Steps To Selling Your Home
Selling a home is a complex procedure, whether it's your first time, or you're an experienced seller, it's very easy to forget things and to feel overwhelmed.
While you should always feel comfortable asking questions, the following 'event roadmap' might help you keep on track.
STEP 1 - PRIOR TO LISTING
- Select an agent our 10 important questions may help in is process
- Select the appropriate method of sale and the appropriate marketing strategy
- Sign a Agency agreement with your agent
- Arrange a contract for sale through your solicitor or conveyancer
STEP 2 - LISTING YOUR PROPERTY
- Agent receives a copy of your sale contract from your solicitor
- Agent prepares photography for all marketing & advertising materials
- Property is placed in the internet and sign is erected if applicable
- Prepare your home for buyer inspections
- Agent conducts buyer inspections and open homes if applicable
- Agent negotiates a sale price to your satisfaction
STEP 3 - ACCEPTING THE OFFER
- Offer is accepted
- Exchange of contract is attended to by Agent, solicitor or conveyancer
- Exchanged contracts become unconditional and full deposit is paid
- SOLD Sticker is placed on sign and property is placed to sold on the internet
STEP 4 - SETTLEMENT
- Start packing
- Book you removalists
- Settlement takes place and keys can be released by agent
- Notify agent of forwarding address for any correspondence
- Purchasers may request a Final inspection on the home just prior to settlement
- Move to your new home
"It's not just about selling a property, it's about you"
Preparing Your Home For Sale
INSIDE PRESENTATION
- Ensure your house is clean and tidy
- Uncluttered spaces usually feel larger
- Vacant property in some cases can feel more inviting with furniture. You may wish to talk to us about furniture rental
- Plenty of fresh air and light makes the home feel more inviting
- Fresh flower and soft music can be a nice touch
OUTSIDE PRESENTATION
- Gardens are free of weeds
- Edges and lawns mowed
- Pools are free of leaves and water quality is clear
- Remove excessive leaves and sticks from gutters
- Repair broken fences or missing palings
- Minimise children's toys lying around yard
10 Important Questions
Please find below ten of the most important questions that should be considered when selling your home. If you are seeing a number of agents it might be an idea to use this as an agenda to your meeting.
It may save you time, provide the meeting with structure and determine the most suitable agent for you. After all if you don't have the best representing you, you cant expect the best results.
- What do you know about your agent? How long have they been in business?
- Where do buyers come from? How will a person find your home?
- How will your home be marketed? Why is that style of marketing best for your home?
- What are the internet capabilities of your agency?
- How will the right buyers be found and how will the highest price be achieved?
- How can a magazine help the marketing of your home further?
- Are you locked into all agents even if they aren't doing the right job?
- What happens when a buyer looks through your home?
- How long does it take to get a property on the market?
- What are the next steps?
Real Estate Jargon Explained
Contract
The contract for sale of land contains all the relevant details of your property and any special conditions extending to the sale. The contract is the document that is signed that
eventually transfers the property title from one party to another. You should arrange for your solicitor or conveyancer to prepare this document.
Exchange Contracts
The exchange if contract is done by having two identical copies of the contract for sale of land. The vendors and purchasers both sign a copy and they are exchanged.
Consideration or a deposit must be payed at time of exchange. Contracts can be exchanged in two ways. Subject to a Cooling off Period or with a 66w certificate signed by
a solicitor or conveyancer.
Cooling - off period
Exchange of contract was introduced under the anti gazumping legislation. The contracts are able to be exchanged by your agent, solicitor or conveyancer subject to a five
working day cooling off period. This five working days allows the purchaser time to do there due diligence on the property i.e. pest and building searches and relevant legal
searches on the property. The purchaser may rescind the contract in the 5 working day period but will forfeit 0.25% of the purchase price to the vendor. The balance of the
deposit is to be paid prior to the expiry of the cooling off period and the contract becomes unconditional. The vendor cannot rescind the contract in the cooling off period.
66w Certificate
A 66w certificate is a certificate signed by a solicitor or conveyancer in which voids the cooling off period and make the contract unconditional.
Deposit
Standard contract call for the payment of 10% deposit upon exchange of contracts. In some cases smaller deposits are accepted and this would be reflected in the contract.
The deposit is held by the stakeholder named in the contract (usually the agent) and is deposited into a trust account in both vendors and purchasers names.
Settlement Period
Once contracts are exchanged, the settlement period begins (normally 42 days). You can use this time to find another house (if you haven't already),
organise your finances and prepare for your move.
Settlement
The purchaser pays the balance between the deposit paid and the purchase price. Once the property has settled the solicitor or conveyancer will give the agent an order on the
agent which gives the agent the authority to hand over the keys to the new purchasers and account to the vendors for any deposit moneys held by the agent less
commission and other agreed expenses.
