Selling your property is a big decision, and understanding the process can make it a lot smoother. If you're wondering what steps are involved from the moment you decide to sell to the day of settlement, here’s a simple, easy-to-follow guide to walk you through the key stages of selling your property in New South Wales (NSW)
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Step 1: Deciding to Sell Your Property
Maybe you’re upgrading, downsizing, or just ready for a change—whatever your reasons, once you’ve made the decision, it’s time to prepare.
Step 2: Preparing Your Property for Sale
It’s a good idea to tidy up, declutter, and consider making small improvements (like painting or fixing minor issues) to make your home more appealing to potential buyers.
Step 3: Choosing the Right Real Estate Agent
You possibly don’t want the hassle of trying to sell your property on your own. A real estate agent is a professional and can help you market the property, find buyers, and guide you through the sales process.
Step 4: Signing a Sales Agreement
Once you choose an agent, you’ll sign a sales agreement outlining their fees and the services they’ll provide.
Step 5: Preparing the Contract for Sale
In NSW, before your property can be listed for sale, you must have a Contract for Sale prepared. This is a legal requirement and contains all the important details about your property.
Step 6: Listing Your Property
Once the contract is ready, your agent will list the property on websites like Domain or realestate.com.au, in addition to promoting it through other marketing channels. Make sure your home looks its best in the marketing photos.
Step 7: Showing Your Property to Potential Buyers
Your agent will arrange open houses or private inspections to show potential buyers around the property.
Step 8: Receiving and Negotiating Offers
Once your property is on the market, interested buyers will start making offers. Your real estate agent will present these offers to you. You can negotiate with buyers to get the best possible price and terms.
Step 9: Accepting an Offer and Paying the Deposit
Once you’re happy with an offer, the buyer will pay a deposit (usually 0.25% of the purchase price) to secure the deal. At this stage, the sale is not yet legally binding.
Step 10: Exchange of Contracts
Then comes the big moment when the sale becomes official. Exchange of contracts occurs when both you and the buyer sign the Contract for Sale.
Step 11: The Cooling-Off Period
In most cases, the buyer has a five-business-day cooling-off period during which they can change their mind (but they may lose part of their deposit). The buyer will usually pay a full deposit (typically 5-10% of the purchase price) at this point.
Step 12: Preparing for Settlement
Then comes the time between exchanging contracts and settlement. During this period, both parties work to finalize all the details of the sale. Start packing, book a removalist, and prepare for your move.
Step 13: Discharging Your Mortgage
If you have a mortgage on the property, you’ll need to notify your lender and arrange for the loan to be discharged.
Step 14: Settlement The Final Step
Settlement is the final stage, where ownership of the property officially transfers to the buyer. The buyer’s lender will pay the remaining balance, and your conveyancer will arrange for the funds to be transferred to you. The title of the property will be transferred to the buyer’s name, and the sale is complete. Once everything is settled, you’ll hand over the keys, and the property is no longer yours.
Selling a property can feel overwhelming, but with the right real estate agent and conveyancer by your side, the process can be smooth and stress-free. At SL Conveyancing, we guide you through every step, ensuring that all legal aspects are handled, and your sale goes off without a hitch.
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