A simple explanation of the various stages of the property sale process.
In all states and territories the process of selling property is regulated by legislation and follows a regular pattern.
Initially you must seek a property appraisal, whereby your local real estate agent inspects your house or apartment and talks you through the overall process.
Once this formal inspection is completed, the real estate agent will discuss your preferred method of sale and an advertising strategy with you.
With the agency agreement signed, you will then be required to complete all property listing details and schedule an open home inspection. In some states a contract for sale should be prepared at this point.
It is vital to promote the dwelling to the best of your ability and resources - take appropriate photographs, ensure signage is clear and well attached and engage in local marketing online, as well as newspapers and real estate agent windows. Your property should also appear on the agent's database.
The next step is to allow plenty of notice regarding inspections times for the property where possible.
Details about all attendees should be recorded, along with a full list of comments and feedback.
One of the most important aspects of the process from your point of view is negotiating the sale - you will be seeking the best price and conditions from an interested buyer.
At this point, real estate agents will check and assist with the purchaser's finance, sale of property, building inspections and other conditions where necessary.
Once exact terms are agreed on by both parties, a security deposit is taken from the buyer and copies of the contract are given to the solicitors or conveyancers on each side. All parties are kept informed of the progress of the contract.
When the property is finally sold, a sticker is placed on the sign outside the building to indicate that it is no longer available.
All parties confirm their agreement that the sale has been finalised so that keys can be transferred to the new owner and a settlement day arranged.
Eventually the new owners move into the property and the sale process is officially completed.
Don't forget to have a look at the simple process checklist we have provided.
Selling a property: More information