The Selling Process
1. Market Appraisal:
I 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 & are within a 5 klms radius of your property. I 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 - Form22A – Appointment of Real Estate Agent:
A Form 22A will need to be completed and signed by yourself (the owners) and myself. This form will give me authority to list and sell your property. It is normally for a 60 day period which is the standard set by the REIQ (Real Estate Institute of Qld)
3. Marketing Your Property:
I have over 9 years experience marketing & selling real estate which is complemented by formal marketing qualifications and a background in advertising & sales. I have “hands-on” experience in putting together a “mix of advertising” that will attract as many potential buyers as possible.
There are a number of options to consider when looking at the ways to advertise your property. I will look each option in relation to the sale of your property & work with you to help you decide what is the best way to market your property by using a “mix” of the internet (realestate.com.au, etc), photography, sign, paper advertising, brochures, letterbox drops and sales window cards.
4. Buyer Inspections:
The marketing of your property will generate enquiries which will come direct to me – my mobile, landline phone number and email is on all advertising material so enquiries will come straight to me. After qualifying the buyers I can organise with them to do an inspection of your property (at a time that suits both yourself & the buyer or if the property is tenanted liase with the tenant & give the required 24 hours 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 the realestate.com.au site to work out ahead what properties they want to inspect. After all inspections I will let you know how the inspection/s went & give you feedback
5. Offers & Signing a Contract:
When buyers inspect your property they are weighting up whether your property will fit their needs. If they feel it does then they will advise they would like to put an Offer on your property. An Offer is what they would like to pay for the property, deposit, and the conditions & settlement they require. This offer is written up on a Contract and other paperwork completed. The contract I use is the standard Law Society/REIQ Contract. I will then negotiate with the buyers & yourself until everyone agrees on everything and once the contract is fully signed & initialled I will put a date on it and it then becomes a 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 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).
The buyers will have a Building & Pest inspection & bank valuation done at your property so they are able to fulfil the Building & Pest & 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. Marita will put a Sold sticker on your sign and “Under Contract” on the internet. Your solicitors will continue to liase 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.
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 liase 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