Selling property isn’t as daunting as it seems once you know the procedure and what you need to do – after you’ve worked out what costs are involved, here are some more guidelines to help you with your planning.
Do Your Research
Before you do anything, do your research. See what property is selling in your area and for how much. Get a feel for what the property market is doing generally – if you don’t have to sell immediately, you may choose to wait six months to see if the market picks up a bit more.
Choose an Agent
Generally, most people use an agent to help them sell their property. While it is possible to sell a property yourself, and we do realise we have a bias here, but a good agent knows the legalities and will guide you through the selling process.
Preparing Your Property For Sale
Talk to your agent to see if there are any minor repairs and renovations to be done which may increase the value of your property.
Contract of Sale
Before you can start advertising your property, you need to have a Contract of Sale.
The contract must contain a copy of the title documents, drainage diagram and a current Zoning Certificate (s 149) issued by the local council. If the property for sale has a swimming or spa pool, one of the following must also be attached to the contract from 29 April 2016:
- a copy of a valid certificate of compliance, or
- a valid certificate of non-compliance.
This requirement does not apply:
- to a lot in strata or community schemes that have more than two lots, or
- for any off-the-plan contract.
For more information on a Contract of Sale, visit the selling property page on the NSW Government Fair Trading website.
Method of Sale
You will need to decide how you’re selling your property – whether it is through private sale or through auction. Again, it’s probably best to do your homework and weigh up the pros and cons of both types of sale before making a decision.
Marketing Your Property
You will need to make sure people know your property is For Sale by advertising online or in traditional media. In addition, you may choose for additional signage to put outside the property.
When deciding on open inspection dates, be aware of other events in the area, or national sporting events that may affect attendances. Timings are also important – if your property looks better in the afternoon sun, hold the inspection then. Also, make sure you give plenty of notice for when the inspection is been held.
Deciding on Which Offer to Accept
Once you’ve received your offers, look very closely on any terms and conditions attached to the offer. You may receive a high offer, but it has a long completion date; this may not fit with your plans. The purchaser’s offer may also be subject to an independent inspection, which may lead to further negotiations on the price.
Exchange of Contracts
Once both parties have agreed on the exact terms, a deposit is taken from the buyer and copies of the contract are given to the solicitors or conveyancers on each side.
In NSW, the purchaser of a residential property has up to five working days to change their mind about buying a property after exchanging contracts. After this time, they have to buy the property. If the purchaser does decide to pull out during the cooling off period, in NSW and at time of writing, they will legally have to pay you 0.25% of the sale price.
There is no cooling off period if your property is sold at auction.
When the property is finally sold, a SOLD sticker is placed on the sign outside the property to indicate that it is no longer on the market. Both parties decide on a settlement date and you will need to move out with all your belongings that are not a part of the sale prior to or by this date.
In some cases, you can negotiate to stay longer and pay the new owners rent for a period of time.
If you are considering selling your house and would like to know more about what the process is and what costs are involved, our knowledgeable and experienced team would love to help. With over 40 years of business in the area, we are one of Newcastle’s longest established real estate offices, so give us a call on 02 4954 8833 or pop into our Cardiff office for a chat.