Real estate selling guide for beginners: Selling your home can be both thrilling and overwhelming, especially if it’s your first time navigating the real estate market. To make this process smoother for you, let’s break down the essential steps involved in selling your property.
1. Exclusive Agent Agreement: Opening the Door to Selling Success
Before diving into the intricacies of selling, the first step is signing an Exclusive Agent Agreement. This document grants your agent the authority to showcase your property and outlines the associated costs. The convenience of this process is enhanced by the ability to sign the agreement remotely through platforms like DocuSign.
2. Agent Fee: Understanding the Costs
Delve into the cost aspect when you’re ready to sell. Your agent will discuss the fees associated with the selling process, ensuring transparency from the outset.
3. Marketing Costs Breakdown: Crafting Visibility for Your Property
The marketing strategy is crucial. When you’re prepared to sell, discuss the costs associated with marketing. This step lays the groundwork for promoting your property effectively.
4. Verifying Ownership: A Legal Necessity
Once the agreement is signed, the first order of business is verifying your ownership, a legal requirement in Western Australia. This involves a quick verification process through a face-to-face or video call, ensuring that your identification matches the property title.
5. Seller Disclosure Statement: Transparent Communication
Upon verification, you’ll receive a Seller Disclosure Statement. Answer a series of questions about your property, addressing any issues or outstanding payments. This information is then shared with potential buyers, promoting transparency.
6. Bringing Your Home to Market: Showcasing Your Property
With the Seller Disclosure Statement completed, the process of bringing your home to market begins. Professional photographers and floor plan specialists will highlight your property’s best features. Your agent will create a compelling listing description and coordinate open houses for potential buyers.
7. Handling Offers: Navigating the Negotiation Phase
When offers come in, your agent will guide you through the negotiation process. Their professional opinion ensures you receive the best possible price in the dynamic real estate market.
8. Post-Offer Considerations: The Waiting Game
Once an offer is accepted, it’s time for due diligence. Waiting for formal finance approval (usually within 28 days) is crucial. Your agent will guide you through offer terms and recommend not celebrating too soon.
9. Appointing a Settlement Agent: Ensuring a Smooth Transaction
Part of the sale process involves appointing a settlement agent. Their role is crucial in facilitating a smooth transaction between buyer and seller. Costs vary, typically ranging from $600 to $1,000.
10. Building and Pest Inspection: Ensuring Property Compliance
Including a building and pest inspection in the contract is mandatory for Western Australian properties. Understand the inspection process, timelines, and potential renegotiations based on inspection outcomes. Contact Steve from Falcon Building Inspection click here
11. Electrical Certificate: Compliance for a Seamless Sale
Ensure your property’s electrical wiring and smoke alarms are up to date with a safety certificate, costing around $100-$150. Harbour electrics click here
12. Final Inspection: The Last Check Before Settlement
The final inspection, conducted seven days before the estimated settlement date, is critical. Address any issues found, ensuring a smooth transition to settlement.
13. Settlement: Completing the Transaction
Once the final inspection is successful, and all details are in order, settlement occurs. Your property is officially sold!
Selling your home for the first time can be complex, but with this detailed guide, you’re well-equipped for success. Throughout the process, David Beshay is committed in keeping you informed. Should you have any questions, feel free to reach out anytime. Happy selling!
