Selling Process
Market Appraisal
We discuss properties sold in your area and what the market might pay for your property. Sometimes people may ask us for a market appraisal six months, 12 months, or even two years before they're ready to move on.
No problem for us and no pressure on you.
No problem for us and no pressure on you.
At this meeting we will also discuss with you a variety of Sales and Marketing Strategies. Please note that there are lots of free marketing strategies that can help get great results. We will not push a method of sale that is unsuitable for your property, or one that you may feel uncomfortable with. The marketing strategy and method of sale is always your choice.
Paperwork Started
If you are ready to sell the next step is to get the paperwork done. From here your EthicsRealEstate.com.au agent will do all the running around for you. We will liaise and work with your solicitor to ensure all the legal requirements, such as building reports, are completed before your property is put on the market.
Preparing a property for sale generally takes 2 to 3 weeks as building inspectors, body corporate managers, property managers, the ACT Government and your solicitor are all involved in preparing the draft contract of sale.
Preparing a property for sale generally takes 2 to 3 weeks as building inspectors, body corporate managers, property managers, the ACT Government and your solicitor are all involved in preparing the draft contract of sale.
We will notify your property manager, and tenants if applicable.
Your EthicsRealEstate.com.au agent will organise professional photography at a time that highlights your property’s best features and at a time that suits you. Please note that we also send you a copy of draft text for advertising as well as the professional photos and a copy of the floor plan for your feedback and approval prior to marketing.
On the Market
Once we have the draft contract of sale from your solicitor we can start advertising your property.
"Sold" Offer and Acceptance
Once we have all of the buyers details and proposed settlement date inclusion for the property and any other special request from either sides we will issue the formal Sales Instructions: to your solicitor, the buyers' solicitor and the buyers' bank and/or mortgage broker.
Solicitors Engaged.
We will advise you when the sale instructions have been sent to all parties. Your solicitor should then contact you within the next 24 hours to confirm the sales details such as the sale price and settlement dates etc.
Make sure you speak to your solicitor and confirm an appointment to sign the contract as soon as possible so all parties can proceed to exchange.
Make sure you speak to your solicitor and confirm an appointment to sign the contract as soon as possible so all parties can proceed to exchange.
Bank valuation
This is usually requested by the purchaser's lender 2 to 4 working days after the buyers' solicitor and lender receive the sales instructions from us. We will endeavour to organise for this inspection to be done as soon as possible with the tenants or owners so as not to delay the exchange of contracts.
Once a physical valuation has been sent to the purchaser's leading institution it can take a further 5 working days for the buyers to get their unconditional loan approval. Solicitors will not exchange contracts until they have written unconditional approval from the buyers' lender.
Once a physical valuation has been sent to the purchaser's leading institution it can take a further 5 working days for the buyers to get their unconditional loan approval. Solicitors will not exchange contracts until they have written unconditional approval from the buyers' lender.
Pre-exchange inspection
Most purchasers' solicitors will advise their clients to do a physical inspection of the property just prior to exchange (normally 48 hours prior to exchange). Please keep in mind that most solicitors will advise their purchaser to inspect and confirm that all electrical items are working such as dishwashers, reverse air-conditioners, garage roller doors, ovens etc. We recommend you do not get the power disconnected until after settlement has occurred. Solicitors will usually advise their clients to view the property before they place the non refundable deposit to make sure it is in the same condition it was when they put the offer.
After Exchange
Once exchange has taken place: Your solicitor should notify you on the day exchange takes place. Your agent will normally be notified in writing two or three days later.
Tenanted properties:
Only when the exchange of contracts has taken place will we call and write to the tenants and property manager and request a time that the buyers can do the formal pre-settlement inspection. Your property manager will need to confirm the sale and the proposed settlement date with you and your solicitor will work out and adjust the rent payments for settlement.
10 Working days prior to Settlement
Keep in contact with your lending authority (bank, building society, etc) or finance broker. Make sure you touch base with them to confirm that they can release the sold property on your behalf, Your solicitor will also work with your lender to ensure settlement takes place on time. Some people can have the property used as security on other properties, loans or investments which may prevent the property being released.
Pre-settlement inspection
This usually occurs up to 72 hours before settlement. This pre-settlement inspection allows buyers to have one final inspection prior to the completion of the sale to make sure the property is in the same condition as on the day of exchange. Most buyers' solicitors instruct their clients to do a pre-settlement inspection. Your agent will let you know when the pre-settlement inspection needs to be done. Please keep in mind if the property is sold with vacant possession it must be completely vacant during the pre-settlement inspection. Again we recommend you do not get the power disconnected until after settlement has occurred.
Settlement
If you are moving out prior to the pre-settlement inspection, remember that until we receive the instruction from your solicitor we cannot hand over the keys! Decide well ahead of time whether you will hand over all keys to your agent or solicitor before settlement day. Either way, let your agent and solicitor know exactly where and with whom you have left the keys with for settlement and the final Pre- Settlement inspection.
Insurance
We recommend you continue to have the property adequately insured right up to settlement.
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Change of address
For ACT Government services www.accesscanberra.act.gov.au