SELLING? HERE IS OUR 5-POINT CHECKLIST TO COMPLETE PRIOR TO SIGNING A CONTRACT
Whether you are selling in Queensland, New South Wales, or Victoria, we have pulled together our 5-point checklist to complete prior to signing a contract.
1. Prepare your property
You should ensure your property is presented in the best possible way. This may include completing repairs, de-cluttering, having carpets steam cleaned, arranging a fresh coat of paint or landscaping.
2. Engage the right agent
It is wise to meet with several real estate agents to get a good understanding of the value of the property and commission rates, along with an understanding of the agent’s local knowledge base, network of potential buyers and sales history.
To engage an agent, you will need to sign a ‘Form 6 Appointment and reappointment of a property agent, resident letting agent or property auctioneer’. You should review the terms of that agreement carefully – we have key items to look out for here: https://www.maplawyers.com.au/engaging-an-agent-in-queensland-what-should-you-check-when-signing-a-form-6-agreement/
3. Calculate the cost of selling your home
Before selling, you should consider if the expected sale proceeds are sufficient to repay any mortgages or charges on title.
In calculating the cost of selling your home, you should factor in the agent’s commission (this generally gets deducted from the deposit), staging costs, removalists, marketing/photos/auctioneer fees, rates, water and body corporate levies up until the settlement date, your solicitor’s fees, and any exit/break fees from your bank.
You should also consider the tax implications of the sale and obtain advice from your accountant if necessary.
4. Prepare the contract and disclosure / compliance obligations
In NSW and VIC, it is standard practice for your solicitor to prepare the contract and necessary disclosure documents. Some certificates can take some time to receive so we suggest you engage a solicitor as soon as possible.
In QLD, most agents will prepare the contract. It is however important to ensure that the correct disclosures are made. You should consider the need to provide a Disclosure Statement if selling in a community management scheme, pool safety certificate or notice of no pool safety certificate and a smoke alarm compliance certificate. We recommend providing the contract to your solicitor for their review prior to signing.
5. Consider the offers and sign the contract
In determining which offer to accept, you should consider the purchase price, deposit, conditions and timeframes for conditions and settlement.
Once you have selected an offer and both you and the buyer have signed the contract, your conveyancer will commence work on the property conveyance.
