If you’re thinking of selling your home privately in Queensland, you may be wondering if it’s possible to do so without the help of a real estate agent. The good news is, it is. Here are the steps you need to follow to sell your property privately in QLD.
Step 1: Prepare the Contract of Sale
Before advertising your property online, it’s important to have a contract of sale drawn up by a solicitor or conveyancer. If your property has a swimming pool, you will need to obtain a pool safety certificate or provide the purchaser with a Form 36 “notice of no pool safety certificate” from the QBCC.
Step 2: Price Your Home
It’s important to research the fair market value of your home to determine the best price to list it at. You can compare it to similar sold and for-sale properties on realestate.com.au/sold.
Step 3: Allow for Inspections
Potential buyers will need to view the property through open homes or private inspections, so be prepared to provide a copy of the contract of sale.
Step 4: Receiving the Offer
Once a potential buyer makes an offer, have your solicitor or conveyancer review the contract of sale. You may take a holding deposit, which should be held in a trust account and returned if the offer is rejected or the contract is terminated.
Step 5: Signing the Contract
Both you and the buyer will need to sign two copies of the contract of sale and exchange them with each other. Keep a record of any other enquiries from prospective buyers in case the deal falls through.
Step 6: Contract Exchange
Exchange of the signed contracts can be done through mail or with the help of a third party, such as a conveyancer. Note that both parties are not legally bound until all copies of the agreement have been signed and exchanged.
Step 7: Cooling Off Period
The cooling off period is 5 business days and begins when the buyer receives a signed copy of the contract. During this time, the buyer can cancel the sale but will have to pay a termination penalty.
Step 8: Settlement
Settlement is agreed upon by both parties and is typically 30 to 90 days after the contract exchange, but can be a different period if both parties agree. At settlement, the buyer pays the full amount to finalize the purchase.
If you’re thinking of selling your property privately in Queensland, these are the steps you need to follow. If you have any questions or need assistance, don’t hesitate to reach out to Golden Bell Properties.
