The Selling Process
1. The Market Appraisal
We will inspect your property with you (where possible) and bring to the inspection a list of some properties that are comparative to yours that have sold recently & are within at least a one kilometer radius of your property. We will discuss your property and also review the recent sales with you to give you a realistic figure of what could expect to sell the property for in the current real estate market.
2. Listing The Property: Appointment Of Real Estate Agent
A listing appointment form will need to be completed and signed by you (the owner) and us. This form will give us authority to list and sell your property. It is normally for a 90 day period which is the standard.
3. Marketing Your Property
There are a number of options to consider when looking at the ways to advertise your property. We will look each option in relation to the sale of your property and work with you to help you decide what is the best way to market your property by using a combination of major local, regional, national and international websites, photography, signage, newspaper advertising, brochures, letterbox drops and social media.
4. Buyer Inspections
The marketing of your property will generate enquiries which will come direct to us – our mobile and email is on all advertising material so enquiries will come straight to us. After qualifying the buyers we can organise with them to do an inspection of your property (at a time that suits both yourself & the buyer or if the property is tenanted liaise with the tenant & give the required 24 hours notice).
Alternatively, if an Open for Inspection has been organised arrange for them to attend this inspection. Most buyers are educated to attend Open for Inspections and usually scan newspapers and websites to work out ahead what properties they want to inspect. After all inspections we will let you know how the inspections went & give you feedback.
5. Offers & Signing A Contract
When buyers inspect your property they are weighing up whether your property will fit with their needs. If they feel it does then they will advise they would like to put an Offer on your property. An Offer is what they would like to pay for the property, deposit, and the conditions & settlement they require.
This offer is written up on a Contract document. We will then negotiate with the buyers & yourself until everyone agrees on everything and once the contract is fully signed & initialled we will put a date on it and it then becomes a Contract. We will continue to market your property until such time as the Contract becomes “unconditional”
6. Under Contract
The buyer has a 5 working days “cooling-off” as part of the contract and can terminate the contract for any reason. If they do decide to terminate the contract then their deposit will need be refunded but 0.25% of the purchase prices can be withheld as a termination penalty.
Most contracts also have Finance and Building & Pest Conditions unless a buyer decides to waive these options. There is also provision for “Special Conditions” to be added to the contract (e.g… Inspection of Body Corporate Records).
The buyers will have a Building & Pest inspection & bank valuation done at your property so they are able to fulfil the Building & Pest & Finance conditions (if required) on the contract. When all the conditions of the contract have been met or “satisfied” the property becomes “unconditional” and has been Sold. We will put a “Sold” sticker on your sign and “Under Contract” on the internet. Your solicitors will continue to liaise with the buyer’s solicitors and also prepare documentation for settlement.
8. Pre-Settlement Inspection
The buyer is allowed to do what is called a “Pre-Settlement Inspection” prior to the settlement of the property. It is usually only a 10-20 minute inspection to see if everything is the same as it was when they inspected the property initially. All light-fittings, window dressings, air-conditioners, dishwashers and any fixtures are required to be left in the property unless they have been excluded on the contract. It is expected that you leave the property neat and clean.
The inspection is often done on the morning of settlement and is usually done, where possible, after all your furniture has been removed.
Standard settlement timeframes are 30 days, 45 days or 60 days with 30 days from date of contract the most common. Before settlement takes place your solicitors will liaise with the buyer’s solicitors, organise the change of title and set a settlement time when they will meet the buyer’s solicitors and receive the buyer’s money for your property. Time to crack open the Champagne!
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