1. Market Appraisal
We discuss what has sold in your area and what the market might pay for your property. Sometimes people may ask us for a market appraisal 6 months, 12 months, or even two years before they’re ready to move on. No problem for us and no pressure on you.
2. Methods of Sale and Marketing Strategy
We will discuss with you a variety of Sales and Marketing Strategies. We will not push a method of sale that is unsuitable for your property, or one that you may feel uncomfortable with. The marketing strategy and method of sale is always your choice.
3. Paperwork started
If you are ready to sell, the next step is to get the paperwork done. From here, we will do all the running around for you. We will liaise and work with your solicitor to ensure all the legal requirements such as building reports are completed before your property is put on the market. We will notify your property manager, and tenants if applicable.This process generally takes up to 3 weeks as building inspectors, body corporate managers, property managers, the VIC Government and your solicitor are all involved in preparing the draft contract of sale. We will organise professional photography at a time that highlights your property’s best features and at a time that suits you. We will also organise drafting of a floorplan to show off the design of the home.
4. On the Market
Once we have the draft contract of sale from your solicitor we can start advertising your property.
5. Offer and Acceptance
Once you have accepted an offer, sales instructions are sent to both yours and the purchaser’s solicitors. Your solicitor will send a copy of the contract to the purchaser’s solicitor.Your solicitor may ask you to come in and confirm the sale details. The purchaser’s solicitor will ask the purchaser to do the same. While this is happening the purchaser’s bank may ask for a valuation on the property.
Most purchasers need 2 to 3 weeks from placing their offer to get unconditional approval for their finance, which is when most solicitors will exchange contracts, which will include the deposit. Once this exchange takes place both sides are legally bound to proceed with the sale. Heavy penalties may apply if either side tries to pull out of the sale after the exchange and the cooling off period has expired.It is standard practice that there is no cooling off period after exchange.
6. Leading to and at settlement
Normally 30 days after exchange, settlement will take place. Generally about seven to ten working days before settlement, your solicitor will work with the purchaser’s solicitor to determine what cheques will be drawn up for the settlement.The cheque payments may include land rates, body corporate payments, bank loans and a payment to us for our services. A pre settlement inspection is often required by the buyers and is done 24 to 72 hours before settlement. This is to confirm that the property is in the same condition as it was at the time of the exchange and all inclusions are as stated as in the contract.If the property is being sold with vacant possession, it should be completely empty and clean and tidy at the time of the pre settlement inspection.The keys and cheques are handed over at settlement via the solicitors.
7. After settlement
Your solicitor will deposit the remaining funds into your account and will itemise all of the cheque payments that were made on your behalf in a statement. Don’t forget to redirect your mail!
Avant Real Estate
We hope the above information can help you and wish you every success in the sale of your property. We offer no obligation FREE market appraisal, if you are READY to go, just give us a call or email us.