11 key steps to selling your property
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. You can also download our handy checklist (from real-estate .com) of things you need to do when selling a house.
1. 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.
2. Choosing an agent. Your agent will be in charge of advertising, showing and completing the legal requirements of selling your property, so choose carefully.
3. 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.
4. Determining your selling price and property inclusions comes next. Your property’s location, size, age and features will be assessed, as will the current market and area trends.
5. You’ll sign an agreement with your agent. This legally binding contract will detail any commissions, the estimated sale price, duration of the agreement, advertising costs, process and much more.
6. 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.
7. Advertising and showing your property. This generally involves photographing your property, drawing up floor plans and writing your online ads.
8. Going on the market. Prospective buyers will contact your agent and arrange times to view your property, or attend your open homes.
9. 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.
10. Under contract. 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.
11. Settlement day. 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!