Real Estate Victoria | A Helpful Illustrated Guide To Sell My House in VIC

Everything you need to know about Real Estate Victoria & How to Sell My House in VIC:

Can I privately sell my house Victoria? - It is completely legal to sell your own House in Victoria. If you’re at all concerned about this, feel free to confirm it with Consumer Affairs Victoria. Now, with the legal side of things out of the way, let’s discuss the steps to selling your own home in Victoria.

Check the recently Sold Properties in Victoria in your local suburb by clicking here:

Step 1: Getting your contracts prepared for real estate Victoria:

It's important to ensure you have your contract of sale drawn up by your solicitor or conveyancer before advertising. Your conveyancers will also need to prepare a Vendor’s Statement, this is called a 'Section 32. This includes details of the property title, & outstanding mortgages. It also includes covenants, easements, zoning, outgoings and declaration if located in a bushfire-prone area.

As the owner, you must sign this legal document, and if it is found to be inaccurate or incomplete the buyer can take legal action. They may also back out of the sale of your property, so be sure its accurate.

You'll need to have the Vendor’s Statement available to view at all open for inspections. You'll also need to give a copy to the buyer before the property is sold.

Step 2: Researching & Setting your list price for real estate Victoria

Your list price can not misrepresent the property’s sale price, as this is illegal.
When you're selling your property, the selling price should not be lower than an agent’s estimated price or the lowest amount you're willing to accept.

To research your price, you can:

Research similar sold properties and for sale properties online, e.g. at http://www.realestate.com.au/SOLD

Get a valuation completed from an independent property Valuer.

Or, contact a local agent to Request a property valuation estimate.

Preparing your Property for an Open Home in Victoria

Step 3: Holding open homes or private inspections

When you're completing an Open Home, you must provide prospective buyers with a copy of a Due Diligence Checklist These can be found available online via the link below:

Consumer affairs link for but diligence:

https://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/checklists/due-diligence

Step 4: Receiving a buyers offer

An offer is generally agreed upon in writing and your solicitors will draft you up a copy that each party will need to sign. Be sure to get legal advice from your solicitors or conveyancers and have them check over the contract.

Step 5: The Cooling Off period for real estate VIC:

In Victoria, the buyer of a residential or small rural property is entitled to a cooling off period of three business days. During this cooling off period, the buyer can still cancel the sale.

The cooling off period begins from when the buyer signs the contract of sale. If the buyer cancels the sale in this period, they’ll have to forfeit the greater of $100 or 0.2 per cent of the sale price with any balance being refunded.

If the buyer wishes to withdraw from a sale, they must complete a signed cooling-off notice and deliver it to the vendor or their authorised agent.

After the cooling-off period has ended, the balance of the deposit is payable by the buyer and should be held in trust until settlement.

Step 6: Settle on the Property

When the contract has gone unconditional, all you will need to do now is to wait for the settlement date. This date agreed upon between yourself and the buyer when entering into the contract. Settlement is usually anywhere from 30 to 90 days.

At settlement the buyer settles on the sale any by paying the purchase price, less their deposit.