Selling Your Home?

selling-your-home

Thinking of selling your home? In this article we are going to go through what you will need to do before placing your home on the market. It’s a lot of official information, but it’s certainly important to know as you don’t want to be caught off guard by anything.

According to NSW Fair Trading, when choosing an agent to sell your property, you need to do these things:

  • make sure they have a valid licence by doing a licence check online or over the phone on 13 32 20 – We do!
  • get a list of fees – No problem!
  • ensure they are covered by a professional indemnity insurance policy – We are!
  • make sure that they good knowledge of your area – We certainly do!
  • ask if they adhere to a code of ethics – Of course we do!
  • get quotes from them regarding their commission, fees and charges – We can supply you with that!
  • ask what fees, charges and services cover – these usually cover the time they spend promoting and selling your home, advertising and promotion costs and administrative costs – No problem, we can sort that out too!
  • ask them how they plan to promote your home – newspaper advertisements, letterbox drops, open houses etc. – We have many ways to advertise your property and can tailor the advertising to your needs!
  • Finally, make sure that there is a written contract between the seller (You)  and the agent (Us), it is officially called an agency agreement.

Whether you are selling or auctioning your home, you are not legally allowed to advertise your home for sale until a contract of sale has been prepared. The contract must include a copy of the title documents, drainage diagram, and a current Zoning Certificate issued by the local council (s 149). Additionally, if there is a swimming or spa pool on the property, you need to attach to the contract copies of a valid certificate of compliance,  a valid occupation certificate (issued within the last three years) as well as proof that the pool has been registers, and finally a valid certificate of non-compliance.

Please note: circumstances where these documents are not required are if it is a lot within a strata or community scheme with more than two lots, or for any off-the-plan contract. If these documents are not attached and included in the sales contract, the buyer can be entitled to rescind the sales contract within 14 days of the exchange, unless settlement has already been completed. You can check if a pool/spa has a valid certificate of compliance here:  NSW Swimming Pool Register website. In addition to this, a statement of the buyer’s cooling off rights must be included, along with any other property exclusions. Additional info can be found here:  NSW Land Registry Services website.

Once you’ve come to an agreement with the buyer, you will need to exchange sale contracts. There are two copies of this sales contract; one for you, and the other for the buyer. One copy needs to be signed by yourself, the other copy by the buyer, they’ve then swapped via an exchange, usually through solicitors, conveyancers, or the agent (Us). The buyer is required to pay a fee of 0.25% of the purchase price at this point. The exchange of contracts is critical in the sales process for the following reasons:

  • The buyer, nor the seller, are legally bound until signed copies of the contract are exchanged
  • Residential property purchasers have a cooling off period of 5 working days following the exchange of contracts, during this time they can legally withdraw from the sale
  • If we arrange the exchange of contracts between each party, their solicitors, or conveyancers, it must be done within two business days
  • Cooling off periods can be waived, reduced, or extended through negotiation
  • Sellers have no cooling off period – once the contracts have been exchanges, sellers are bound to complete the agreement
  • There’s no cooling off period for auction purchases

Lastly, after ALL of the above processes we proceed to settlement! Settlement is the conclusion of the sale, and usually takes place six weeks after contracts have been exchanged.

We hope that you’ve stuck around until the end of this article. We know that this is a LOT of information, and we do apologise for the length, but the details are important in a job well done.

For any further information, for quotes, fees and costs, give Degotardi Properties a call on: 4982 2726 or email us on info@degotardiproperties.com.au

We look forward to helping you sell your home!

 

 

 

 

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