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Selling a property can be tricky, but you'll be better prepared with the proper guidance. In this guide, we'll walk you through some essential steps to help you avoid these common challenges and make your home-selling journey as trouble-free as possible.
1. Seek Professional Help: When selling your home, it's not just about finding a buyer and handing over the keys. There are numerous legal aspects to consider, and this is where a conveyancer or solicitor can be invaluable. These professionals specialise in handling the legal aspects of property sales, such as contract preparation, searches, and communication with the buyer's representative. They can also guide your rights and responsibilities as a seller and offer protection in case disputes arise. You can find a suitable conveyancer or solicitor online or through recommendations from trusted sources.
2. Full Disclosure is Key: As a seller, it's your responsibility to disclose any defects or issues related to your property, such as structural concerns, pest infestations, zoning restrictions, or environmental hazards. Failure to do so could lead to legal repercussions from the buyer, including potential compensation claims or contract cancellations. To avoid such complications, maintain transparency by disclosing all relevant information and providing necessary documents or reports.
3. Understand the Cooling-Off Period: In the Australian property market, every sale typically includes a cooling-off period, allowing the buyer to withdraw from the contract without penalties. While this period is usually around five business days from the contract exchange date, it can vary based on circumstances and location. As a seller, it's essential to honor this cooling-off period, allowing the buyer to make an informed decision. However, you can also discuss the possibility of shortening or waiving this period through mutual agreement with the buyer.
4. Fulfil Your Contractual Obligations: Think of it as keeping your end of the bargain. First, you've got to keep your property in the same condition you did when you shook hands on the deal. That means no sudden surprises like turning your home into a roller coaster! Next, ensure you've squared away any outstanding rates and taxes – don't let those sneak up on you. If you've agreed to make any fixes or improvements, now's the time to follow through. And don't forget, you must pack up and leave the property by the date you both agreed upon. Lastly, thoroughly check to ensure no lurking debts or claims on the property might mess up the handover.
5. Get Ready for Settlement: We're getting close to the finish line here. Settlement is like the grand finale of your home-selling journey, where you officially hand over the keys and ownership to the buyer. This usually goes down about six weeks after you both signed on the dotted line, but that can vary based on what's in your contract. On the big day, gather up those keys and any other stuff you promised in the sale, like the fridge or that fancy sofa. And here's the exciting part – you'll get the remaining cash from the buyer or their helper. It's like the moment you pass the torch but with house keys!