1) Why should I know about selling before I purchase my property?
We believe it is never harmful to know more about any real estate related information. Thus, we strongly recommend you understand the selling process before you purchase the property, as it is a good way to identify that your property investment meets your expectation.
2) How do I take the first step?
Speak to several real estate agents to get a few appraisal and valuation for the property you wish to sell. Search the market for a fair price and set how much you want to sell. Select the real estate agent you prefer. It is not necessary to go for the agent who gives you the highest appraisal, as the ridiculously high price might scare potential buyer away.
3) What documents do I need to prepare for selling my property?
A Vendors Statement also known as a Section 32 Statement needs to be prepared. A Section 32 Statement contains information particular to your property such as details of building work completed in the prior 7 years, search of Title documents, covenants, easements, rates and other information. Your solicitor will obtain the details as required to complete this document for you. It is highly recommended that a Section 32 Statement be available to your Selling Agent in readiness for the first inspection by a potential purchaser. This will increase the impact towards an offer being made.
4) When do I receive my deposit if I accept the offer?
A deposit is usually paid within 7 -10 days of the signing of the Contract of Sale. You may be entitled to receive the deposit monies earlier than the date of settlement. This will depend on various factors. The purchaser needs to authorise the release of deposit monies.
5) What if the purchaser change their mind after signing the Contract of Sale?
The purchaser has the option of not proceeding in certain circumstances. The purchaser may include special conditions in the Contract when the offer is made. A common clause used is “subject to finance”. This means if the purchaser has not secured finance approval by a certain date they have the option of not proceeding with the purchase. Subject to building inspection, pest inspection and the 3 day cooling-off period are also options for the purchaser not to proceed.
6) Do I have to attend the settlement?
No, you do not have to attend settlement. Your solicitor will attend on your behalf. They will accept the balance of payment on your behalf, make sure the title documents are verified and exchanged.
