If you're considering selling your Home privately in Queensland (QLD), the main thing to consider is whether its an option to sell your Home without an Agent? The answer is Yes, you certainly do.
Step 1: Preparing the contract of sale
The first step is to get your contract of sale drawn up by a solicitor or conveyancer before advertising your property online.
If there are swimming pools, you should either get a pool safety certificate from a licensed inspector, or give the purchaser a Form 36 – ‘notice of no pool safety certificate’ before selling (accessible from QBCC at https://www.qbcc.qld.gov.au/ ). A copy of the completed Form 36 must be sent to QBCC before settlement. The purchaser must obtain a pool safety certificate within 90 days of settlement.
Step 2: Pricing Your Home
It is illegal to misrepresent the property’s sale price. The selling price cannot be less than that quoted by the agent or the minimum amount you would accept. To research your price, you can:
Step 3: Private Inspections
You will need to allow purchasers to inspect the property through open homes or private inspections once the property is advertised. Potential purchasers may therefore request a copy of the contract of sale.
Step 4: Receiving the offer
For Property sales, In most cases, offers take the form of a signed contract for sale of residential property. Have your solicitor or conveyancer examine any progressions made by the purchaser to the sales contract.
In the event that somebody makes you an offer on your property, you may take a holding deposit of the total or a nominated fractional sum. This should be held in your solicior’s trust account and it so to be returned if the offer is rejected or the contract is terminated.
Step 5: Signing the contract
The following step in the lawful procedure of selling a property in QLD is for you and the purchaser to both sign the contract of sale. Two copies of the agreement are required, one for you to sign and one for the purchaser to sign. You should sign your copy, and give it to the buyer to sign also.
You can now consider changing the status of your property to “Under Contract” on SaleByHomeOwner.com.au, however it is recommended to keep a record of all enquiries from other prospective buyers just in case the deal fall through.
Step 6: The Contract Exchange
Exchange implies that both you and the purchaser have signed a copy of the contract of sale and have exchanged the contract with each other. Exchange doesn’t really need to happen face to face, it could be by means of mail or by means of a third party, for example, your conveyancer. Remember that you and the purchaser aren’t lawfully bound until all copies of the agreement have been signed and exchanged.
Step 7: Cooling Off period
The cooling off period is 5 business days, and it starts from when the purchaser receives a copy of the contract of sale signed by both parties. At this time, the purchaser can cancel the sale but will have to pay the seller a termination penalty of up to 0.25 per cent of the sale price. The deposit must be reimbursed within 14 days.
An essential thing to remember with respect to cooling off periods in QLD is that they only apply to the purchaser, once you’ve exchanged contracts, you can’t just cancel the sale as a Seller.
Step 8: Settlement
Settlement is agreed by yourself and the buyer, and generally is 30 to 90 days after exchange yet both parties can agree to a different period. At settlement the purchaser ‘settles’ their purchase by paying the whole amount.
Additional links: How do you sell my Property Now , How do I find a buyer to Buy My Place? Browse Private House Sales listings in Australia. How to Sell your Property Now. View Houses For Sale By Owner