Whether it’s your first time, or you’re an experienced seller, it’s easy to feel overwhelmed. You should always feel comfortable asking any questions and the following is an example time line of events:
Step 1: Prior to listing your property for sale
– Select an agent to represent you
– Sign an agency agreement with your agent
– Arrange a contract of sale through your solicitor or conveyancer. This contains the details of your property and the conditions of the sale.
Step 2: Listing your property for sale
– Agent receives a copy of your contract of sale from your solicitor
– Agent prepares marketing campaign and advertising materials
– Photos are taken and floor plans drawn
– Prepare your property 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
– You sign the contract with a cooling-off period (usually 5 business days). The buyer signs an identical copy and both are sent (‘exchanged’) to each other’s solicitor.
– The buyer conducts building & pest inspections and their solicitor reviews contract
– Agent accepts initial deposit from buyer that is usually 0.25% of the agreed sale price. If the buyer pulls out, you keep this deposit.
– Cooling-off period ends and the buyer pays the balance of 10% deposit, which means you are SOLD.
Step 4: Settlement period
– This is usually 6 weeks
– Pack and organise your move
– The buyer pays the balance of the purchase price and picks up the keys.