August 2, 2018

The Selling Process

1. Market Appraisal

We will inspect your property with you (where possible) and bring to the inspection a list of some properties that are comparative to yours that have sold recently and are within at least a one kilometre radius of your property. We will discuss your property and also review the recent sales with you to give you a realistic figure of what could expect to sell the property for in the current real estate market.

2. Listing the Property

Documents will need to be completed and signed by yourself (the legal owners) and RE/MAX Success. This form will give us the authority to list and sell your property. It is normally for a 90 day period which is the standard set by the REIQ (Real Estate Institute of QLD).

3. Marketing Your Property

We have years of experience marketing and selling real estate. There are a number of options to consider when looking at the ways to advertise your property. We will look at each option in relation to the sale of your property and work with you to help you decide what is the best way to market your property by using a combination of major websites, professional photography, signage, newspaper advertising, brochures, letterbox drops and social media.

4. Buyer Inspections

The marketing of your property will generate enquiries which will go direct to your agent. After qualifying the buyers, we can organise with them to do an inspection of your property (at a time that suits both yourself and the buyer or if the property is tenanted, liaise with the tenant and give the required 24 hours written notice). Alternatively, if an Open for Inspection has been organised, arrange for them to attend this inspection. Most buyers are educated to attend Open for Inspections and usually scan newspapers and websites to work out in advance which properties they wish to inspect. After all inspections, we will let you know how the inspection/s went and give you feedback.

5. Offers and Signing a Contract

When buyers inspect your property, they are weighing up whether your property will fit their needs. If they feel it does, then they will advise they would like to submit an offer on your property. An offer is what they would like to pay for the property, deposit, and the conditions and settlement they require. This offer is written up on a contract of sale. We will then negotiate with the buyers and yourself until everyone agrees on all terms and once the contract is fully signed and initialled, we will date the document and it then becomes a valid contract.

6. Under Contract

The buyer has a 5 working days “cooling-off” as part of the contract and can terminate the contract for any reason. If they do decide to terminate the contract, then their deposit will need be refunded but 0.25% of the purchase prices can be withheld by the seller as a termination penalty. Most contracts also have Finance and Building & Pest Conditions unless a buyer decides to waive these options. There is also provision for “Special Conditions” to be added to the contract (eg Inspection of Body Corporate Records, Due Diligence, etc).

7. Unconditional

The buyers will have a Building & Pest inspection and bank valuation done at your property so they are able to fulfil the Building & Pest and Finance conditions on the contract. When all the conditions of the contract have been met or “satisfied”, the property becomes “unconditional” and has been SOLD. RE/MAX Success will then put a SOLD sticker on your sign. Your solicitors will continue to liaise with the buyer’s solicitors and also prepare documentation for settlement.

8. Pre-Settlement Inspection

The buyer is allowed to do what is called a “Pre-Settlement Inspection” prior to the settlement of the property. It is usually only a ten minute inspection to see if everything is the same as it was when they inspected the property initially. All light-fittings, window dressings, air-conditioners, dishwashers and any fixtures are required to be left in the property unless they have been excluded on the contract. The inspection is often done on the morning of settlement and is usually done, where possible, after all your furniture has been removed.

9. Settlement

Standard settlement timeframes are 30 days, 45 days or 60 days with 30 days from date of contract the most common in Queensland. Before settlement takes place, your solicitors will liaise with the buyer’s solicitors, organise the change of title and set a settlement time when they will meet the buyer’s solicitors and receive the buyer’s money for your property. Time to crack open the champagne!

Article by Daniel Burrett

A born and bred local, Daniel has been excelling in the art of real estate since 2009. In October 2013, he became the General Manager of RE/MAX Success complimenting his work as a Sales Professional. In conjunction with his work in residential sal… View profile

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