The Sales Process
Ready to sell real estate in Queensland? We have gathered all the resources you need to make an informed and smart decision.
Selling property in Queensland
From the moment you first had the idea of selling your property, to the date of settlement, it can be a long time when you’re selling property in Queensland. There is much to cover and many parties are often involved in the process; so it’s easy to feel overwhelmed at the best of times.
But with the help of Gem Property Co, our team has the resources and expertise to help streamline the process of selling your property to make your life as stress-free as possible. Below you will find a step-by-step walk-through of how the sales process works and what’s involved in selling your property in today’s market.
Trusted
Team
Our comprehensive, yet friendly and open approach to property sales gives clients a transparent understanding of each step of the purchase & selling of property.
Brisbane
Specialists
With over 20+ years experience in Brisbane property sales, our team understand the Brisbane property market and can work with you to achieve your dream property goals.
Residential &
Commercial
Whether it's your first, second or tenth property, Gem Property Co specialise in commercial and residential property sales in the Greater Brisbane and South East QLD region.
Signing The Contract
- In conjunction with the agent and the buyer, the sellers negotiate the terms of the contract.
- The agent will draft the contract.
- Both sellers and buyers have the option to have a conveyancer look over the contract prior to signing off on the offer.
- Once agreeable, the seller signs the contract, after the buyer has signed.
- If they haven’t already, the seller will need to appoint a solicitor to represent them.
- The contracts are then dated and processed by the agent in their system and dispersed to both sides and both parties’ solicitors (if they have been appointed).
- The buyer has a five-business day cooling off period from the date the seller signs the contract (if residential property).
Under Contract
- The seller will need to advise their mortgagee (if they have one) that they are selling their property and that a contract has been signed.
- If the buyer is entitled to carry out a building and pest inspection, the seller will need to allow the buyer access, organised through the agent. It is common and encouraged for the buyer to attend the inspection with the inspector and the agent to ensure they have a clear understanding of any potential issues/concerns relating to the property.
- If the buyer is subject to finance, you will also need to allow access for a valuation to be done for the purposes of the buyer’s finance approval. This is also usually arranged through the agent.
- The buyer will also need to work through any additional conditions that were included in the contract.
Unconditional Contract
- The seller will need to fill out a discharge form with their mortgagee and on that form note their appointed solicitor (if they have one).
- The mortgagee will notify the solicitor once they are ready to book settlement or anything else they require.
- Once all conditions in the contract are satisfied such as the buyers finance, building and pest conditions and any other condition included in the contract, the contract becomes unconditional.
- At this stage, the seller needs to ensure their mortgagee is preparing for settlement.
- The seller should be making arrangements for moving out of the property, unless they have made prior written arrangements with the buyers.
Prior To Settlement
In the period prior to settlement, the seller will need to:
- Complete and return any documents your solicitor requires.
- Provide the solicitor with a copy of the most recent rates, water and if a unit, body corporate notices and advise if the accounts are paid up to date.
- Contact their mortgagee to ensure that they are ready for settlement and that there will be sufficient funds from the sale to payout their loan and release the mortgage.
- The sellers solicitor will liaise with the mortgagee to book settlement once a time has been agreed with the buyers solicitor.
- Confirm with their solicitor how they would like any balance of the purchase price to be paid.
- Sign and return the transfer documents to their solicitor.
Immediately Before Settlement
- The seller will need to ensure that they are ready to vacate the property and that all of their personal possessions (that are not included in the sale) have been removed.
- The seller will need to leave the property in a clean and tidy condition.
- The seller will need to provide all keys to the agent to be provided to the buyer after settlement.
Settlement
- The solicitors will attend settlement on behalf of the seller and ensure that in return for payment of the balance of the purchase price, the documents necessary to transfer the title to the buyer are exchanged.
- In addition, the sellers outgoing mortgagee will also attend and provide a formal release of the mortgage in exchange for the payout figure on the loan.
- Following the settlement, the agent will be authorised to release the deposit to you (less any commission or marketing owing to the agent) and to release the keys to the property to the buyer.
- The seller also should contact their insurance provider and cancel any insurance on the property.
