting. If not, the Seller is required to update the listing’s status in Airlisting.

  • When the formal contract is executed, the status should be changed to “Under Contract”
  • When all terms of the contract have been met, the status should be changed to - “Unconditional”, and
  • At successful settlement, the status should be changed to “Settled”, which in turn will remove the external listing advertisements and unpublish the listing in Airlisting.

If the sale contract is cancelled due to terms not being met, the listing can then return back to the “For Sale” status. If the Seller or Buyer engaged Airlisting’s suggested conveyancing lawyers, this will be an automatic process. However, if neither party engaged Airlisting’s suggested conveyancing lawyers, it will be the Seller’s responsibility to change the listing status back to “For Sale” on the platform.

  • No offers will be able to be submitted on the listing while it is “Under Contract”, and
  • No inspection requests, Open Home registrations or offers will be able to be submitted on the listing while it is “Unconditional”.

Airlisting Sellers are charged the $2,400 Airlisting fee only at successful settlement. If the Seller is using Airlisting’s suggested conveyancing lawyers, this fee can be processed from the settlement funds. If not, the fee will be charged to the Seller’s nominated credit card.

 

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