Selling a home in NSW follows the same steps whoever your agent is. Knowing them in advance makes the whole thing calmer, and helps you spot where a good agent makes a difference.
1. Get an appraisal
An agent looks at the home, recent sales nearby and what's currently on the market, and gives you a price range with the reasoning. Get more than one if you like, and compare the evidence, not just the numbers.
2. Sign an agency agreement
This sets out the agent's commission, the marketing costs, how the home will be sold and for how long. In NSW, an exclusive agency agreement for a residential property has a cooling-off period of one business day for you as the seller.
3. Prepare the contract of sale
Your conveyancer or solicitor prepares the contract, with the title search, zoning certificate and other documents the law requires. It must be ready before the home is advertised.
4. Prepare the home
Repairs, a tidy-up, sometimes styling, then the photography and floor plan. This is usually one to three weeks, depending on how much needs doing.
5. Market and inspect
The campaign goes live and open homes begin. Most campaigns run around four weeks; a good one creates competition early. Your agent should report to you every week on inspections, feedback and offers.
6. Negotiate and exchange
Offers are negotiated, and when you agree a price, contracts are exchanged and the buyer pays a deposit, usually ten per cent. On a private sale, the buyer then has a five business day cooling-off period, unless they waive it with a section 66W certificate from their solicitor. There's no cooling-off at auction. As the seller, you don't get a cooling-off period once contracts are exchanged.
7. Settle
Settlement is usually six weeks after exchange, though you can agree a different period. On the day, the balance of the price is paid, your mortgage is discharged and the keys are handed to the buyer.
From the appraisal to settlement, most sales take around three months. If you have a date you need to work to, tell your agent at the start.
