Selling

  
Want to sell what do I do first?


When you have decided to sell any residential property the first thing you should do is consult One Title Conveyancing. You may have been, contacted by a Real Estate Agent or you may have one in mind to use, but they cannot proceed until after you seen us.
There are hefty fines imposed on anyone caught promoting the sale of a property in anyway whatsoever before a contract is prepared.
We will prepare the contracts for you so that you can instruct your estate agent to proceed with the sale of the property.

 

ESTATE AGENTS AND AGENCY AGREEMENTS

  


Choosing the right Real Estate Agent.
We now provide a service were we act as your selling agent (advocate) and find the right Real Estate for you.
An Estate Agent must have an agency agreement signed before he can list your property for sale. If you are not sure of the terms of the agency agreement please contact us for an explanation.

Agency agreements are usually for a fixed period of time and cannot be ended prior to the end of that period unless both seller and agent agree.

  • Get to know the state of the market and the prices from comparable sales.
  • Get advice from a least 3 Real Estate Agents, compare their fees and commission.
  • Find out if they have good knowledge of you area.
  • Ask how they will advertise your property.
  • It is your right to negotiate the terms and length of the agency agreement.
  • The agreement should set out the duration of the agency agreement, how it can be terminated.
  • The commission rate and any fees associated with the marketing and sale of the property and an estimate of the sale price and commission is expressed in dollars.
  • Before signing, make sure you understand the agreement.
  • Remember, you can negotiate the fees and terms of the agreement but the time you do so is before you sign.

An Estate Agent must have an agency agreement signed before he can list your property for sale. If you are not sure of the terms of the agency agreement please contact us for an explanation.

There are several types of agency agreements:    Exclusive agency agreementis most commonly used to sell residential real estate, you are giving the agent the exclusive right to sell your property. While the exclusive agency agreement is current and someone else sells the property (including yourself) the agent is entitled to be paid the agreed commission.   Sole agency agreementis very similar to the exclusive agency except that it gives you the right to sell the property yourself without being liable to the agent for a commission.  Multiple listing agreement allows the agent who may be part of a network of agents working together to sell the property. You only pay a commission to the agent who you have signed the listing agreement with.  Auction agency agreement is used when the property is to be sold by auction. It is similar to an exclusive agency in that you give exclusive right to the agent to sell the property by auction.  Open agency agreement  will allow you to list with any number of agents you wish. You only pay a commission to the agent who finds the buyer for your property.
Agency agreements are usually for a fixed period of time and cannot be ended prior to the end of that period unless both seller and agent agree. The period of the agreements is negotiated with the agent; it is usually 90 days but can be for any period agreed to. Make sure you only have one agreement at a time and do not commit yourself to payment of a commission to more than one agent. Make sure any agreement is properly ended before entering into another agreement with another agent.
CONTRACT FOR SALE OF LAND IS ESSENTIAL
The Contract details the ownership, title details and the conditions of the sale together with what is included in the sale. It is prepared with all details leaving blank the buyers details and the sale price.
There are certain documents that must be attached to the contract and are specified in law.
These documents are called "Prescribed Documents", without these documents attached a buyer has 14 days from the date of exchange of contracts wherein they can pull out of the Exchange of Contracts
Contracts are signed by all parties involved in the transaction and when the seller and buyer have both agreed on a price and the conditions of the sale the contracts are exchanged and dated and the deposit paid by the buyer. 
Contracts are drawn up in duplicate and one copy is signed by the seller and one copy is signed by the buyer.  The exchange of contracts is the exchanging of copies so that each party ends up holding the copy signed by the other party.

The contract can be exchanged in one of two ways:  
  1. By the estate agent.  In this case the contracts are signed and exchanged shortly after the sale price has been agreed to.  The agent will send the appropriate copy of the contract to the parties' legal representative and the buyer will have a 5 working day cooling off period in which to get any reports, finance approval and have the contract explained by legal representative. The seller does not have the benefit of the cooling off period.
  2. By the legal representative.  In this case it would be normal for the buyer to have all reports done, financial approval and the contract explained by a legal representative before the contracts are exchanged.  It is usual practice for the buyer to waive their cooling off rights so that the contract is binding on both parties as and from the date of the exchange taking place.

 
Until such time as the contracts are exchanged either party can withdraw from the transaction, it is only once contracts are exchanged that the parties are bound to proceed, and in the case of the buyer having a cooling off period the buyer is not bound until the cooling