You’ve decided to sell your primary residence or investment property. It’s a significant choice, but choosing to sell is just the beginning. If you’ve never sold a home before, it may be a time-consuming and difficult procedure. We break down the steps to ensure your transaction goes as smoothly as possible.
Steps to selling a property
Prepare yourself:
To increase your chances of selling, take care of any house repairs and have a clear-out.
It’s also a good idea to look into previous sales in the area. To get a sense of what kind of selling price you might be able to acquire. This might be aided by downloading an AMP property report.
Make a decision on a real estate agent:
To choose a good real estate agent, contact family and friends for suggestions or go to open houses to see how they selling a property. Once you’ve narrowed down your choices, interview a few to see who is the greatest fit for you. Ask about their charges right away, and don’t be afraid to haggle.
Decide on a sales strategy and pricing:
You’ll need to decide on a sales strategy. Private treaty and auction are the two most typical forms. Your real estate agent can help you figure out what works best in your neighborhood, for your home type, and in the present market.
They may also provide you advice on the value of your home and assist you in determining an asking price or a guiding price (in the case of an auction).
Put the agency agreement in writing:
The agency agreement governs your relationship with your real estate agent. It outlines whether and for how long they have exclusive rights of selling a property, their fees, and any other expenditures such as marketing (online advertising and for sale boards) and administration fees.
Prepare the vendor’s statement as well as the sale contract:
The sellers’ statement is a legal document that explains. If the property has a mortgage, any covenants that limit what the owner may do with it, any easements the land is subject to (for example, drainage, rights of way, or power lines), and council zoning and related declarations.
To prepare this, you’ll almost certainly need to employ a conveyancer (a property law professional) or a solicitor. They’ll also need to put together a contract of sale that includes the title paperwork, a drainage diagram, and a current planning certificate from the local council. There must also be a list of inclusions and exclusions (standard inclusions in property sales include fittings and fixtures such as fixed floor coverings, light fittings, and window coverings).
The marketing campaign:
This includes preparing your home for showings, having marketing images taken, and hosting open houses, all of which will be coordinated by your real estate agent. Sales campaigns typically last 4-6 weeks.
Getting rid of your mortgage:
For selling a property, if you have a mortgage on the property, you’ll need to make sure it’s paid off before closing. This entails submitting a completed discharge of mortgage paperwork to your lender. Because the procedure might take several weeks. It’s critical to contact your lender as soon as possible once you’ve exchanged contracts of sale. Discharging a mortgage generally comes with a price tag. It would be best if you spoke with your lender before listing your home for sale. So that you are aware of any expenses and the procedures involved.
Settlement:
Settlement occurs six weeks after the contract of sale is exchanged and is supervised by your conveyancer or solicitor. This is when you get the full sale price minus the deposit, the amount owed on your mortgage (paid to your lender), your conveyancer or solicitor’s costs, and your real estate agent’s expenses.
The sale is complete once a settlement is completed, and you must vacate the premises immediately.
