Step 1 – AN OFFER IS MADE
A formal offer presented to you by your agent & any conditions applying are stated. These may include deposit amount & time to finalise finance arrangements
Step 2 – NEGOTIATION
Your agent, in conjunction with you, will negotiate to get the best price. Points other than price that MAY be part of the negotiation are; time until settlement, vacant possession & inclusion/exclusions.
Step 3 – ACCEPTANCE OF OFFER BY YOU
Offer accepted. Written sales advice is prepared by the agent for the legal representatives of yourself & the buyer. This includes all information needed for the contract of sale; Full legal names of buyers & sellers, all contact details, agreed sale price, all details of the respective legal representatives & any special conditions.
Step 4 – PROPERTY UNDER CONTRACT
During this period, which usually takes one or two weeks (but can take longer) your buyer will arrange pest and building inspections & finalise formal finance approval. Their bank may order a valuation inspection of the property. Your property is still on the market. Other buyers can still inspect and make offers during this period.
Step 5 – CONTRACT MOVES TO UNCONDITIONAL
The buyer’s legal representative will check all the details of the contract. Deposit will be paid, usually 10% but can be adjusted by negotiation. Buyer’s finance will be formally approved. Contracts signed by all parties.
Step 6 – EXCHANGE OF CONTRACTS
Signed contracts are exchanged. Both parties are now in a binding contract. This is when the SOLD sign is put on a property. Until this time, either party can be released from the contract without penalty. Contract length is often 42 days, but can be anywhere from 28 days to an extended period greater than 42 days, by arrangement.
Step 7 – FINANCIAL ARRANGEMENTS FINALISED
Your buyer will arrange transfer of monies in readiness for settlement. Your buyer’s financial consultant and legal representative will liaise during this time. Immediately prior to settlement, the buyer will do a pre purchase inspection to confirm that the property is vacant and in the same condition as when last inspected.
Step 8 – SETTLEMENT PROCESS
The buyer’s legal representative will arrange all the appropriate payments to be made through your legal representative. Upon transfer of final monies, the ownership of the property is transferred to your buyer. Your agent will be notified in writing to remit the balance of deposit money to you after the selling fee has been deducted. Your agent will then release the keys to the new property owners
Step 9 – CONGRATULATIONS!
Your home has been sold.
Understanding the steps to selling property can help minimise frustration and stress. Your agent will talk you through every step of the process, as these are the steps for all sales, but not every sale proceeds in this exact manner. Please feel free to contact any of the sales team if you have any questions.