Selling a Property

Selling a property is one of the most important financial decisions you’ll ever make, but it doesn’t have to be one of the most difficult. If you are planning to sell your property in NSW, the team at
Strictly Conveyancing can assist you with your conveyancing transaction.

It is important to know that you or any Real estate agent are legally required to have a valid contract before marketing your property for sale. You should have a draft contract for sale to show any potential buyer.

Once the team receives your instructions, all the required searches will be ordered immediately and the contract for sale will be prepared on your behalf. A copy of the contract will be provided to your selling agent in readiness for your marketing campaign.

Once you have found a buyer, the contracts will be exchanged by the agent. The contract will be updated to reflect the buyers details, the price and any agreed changes between the parties. Once contracts have been exchanged, the seller becomes “legally bound” to complete the matter, this is known as exchange. In most cases, the buyer is entitled to a 5-day ‘cooling off’ period. During this time, the buyer may change their mind and decide not to proceed with the purchaser. The seller does not have this benefit however should the buyer decide not to proceed, the initial deposit that they pay is forfeited to the seller and the property is returned to the market.

If the buyer decides to proceed with the purchase, they must pay the balance of the 10% deposit prior to the expiration of the ‘cooling off’ date and are now bound to complete the transaction until settlement. Alternatively, they risk losing the entire 10% deposit.

Key Steps of Selling a Property

1.1

Property Appraisal:

When considering the sale of your property, the team at Strictly Conveyancing recommends that you obtain an appraisal from at least 3 different real estate agents. Your local real estate agent specializes in addressing the question, “How much is my property worth?” by conducting a comparative market study, which involves locating similar properties that have recently sold. The more closely they can compare your home to others that have recently sold in the city, the more accurate the appraisal will be. Property Appraisals are a great way to figure out worth your property at that point.

Select the method of sale & selling price:

There are 4 main ways of selling your property. Your real estate agent helps you in choosing the best option for your property. The auction, Private Treaty, Tender, and Expression of Interest are some of the available options. Now is also a time to determine a selling price for your property. This decision should be based on your property appraisal and a thorough conversation with your agent.

2.2
3.3

Open for Inspections:

Open inspections allow potential customers to get a feel for the home. Spend time tiding up and preparing your home for inspection to ensure your property makes a good first impression on prospective buyers. Your agent will keep track of the attendees’ information and provide you with comments and reviews.  When you get a willing buyer, you proceed to the next step.

Contract and Negotiation:

If you are selling via private treaty, tender or expression of interest, you will receive offers through your agent. They will discuss these options with you and then try to get the best price and terms of sale for you.

If you want to sell by auction, your property will be auctioned. An auction is a public sale that is regulated by strict rules and is normally performed by an auctioneer or a registered real estate agent. It is advertised for a particular location, time, and date, and potential buyers bid on the house, and the property being sold to the highest bidder.

Contracts are signed after the fall of the hammer and the successful bidders will pay the deposit on the day, which is usually 10% of the sale price. There is no cooling off period if you sell your property via auction. The effective buyer is legally obligated to purchase the property.

4.4
5.5

Property Settlement:

Open inspections allow potential customers to get a feel for the home. Spend time tiding up and preparing your home for inspection to ensure your property makes a good first impression on prospective buyers. Your agent will keep track of the attendees’ information and provide you with comments and reviews.  When you get a willing buyer, you proceed to the next step.

Once you have decided on selling a property, we will carry out your conveyancing for any nsw property. We will:

  • Take your instructions;
  • Order the relevant searches;
  • Prepare your contract; and
  • Provide your nominated agent with a copy of the contract so that they may begin the marketing process;

Once you have found a buyer, we will:

  • Write to your Mortgagee and Organize Discharge of your mortgage;
  • Respond to the purchaser’s representative in relation to any changes that they request and in accordance with your instructions;
  • Prepare the relevant paperwork and settlement figures to ensure a successful settlement.
  • Arrange settlement

Call now and speak with one of our Conveyancers

  02 9630 5553

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