If you’re thinking about selling your home privately in Queensland (QLD), the main thing to think about is if selling without an agent is an option. The response is that you most definitely do.
Without a real estate agent’s help, you can sell your land off-market privately. Find out what steps are necessary to ensure that a private sale is fair and compliant.
Step 1: Drafting the sales contract
Before listing your home online, the first step is to get your contract of sale prepared by a solicitor or conveyancer.
You should either obtain a pool safety certificate from an experienced inspector before selling a home with swimming pools or give the buyer Form 36, which is a “notice of no pool safety certificate,” to the buyer.
Before settlement, a copy of the finished Form 36 must be given to QBCC. Within 90 days of settlement, the buyer is required to get a pool safety certificate.
Step 2: Set Your Home’s Price
In an off-market land sale, the sale price of the property cannot be lied about. The selling price cannot be less than what the agent has suggested or what you would consider to be the minimum. For price research, you can visit sites such as www.offmarketoffer.com.au. Search for similar sold homes.
Step 3: Independent Examinations
Once the property is advertised, you must allow buyers to view it through open houses or private inspections. Therefore, prospective buyers may ask for a copy of the sales contract.
The most common type of offer for real estate transactions is a signed contract for the off-market land sale of residential property. Have any modifications that the buyer has made to the sales contract been reviewed by your attorney or conveyancer?
If someone makes you an offer on your property, you may accept a holding deposit of the entire amount or a designated fraction of the amount. If the offer is turned down or the contract is ended, this should be kept in your lawyer’s trust account and repaid.
Step 4: Executing the Agreement
The signing of the contract of sale by you and the buyer is the next stage in the legal process of selling a property in Queensland. The agreement must be signed on two copies, one by you and the other by the buyer. You should sign your copy and ask the purchaser to do the same.
Step 5: The Contract Exchange
Exchange signifies that you and the buyer have both signed a copy of the sales agreement and have exchanged it with one another. Exchange can take place via mail or a third party, such as your conveyancer, and doesn’t necessarily have to be done in person.
A period of cooling off
The buyer must have five business days to cancel the sale after receiving a copy of the contract that has been signed by both parties. The buyer has the option to back out of the deal at this point, but doing so would result in a termination fee of up to 0.25 percent of the transaction price being paid to the seller.
If you are selling your land off-market, it’s important to keep in mind that in Queensland, cooling-off periods only apply to the buyer; as a seller, you cannot simply cancel.
Completion
Settlement is agreed upon by both parties and is typically 30 to 90 days after the trade, though any party may agree to a different time frame. The buyer “settles” their purchase at settlement by paying the whole price.
Why choose us?
You could be able to purchase an off-market house before anyone else as they haven’t yet been advertised. When you enable property alerts, we’ll notify you about properties that fit your criteria, including those that aren’t on the market right now.
With more than 40 years of expertise in the real estate sector, we offer a unique and tailored approach to finding both on- and off-market homes for our customers, leaving no stone unturned. To sell your property in Australia, submit an Off-Market Offer with a fantastic sale.
