Key selling steps
Selling a home isn’t quite as simple as sticking up a ‘for sale’ sign and waiting for the buyers to come to you. Here is a quick overview of the various steps involved in selling a property.
DECIDING TO SELL
Consider what is happening in the broader market and what is best for your particular situation. Also decide if you are better off buying a new home before or after you sell your current home.
CHOOSING AN AGENT
Your agent will be in charge of advertising, showing and completing the legal requirements of selling your property, so choose carefully.
NEXT YOU'LL DECIDE HOW YOU WANT TO SELL
You and your agent will work out a plan for listing, showing and selling your property.
DETERMINING YOUR SELLING PRICE AND INCLUSIONS COMES NEXT
Your property’s location, size, age and features will be assessed, as will the current market and area trends.
This legally binding contract will detail any commissions, the estimated sale price, duration of the agreement, advertising costs, process and much much more.
Now you must prepare the Vendor’s Statement (or Section 32) for your property and the Contract of Sale through your solicitor or conveyancer. These will include all of the details prospective purchasers will need.
This generally involves photographing your property, drawing up floor plans and writing your online ads.
ON THE MARKET
Prospective buyers will contact your agent and arrange times to view your property, or attend your open homes.
SALE AND NEGOTIATION
Your agent will auction your property or mediate between you and buyers to reach a mutually acceptable price. The buyer will then pay a deposit.
Both seller and buyer’s lawyers and banks will work out the details of the sale to ensure both parties meet all legal and financial requirements.
All going to plan, you’ll relinquish the keys and legal rights to your property in exchange for the balance of payment from the buyer or their bank. Congratulations, you have sold your home!