At what point should you property go in the "sold" section?

[FrugalOne]

I'm currently selling a property, in which a contract has been signed and we are past the cooling off periods. It is yet to settle. I don't consider the property "sold". I consider it "sold" when it is no longer mine and it is someone elses.

And here is my problem. Considering that the buyer and myself are contracturally binded to buy/sell the property, anything could happen before settlement. And I've learnt that sometimes it's hard to FORCE someone to do something regardless of what is right or wrong, or in a contract or otherwise. Considering it has taken a LOT of time/effort/stuff around to get this far, is it reasonable for the listing to stay in the for sale section (on www.realestate.com.au) until it is actually SOLD? It may mean the difference between an fresh "interested" party getting in the cue in case something happens, vs them not getting in the cue at all because they believe it is sold......for example.

Am I being fussy? Double dipping? Unreasonable? Over cautious?

 

[ZachAnSel]

I'm currently selling a property, in which a contract has been signed and we are past the cooling off periods. It is yet to settle. I don't consider the property "sold". I consider it "sold" when it is no longer mine and it is someone elses.

And here is my problem. Considering that the buyer and myself are contracturally binded to buy/sell the property, anything could happen before settlement. And I've learnt that sometimes it's hard to FORCE someone to do something regardless of what is right or wrong, or in a contract or otherwise. Considering it has taken a LOT of time/effort/stuff around to get this far, is it reasonable for the for sale listing to stay in the for sale section until it is actually SOLD? It may mean the difference between an fresh "interested" party getting in the cue in case something happens, vs them not getting in the cue at all because they believe it is sold......for example.

Am I being fussy? Double dipping? Unreasonable? Over cautious?

Until you receive the full amount of money

 

[impala67]

...is it reasonable for the for sale listing to stay in the for sale section until it is actually SOLD? ...Am I being fussy? Double dipping? Unreasonable? Over cautious?

Probably being a bit fussy. It just depends on the agent and how useless or non-useless they are.

I've only ever bought and in my purchases on one the ad disappeared quickly, once the finance clause passed. The rest were updated to "under contract" and taken down the day, or day after settlement...which is the norm.

I have also seen agents leave sold properties online for at least a few weeks after settlement to generate calls, depending on the type of property and area.

 

[Scott No Mates]

Failing major catastrophic event causing the contract to be void, the contract is binding once it gets out of the cooling off period and met the finance/P&B or whatever conditions may apply etc.

Considering the number of dwellings sold in any area at any one time, having listings which are 'under contract' being display does nothing for either the buyer or for the vendor.

 

[RyanMcHarg]

I'm currently selling a property, in which a contract has been signed and we are past the cooling off periods. It is yet to settle. I don't consider the property "sold". I consider it "sold" when it is no longer mine and it is someone elses.

And here is my problem. Considering that the buyer and myself are contracturally binded to buy/sell the property, anything could happen before settlement. And I've learnt that sometimes it's hard to FORCE someone to do something regardless of what is right or wrong, or in a contract or otherwise. Considering it has taken a LOT of time/effort/stuff around to get this far, is it reasonable for the listing to stay in the for sale section (on www.realestate.com.au) until it is actually SOLD? It may mean the difference between an fresh "interested" party getting in the cue in case something happens, vs them not getting in the cue at all because they believe it is sold......for example.

Am I being fussy? Double dipping? Unreasonable? Over cautious?

All of my listings stay in the for sale section as under contract until settlement. You are right, you are able to continue to maintain interest in the property from active buyers in the market, and best case take a back up contract on the property in the event that the property crashes (I have seen them crash when unconditional on multiple occasions), and that aside, there is the cost of relisting the property for sale on the site, as opposed to clicking it over from under contract for for sale again.

Especially if you are holding very little deposit which can often be the case, if a buyers situation changes, they may walk away from the contract and forfeit the deposit, or worse find an error somewhere and walk away. If anything it is more work for an agent to keep property for sale online as they have to maintain interest in the home. As long as it clearly states that the property is under contract, I see it as advantageous for the seller to keep it in the for sale section. However it isn't correct to leave it as for sale, or with the price without stating that it is under contract.

 

[perthguy]

When the contract goes unconditional the property can be considered sold. But it's not really sold until a successful settlement.

When I sold my unit last year, it did not get moved to the sold section until after settlement.

 

[Tillie]

A couple of months ago one of the properties we inspected went 'under contract' after being two weeks on the market and about week after that it was removed to 'sold' section. Unfortunately for the vendor a buyer's finance fell through and they had to start advertising again. The agent was madly calling all other parties who had inspected the house and tried to built up the interest again.