I want to sell, what do I do first?
When you have decided to sell your residential property, the first thing you should do is consult One Title e-Conveyancing.
Cheap Conveyancing In Sydney
If you’re after cheap conveyancing in Sydney, we will prepare the contracts for you so that you can instruct your agent to proceed with the sale of the property. You may have been contacted by a Real Estate Agent or you may have one in mind to use, but they cannot proceed until after you have seen us. There are hefty fines imposed on anyone promoting the sale of a property in any way whatsoever before a contract is prepared.
Convey Real Estate
For a low-cost solution to convey real estate in Sydney with the highest quality, contact the experts at One Title e-Conveyancing. We provide an affordable service where we act as your selling agent (advocate) and find the right Real Estate Agent for you. Get the process started today!
Estate Agents and Agency Agreements
An Estate Agent must have an agency agreement signed before they can list your property for sale. If you are not sure of the terms of the agency agreement, please contact us for an explanation. Agency agreements are usually for a fixed period of time and cannot be ended prior to the end of that period unless both seller and agent agree. The period of the agreements is negotiated with the agent; it is usually 90 days but can be for any period agreed to.
Make sure you only have one agreement at a time and do not commit yourself to paying commission to more than one agent. Make sure any agreement is properly ended before entering into another agreement with another agent.
- Get to know the state of the market and the prices from comparable sales.
- Get advice from at least three Real Estate Agents, compare their fees and commission.
- Find out if they have good knowledge of your area.
- Ask how they will advertise your property.
- It is your right to negotiate the terms and length of the agency agreement.
- The agreement should set out the duration of the agreement and how it can be terminated.
- The commission rate and any fees associated with the marketing and sale of the property, and an estimate of the sale price and commission, are expressed in dollars.
- Before signing, make sure you understand the agreement.
- Remember, you can negotiate the fees and terms of the agreement before you sign.
There are several types of agency agreements:
Exclusive agency agreements: This is most commonly used to sell residential real estate and you are giving your estate agent the exclusive right to sell your property. While the exclusive agency agreement is current, the agent is entitled to be paid the agreed commission even if someone else sells the property (including yourself).
Sole agency agreements: This is very similar to the exclusive agency agreement except that it gives you the right to sell the property yourself without being liable to pay a commission.
Multiple listing agreement: This allows an agent, who may be part of a network of agents working together, to sell the property. You only pay a commission to the agent who you have signed the listing agreement with.
Auction agency agreement: This is used when the property is to be sold by auction. It is similar to an exclusive agency agreement but in this case you give exclusive right to the agent to sell the property by auction.
Open agency agreement: This allows you to list with any number of agents you wish. You only pay a commission to the agent who finds a buyer for your property.
Contract for sale of land is essential
The contract includes details of the ownership, title details and the sale together with what is included in the sale. It is prepared with all details, leaving blank the buyer’s details and the sale price.
There are certain documents that must be attached to the contract and are specified in law. These documents are called ‘Prescribed Documents’; without these documents attached a buyer has 14 days from the date of exchange of contracts wherein they can pull out of the Exchange of Contracts.
Contracts are signed by all parties involved in the transaction and when the seller and buyer have both agreed on a price and the conditions of the sale, the contracts are exchanged and dated and the deposit is paid by the buyer.
Contracts are drawn up in duplicate and one copy is signed by the seller and one copy is signed by the buyer. The exchange of contracts is the exchanging of copies so that each party ends up holding the copy signed by the other party.
The contract can be exchanged in one of two ways:
- By the estate agent.
- By the legal representative.
Until such time the contracts are exchanged, either party can withdraw from the transaction. It is only once contracts are exchanged that the parties are bound to proceed and, in the case of the buyer having a cooling off period, the buyer is not bound until the cooling off period has passed.
For more answers see our FAQ section.