Sale Process
Price
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Usually when a buyer is ready to present an offer to purchase your property they will contact us to discuss the matter.
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In our experience, most buyers and sellers want to achieve outcomes that are mutually beneficial. This is where negotiation comes into play and this is where our staff are professionally trained to use skills and techniques to achieve good results for all parties involved.
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1. A great starting point for successful negotiations is to start with a fair price and a fair offer. Experience tells us that significantly over pricing your home will turn away genuine buyers. Similarly, a buyer who makes an offer that is lower than the listed asking price will almost always push away the sellers. The asking and offering prices should largely be based on recent comparable sales in the same area.
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2. Consider the other parties’ motivations. Ascertaining what is of most importance to the person with whom you are negotiating can assist you in assessing how far to push negotiations. For example, a seller who stands firm on his or her sale price may be willing to make certain repairs to the property is requested. Or, a buyer who has to move into a property urgently might be willing to contribute towards transaction costs or will more than likely forgo certain repairs.
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3. Compromise. There will ultimately be some level of compromise on one or both party’s behalf. It is rare that the buyer and seller both get everything that they want from their negotiations. Keep you main focus and ultimate goal in mind during negotiations.
Auction
If you are not selling your property at public auction you will need to have an idea of a selling price for your property in order that you will be able to negotiate with prospective purchasers.
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Please note that sales that have been ‘passed in’ at auction may also result in further negotiations in certain situations.
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The following information can be used by you as a general guide to the selling process.
The Contract of Sale
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Once the terms of the deal have been agreed a Contract of Sale will be prepared.
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In addition to the standard terms, the Contract of Sale will document all matters relating to the transaction including, but not limited to, price, deposit, date of settlement, the inclusions and exclusions and other special conditions such as ‘subject to finance’ or ‘subject to the sale of another property’.
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Once agreement has been reached, it is normal for the agent to take a deposit.
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Please note that there are strict legislative requirements with respect to the preparation and presentation of the Contract of Sale and these vary from state to state.
Following execution of the Contract of Sale to settlement
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It is likely that the buyer and the seller will both engage a solicitor or conveyancer to handle the transaction following execution of the contract to the date of settlement.
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The solicitors will liaise with one another in relation to important dates and special conditions and will prepare the matter for settlement. If lenders are involved the solicitors will also liaise with them to make the appropriate arrangements for settlement.
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Your solicitor will attend settlement and, if you have a financier, they will also attend settlement. At settlement, the balance purchase price will be paid by the buyer to the seller (after adjustments for items such as rates, water and body corporate levies) in return for documents allowing title to pass and for the property to be registered in the buyer’s name.
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Please note that there are strict legislative requirements with respect to the preparation and presentation of the Contract of Sale and these vary from state to state.
