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Selling

Selling property isnt as daunting as it seemsonce you know the procedure and what you need to do C after youve worked outwhat costs are involved, here are some more guidelines to help you with yourplanning.

Do Your Research

Before you do anything, do your research. Seewhat property is selling in your area and for how much. Get a feel for what theproperty market is doing generally C if you dont have to sell immediately, youmay 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 helpthem sell their property. While it is possible to sell a property yourself, andwe do realise we have a bias here, but a good agent knows the legalities andwill guide you through the selling process.

Preparing Your Property for Sale

Talk to your agent to see if there are anyminor repairs and renovations to be done which may increase the value of yourproperty.

Contract of Sale

Before you can start advertising yourproperty, you need to have a Contract of Sale.

The contract must contain a copy of the titledocuments, drainage diagram and a current Zoning Certificate (s 149) issued bythe local council. If the property for sale has a swimming or spa pool, one ofthe following must also be attached to the contract from 29 April 2016:

        a copy of a validcertificate of compliance, or

        A valid certificate ofnon-compliance.

This requirement does not apply:

        to a lot in strata orcommunity schemes that have more than two lots, or

        for any off-the-plancontract.

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 youre sellingyour property C whether it is through private sale or through auction. Again,its probably best to do your homework and weigh up the pros and cons of bothtypes of sale before making a decision.

Marketing Your Property

You will need to make sure people know yourproperty is For Sale by advertising online or in traditional media. Inaddition, you may choose for additional signage to put outside the property.

Open Inspections

When deciding on open inspection dates, beaware of other events in the area, or national sporting events that may affectattendances. Timings are also important C if your property looks better in theafternoon sun, hold the inspection then. Also, make sure you give plenty ofnotice for when the inspection is been held.

Deciding on Which Offer to Accept

Once youve received your offers, look veryclosely on any terms and conditions attached to the offer. You may receive ahigh offer, but it has a long completion date; this may not fit with yourplans. The purchasers 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 exactterms, a deposit is taken from the buyer and copies of the contract are givento the solicitors or conveyancers on each side.

Cooling-off Period

In NSW, the purchaser of a residentialproperty has up to five working days to change their mind about buying aproperty after exchanging contracts. After this time, they have to buy theproperty. If the purchaser does decide to pull out during the cooling offperiod, 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 yourproperty is sold at auction.

Settlement

When the property is finally sold, a SOLDsticker is placed on the sign outside the property to indicate that it is nolonger on the market. Both parties decide on a settlement date and you willneed to move out with all your belongings that are not a part of the sale priorto or by this date.

In some cases, you can negotiate to staylonger and pay the new owners rent for a period of time.

If you are considering selling your house andwould 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 yearsof business in the area, we are one of Newcastles longest established realestate offices, so give us a call on 02 83862453 or pop into our Suite 2, Level7, 56 Railway Parade, Burwood office for a chat.

 

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