Request to add a 4th option for a contract's status. 1. Accepted 2. Unconditional 3. Settled 4. Released (Section 27 in Victoria))
Settled/released in the State of Victoria don’t have the same definition.
Under Section 27 of the Sale of Land act, the deposit can be ‘released’ to the vendor after 28 days from sale date, once authorised by the solicitor we are able to also draw our commission. So frequently the release date is not the same as the settlement date. It would be good for REX to have 'Released' as an additional contract status, and commission is payable to agents based on the 'release date'. Commission statements are then paid in a more timely manner.