How to sell my property privately in NSW

1. Find a solicitor/conveyancer to prepare the contract and other relevant documents

You must have a contract ready before putting your property on the market; find a solicitor/conveyancer to prepare your sales contract and other required documents. A solicitor/conveyancer will also help your settlement process as it is the transfer of legal title of real property from one person to another; if you need any help to find a solicitor/conveyancer, please contact us.

2. Set up the price :

Check the current sale and sold price in your area on realestate.com.au that will help you to determine a price; you can also find a property valuer to physically valuate your property as well;

You do not need necessary to disclose your price to the buyers, this is the method using by real estate agents for properties going auction/tender (expression of interest), you can ask the buyer to do their comparable sale research based on similar property being sold/on sale to submit their best offer.

If you want to disclose your sale price; please note: You can not put something like offer above/over or xxx,000+ e.g offer above/over $500k, 500k+ in NSW in advertising. You can put up a single price or price range upto 10% e.g $500,000 to $550,000.

3. Inspection

Set up an inspection time this can be open house or private inspection by appointment

4. Receiving offers; Agree on the sale price; Sign the contract

Carefully review your offers; once you and your buyer agree with an offer then consult with your solicitor/conveyancer and sign the contract; there will be 2 copies of the contract; one for you and one for your buyer. You must each sign a copy before they are exchanged.

5. Exchange of the contract

Exchanging sale contracts is the legal part of selling a home. Exchange contract can be done by hand or post and is usually arranged by your solicitor/conveyancer. At the time of the exchange, the buyer will usually be required to pay 0.25% of the purchase price. Please note: The buyer or seller is not legally bound until signed copies of the contract are exchanged.

6. Cooling off period

Buyers of residential property usually have a cooling off period of 5 working days following the exchange of contracts during which they can withdraw from the sale

The cooling off period can be waived, reduced or extended by negotiation. (please consult with your solicitor/conveyancer)

There is no cooling off period for sellers. Once contracts have been exchanged, sellers are generally bound to complete the agreement.

There is no cooling off period when purchasing at auction.

If the buyer withdraw the sale during the cooling off period, the buyer will need to pay the vendor 0.25% of the purchase price.

7. Settlement of the property

You and your buyer will agree on a settlement date on signing a contract. It is normally 42 days in NSW. Your solicitor/conveyancer will help you for the settlement of your property.

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