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 feel overwhelmed. While you should always feel comfortable asking questions, the following ‘event roadmap’ might help keep you on track:
Step 1: Prior to listing your property for sale
• Select an agent
• Sign an agency agreement with your agent
• Arrange a contract for sale through your solicitor or conveyancer
Step 2: Listing your property for sale
• Agent receives a copy of your contract of sale from your solicitor
• Agent prepares marketing campaign & advertising materials
• Prepare your home for buyer inspections
• Agent conducts buyer inspections and provides you with feedback
• Agent negotiates a sale price to your satisfaction
Step 3: Accepting the offer
• Offer is accepted by you and agent communicates this to the buyer
• Agent accepts an initial deposit from buyer and contracts are signed
• Contracts exchanged with cooling-off period (3 business days)
• Cooling-off period ends, buyer pays balance of 10% deposit, which means you are SOLD
Step 4: Settlement of your home
• Settlement period begins
• Pack and organise your move
• Move to your new home by the settlement date
• Ensure your house is clean and tidy.
• Think about hiring furniture or employing the talents of an interior designer.
• Make sure all doors work well (handles turn and lock smoothly and doors don’t jam).
• Open curtains to allow as much light in as possible. Turn lights on.
• Remove clutter.
• Rub lavender oil into door-jambs to provide a soothing clean smell.
• Replace all cracked/broken glass.
• Make sure all gates work well (handles turn and lock smoothly and doors don’t jam).
• Clean out gutters.
• Replace broken fences/missing palings.
• Mow the lawns and mulch where necessary.
• Try to be out of the home when buyers inspect as they will feel more comfortable.
• Make sure the home is a comfortable temperature.
• Ensure your agent knows what makes your house a home – explain why it has that special ‘feel’ for you, point out its highlights. This will also help the photographer.
Selling property is fraught with danger. Knowing whom to choose is a tough decision.
The right agent can mean the difference of thousands of dollars and the alleviation of immense frustration and stress.
The problem home sellers face, is which company to choose. Everyone says they are the best – but how do you decide who really is the best?
ASK OUR PAST AND PRESENT CLIENTS WHAT THEY THINK!
Ask the sellers who dealt with the agent you’re thinking of selecting:
Did the real estate agent live up to their promises?
Did they receive the highest price? After all - the main purpose of an agent is to get the best price possible.
Were they happy with the service they received?
Is today about hiring the best agent for the job? or cutting cost with listing with the cheapest agent?
Cheapest does NOT equal the best.
What is your property worth?
• What you paid for your property does not affect its value.
• The amount of cash you need from the sale of your property does not affect its value.
• What you want for your property does not affect its value.
• What another real estate agent says your property is worth does not affect its value.
• What a property Appraiser says your property is worth does not affect its value.
The Value of your property is determined by what a BUYER is willing to pay in Today’s Market based on comparing your property to others currently SOLD in the market.
Contract of Sale
Contains the details of your home and the conditions of sale. You should organise a contract of sale through your solicitor as soon as possible. Even if you don’t know which agent you’re going to choose, preparing your contract as early as possible means that your property will be advertised sooner, and buyers will be able to see it earlier.
Cooling Off Period
The period of three clear business days after the purchaser signs the contract of sale for residential or rural property of not more than 20 hectares, during which the purchaser may withdraw from the purchase. The cooling-off period does not apply in certain circumstances, including where property is sold by auction and a 10% deposit is paid on the spot and contracts are exchanged immediately.
Good-will Deposit (Initial deposit)
A buyer will put down a good-will deposit in order to secure the property during their cooling-off period. This is usually 0.25% of the agreed sale price. If the buyer pulls out for any reason (except death or mental disability), you keep this deposit.
At the end of the cooling-off period, the buyer must pay their remaining deposit (10%). The deposit cheque is held by your agent in a Trust account.
Once the full 10% deposit is paid, your agent will get you to sign the contract. The buyer signs an identical copy and both are sent to each other’s solicitor. If either party backs out, they are liable for the deposit.
Once contracts are exchanged, the settlement period begins. You can then use this time to find another home (if you haven’t already), organise your finances and move out.
The buyer pays the balance of the purchase price and picks up the keys. Normally your bank and solicitor will take their fees out of the settlement proceeds and issue you a cheque for the remainder. Your real estate agent will probably take their commission and fees from the deposit and send you a cheque for the balance.