10 Most Common Questions Vendors Ask When Selling a Property

10 Most Common Questions Vendors Ask When Selling a Property

Selling a property can be both exciting and overwhelming. As a vendor, you likely have many questions about the process, legal requirements, and what to expect. Here are ten of the most common questions vendors ask when selling a property, along with answers to help guide you through your sale.

What is my property worth?

Understanding the market value of your property is crucial. You can hire a professional appraiser or real estate agent to provide a valuation based on recent sales in your area. You can also obtain a ‘paper’ valuation through such services as RP Data to give you a guideline. We can help you with this. You can also use a Vendor’s advocate who can guide you through the selling process.

What fees should I expect?

Selling a property involves various costs, including agent commissions, marketing expenses, advertising, Pexa fees, bank fees for the termination and discharge of your mortgage and legal fees (Conveyancing fees). It’s important to budget for these costs to avoid surprises.

How long will the sale take?

The time it takes to sell a property can vary widely based on the market conditions and demand. On average, it can take anywhere from a few weeks to several months. Have a look at the properties currently on sale in your area to get an estimate of how long these properties are staying on the market. Remember to factor in holding costs for the period it takes to sell the property.

Do I need a solicitor or conveyancer?

Yes, engaging a solicitor is recommended to help navigate the legal aspects of the sale, including preparing the contract of sale and handling any necessary paperwork. A solicitor has more legal experience than a conveyancer and can provide legal advice on a wider range of issues that may arise during the selling process. Conveyancers are unable to provide legal advice.

What do I need to include in the contract?

The contract should include essential details such as the sale price, deposit amount, settlement date, and any special conditions. Your legal advisor can assist with this. You are also required to make statutory disclosure of certain information in the section 32 relating to the outgoings, zoning, notices, owners’ corporation, building permits and issues registered on title.

What happens during the inspection?

Potential buyers will want to inspect the property before making an offer. It’s advisable to keep your home clean and tidy to make a good impression. Remember that you need to have the property in the same condition as at inspection date and date of contract when you settle.

How should I market my property?

Effective marketing is key to attracting buyers. You can choose to list your property online, hold open houses, or hire an agent to handle the marketing for you. And agent familiar with your area and advise what potential buyers are looking for in your area. Generally, lots of photos are required showing your property in its best possible light. Some people hire property stylists to really highlight and showcase the property, and to attract maximum interest.

What should I disclose to buyers?

You cannot lie to purchasers as to the condition of your property, but you are not required to highlight every flaw in the property. You must disclose those issues mentioned in section 32 disclosure requirements noted above.

What if I receive multiple offers?

If you receive multiple offers, you may choose to negotiate or select the best offer based on your circumstances. Which offers the best price, settlement period or does not incorporate additional conditions. Your agent can help you evaluate the offers effectively.

What are my obligations after the sale?

After the sale, you may need to vacate the property by the agreed settlement date and ensure that all final bills (utilities, council rates) are settled. You need to hand over the property in the same condition as at the contract date. Make sure the property is clean and you have removed all your rubbish and possessions.

Selling a property can feel overwhelming but having the right information can make the process smoother. At Conveyancing Right, we’re here to guide you through the legal aspects of selling your property to ensure everything goes as planned.

DISCLAIMER

This is a commentary published by Conveyancing Right for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at https://conveyancingright.com.au/ before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.