Selling Your Own Queensland Home in Nine Simple Steps
Selling a property privately can seem daunting, but it is completely possible to sell your home without an agent. Not only is it within your rights, but selling your own home can save you a lot of money—as long as you know what steps to follow.
Here are nine simple steps to help you confidently sell your Queensland property privately.
1: Have a Lawyer Prepare a Contract of Sale
Before listing your property, it is a good idea to have a contract of sale drawn up by a solicitor. It should cover the specific terms of the sale, including a written statement detailing what is and is not included.
Using a legal professional is advisable, as they can help ensure the wording is clear and that all the necessary clauses are laid out. Should you choose to market your private sale with PropertyNow, you can order a contract of sale in just a few clicks.
2: Set the price
Decide how much you want to sell your property for. Some of the ways you can research the best price include:
- Having your property valued by an independent third-party
- Asking for a rough estimation from estate agents in your area
- Requesting a free property value report from PropertyNow.com.au
You can set a fixed price or the minimum offer amount you are willing to consider.
3: Advertise Your Property for Sale
List your home on trusted websites such as RealEstate.com.au and Domain.com.au and offer open houses and private viewings. The major real estate websites don’t allow access to private sellers directly, you’ll need to create your ad with an online agent like PropertyNow who can then export your ad whilst allowing you to remain in full control. Learn more about selling a property privately on PropertyNow.
Remember, you need people to see your home to have any chance of selling it, so be ready to arrange multiple viewings for anyone interested.
It is a good idea to have copies of the contract of sale available for prospective buyers at the viewings- and to list the important details in your ads.
4: Receive and Consider Offers
People can make offers on your home by returning signed contracts of sale agreeing to the asking price, or they can send alternative offers in writing. It is important to note that an offer is not legally binding unless it is written officially, either through a contract of sale or a promissory contract.
Related
Receiving Offers – How to respond
5: Accept an Offer and Take a Deposit
When you get an offer you want to accept, you can contact the prospective buyer through a lawyer and arrange for a partial deposit to be held in a third-party account – usually by your solicitor.
6: Sign the Contract of Sale
You must then sign the contract of sale to make the offer official. Once the buyer and seller have both signed, the offer becomes enforceable.
Both parties should receive signed copies (with all relevant signatures completed). At this point, you can mark your property as ‘under offer’. That said, it is still worth keeping note of other interesting offers in case things fall through.
7: Official Exchange
All copies of the contract must be signed by both parties, made official, and exchanged- either in person, through a third party, or via mail. Once this happens, both parties are legally bound to proceed with the transaction.
8: Cooling Off Period
Buyers in Queensland are entitled to a five-day cooling-off period following the contract exchange. During this time, they can notify the seller in writing if they do not wish to proceed. They will have to pay a percentage of the property price as a consequence.
There are various rules regarding the cooling-off period which should be discussed and agreed upon as part of the contract of sale. There is no cooling-off period for sellers.
9: Settlement
Finally, once all contracts are signed, exchanges are complete, and cooling-off periods are clear, a settlement date is set. This is usually two to three months from the exchange and is the date by which the buyer must complete their payment.
Exact dates for settlement are agreed between the buyer and the seller and depend on individual circumstances and requirements. Learn more about what happens at settlement
That’s it! After that, you can relax and enjoy the next phase of your journey having successfully sold your house on your own without paying an agent!
FAQs
Can I sell my house at an auction in Queensland?
Yes, you can sell your house at auction in Queensland, as it is a common and effective method for property sales in the state. By engaging a licensed auctioneer, you can set a date and promote your property to attract potential buyers. On auction day, bidders compete, and if the highest bid meets your reserve price, the property can be sold immediately. It’s essential to have a solicitor prepare a contract of sale in advance, and if the property doesn’t sell at auction, you can still negotiate with buyers afterwards.
Do I need to use a solicitor to sell my Queensland property?
While it is not legally required to use a solicitor to sell your property in Queensland, it is highly advisable. A solicitor can assist you with preparing the contract of sale, ensuring all legal requirements are met, and advising you on the process to avoid potential pitfalls. Their expertise can help facilitate a smoother transaction, protect your interests, and ensure compliance with local laws, making the selling process more efficient and less stressful.
How can I privately list my property for sale in Queensland?
To privately list your property for sale in Queensland, you can start by engaging our friendly team at PropertyNow who can provide expertise in pricing, marketing, and negotiations. You will need to prepare a contract of sale and gather relevant documentation. Once you have decided on your approach, advertise your property on trusted real estate websites and platforms, utilise social media, and consider hosting open houses or private viewings to attract potential buyers. Ensure that your listing includes high-quality photographs and a detailed description to highlight the property’s features and appeal.
Does selling your own property in QLD work?
Thousands of owners have been able to sell their own properties in Queensland, pocketing huge savings on comissions, take a look at a few recently sold properties below.
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