Steps To Selling
Selling your property is a big step, and Gridspace Realty is here to make it easy. We help you set the right price, market your property, and negotiate the best deal. With our expertise and network, we connect you with the right buyers and ensure a smooth, successful sale.
Prepare a Contract of Sale
Before you list your property in the market, it’s crucial to have a contract of sale ready. Your solicitor can draft this for you, confirming all terms of the sale are outlined. The contract must include what is and isn’t part of the sale and any required legal clauses. Contract prepared upfront gives potential buyers confidence and simplifies negotiations when offers come in.
Set the Right Price
Selecting the right price for your property is important. You can do this by having your property professionally appraised. Gridspace Realty provides you with a complimentary property appraisal.
Advertise Your Property
To sell your property, it needs to be visible to potential buyers. We list your home on leading platforms like Reastate.com.au or Domain.com.au. We use professional photographers to take high-quality photos and drone footage. We also use Sign boards and attractive floor plans. We ensure that the advertisement includes key details and that prospective buyers can access copies of the contract of sale.
Review and Respond to Offers
Once your property is on the market, buyers will start making offers. Offers can be submitted through signed contracts agreeing to your asking price or via written proposals for negotiation. Remember, an offer isn’t legally binding unless documented in a signed contract. Evaluate each offer and consult your solicitor to decide how to proceed.
Accept an Offer and Take a Deposit
When you’re happy with an offer, inform the buyer through your solicitor and arrange a partial deposit in a third-party trust account. This step secures the buyer’s commitment while keeping their funds safe until settlement.
Sign the Contract of Sale
Once both you and the buyer are satisfied with the terms, sign the contract of sale to formalise the agreement. Copies with all signatures must be provided to both parties. At this stage, you can mark your property as “under offer” while keeping track of any other potential interest if the sale doesn’t proceed.
Exchange Contracts
After signing, the contracts must be officially exchanged. This can be done in person, through your solicitor, or via mail. Once exchanged, the agreement becomes legally binding for both parties, ensuring the sale moves forward as planned.
Cooling-Off Period
In Queensland buyers have a 5 days cooling-off period after exchanging the contract. During this time, they can withdraw from the sale by notifying you in writing, although they’ll need to pay a small percentage of the purchase price as a penalty. Sellers, however, are not entitled to a cooling-off period.
Finalise Settlement
The final step is the settlement, where ownership is officially transferred to the buyer. Settlement is typically two to three months after the contract exchange but can vary based on mutual agreement. The buyer completes their payments during this period, and any final paperwork is signed. Once settlement is complete, the property is officially sold, and you’re ready to move forward.