Five Steps to Selling Your Property Privately in New South Wales
Is it possible to sell your property in NSW without using a real estate agent and is it even legal to do so? The answer to both questions is a resounding YES – especially with the help of PropertyNow.
Here is how to sell your property in New South Wales in five simple steps.
1: Draw Up the Contract of Sale
The first step in any property sale is preparing the contract. This is the document that explains what the property is, what is included, and all the terms of the sale. Prospective buyers view it when considering a purchase, and it is used later in the process to legalise offers.
It must include title documents, any relevant certificates, property details, and the buyer’s rights. If that seems like a lot to figure out, a solicitor or conveyancer can make it much easier.
2: Set Your Price and Get on the Market
Next, you need to decide how much to list your property for and where to list it. You should research the price first by having your property valued by an official third party and looking at similar listings in your area.
The PropertyNow team can help you advertise your property for sale across all the leading listing sites, and provide marketing advice to help generate interest.
3: Accept an Offer and Sign the Contracts
When offers start coming in, it is time to move forward with a buyer. Offers often come in the form of a signed contract of sale, either for the asking price or an alternative amount.
It is common practice to ask for a deposit from the proposed buyer to confirm their interest and lock in the deal, but nothing is official until both parties sign.
4: Exchange and Cool Off
Once the buyer and vendor have both signed the contract of sale, the exchange period begins. This is when everyone involved is sent official signed copies, usually by mail or via a solicitor, but it can also be done in person if it is practical.
There is then what is known as a cooling-off period. In New South Wales, this lasts for five business days, during which time the buyer can decide to back out of the deal. Depending on the contract, they may have to pay the seller a percentage of the agreed price if they choose to end the transaction.
The cooling-off period only applies to New South Wales property buyers, not sellers. Once you, as the seller, sign and the documents are exchanged, you are legally bound to honour the deal.
5: Settle the Deal
When the cooling-off period ends, the deal is final, but the buyer has a bit of time to settle the payment. Most settlement dates fall somewhere between 30 and 90 days after the exchange, but this depends on what is agreed upon between the buyer and seller.
Payment can be sent directly or through a solicitor account where relevant. As the seller, all you need to do is provide the account details and wait for notice of payment. Then, you can celebrate having sold your property in New South Wales without using an agent!
FAQs
Where is the best place to list a property for private sale in NSW?
The more places you list your property, the better your chances of finding the right buyer. PropertyNow streamlines this part of the process by sharing your listing across all the top platforms. Think of it as real estate support without the agent, saving you time and money while you sell your home.
Should I use a lawyer when selling my property?
Using a lawyer when selling your property is highly advisable, as they can provide invaluable legal support throughout the process. A solicitor can help draft and review the contract of sale, ensuring that all necessary clauses are included and that your interests are protected. They also handle the legal paperwork involved in the transaction, which can be complex and requires a keen understanding of property law. A lawyer can offer guidance on any legal obligations you may have as a seller and assist with any negotiations or disputes that may arise, for a smoother and more secure sale.
Do I need an agent to sell my property in New South Wales?
In a word, no. You do not need to use an agent (and spend thousands of dollars in commission) if you want to sell your property in NSW. All you need is patience, dedication, and a little assistance along the way from the PropertyNow team.
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