SALES PROCESS

THE SALES PROCESS

Before a residential property can be marketed in the ACT, it is a requirement under the Agents Act 2003 (Sale of Residential Property) that a compliant Contract for Sale be prepared by a solicitor. Included in this Contract, apart from the required legal documentation, is to be Building, Pest, Compliance and Energy Rating Reports (EER) undertaken by a licensed Building Company. The cost of these reports will be reimbursed to you by the purchaser on settlement of the property.

STEP 1 – The appraisal and listing presentation

So you can make an informed decision after engaging an agent to act on your behalf, the Michael Potter Real Estate Agent will appraise your property and discuss the following with you:

  1. Marketing strategy
  2. Method of sale
  3. Property presentation
  4. Approximate sale price
  5. Legislative Requirements (Contract for Sale & Building Reports)
  6. Commission

 

STEP 2 – Engaging an agent

If the Agent’s knowledge, advice and experience appeal to you, proceed to:

  • read and sign the Michael Potter Real Estate Exclusive Agent Agreement (authority to act) and agreed Marketing Schedule
  • complete Building Inspection Authorities
  • advise of the Solicitor to act on your behalf and to prepare the Contract for Sale
  • determine a realistic time frame to have your property on the market.

STEP 3 – Preparing your property for market
  • present your property for sale (refer to Presentation Tips under ‘Selling’)
  • engage a building inspection company to undertake reports 
  • a Contract for Sale is prepared by your solicitor
  • professional photographer booked in line with the agreed time frame.
STEP 4 – Property on the market
  • a compliant and completed Contract for Sale with Building Reports will be provided by your solicitor
  • in line with the agreed marketing plan, your property is placed on multiple websites, signboard installed and flyers and print advertising completed and ready for market
  • prepare your home for scheduled and agreed exhibitions
  • Michael to negotiate an acceptable, if not a premium sale price, for you.
STEP 5 – Finalising the sale
  • once we have reached agreement, sales instructions (full details of the sale/purchase) will be forward to the seller’s solicitor for contract preparation 

  • Contracts for Sale are signed by both parties with the purchaser paying the agreed deposit
  • a pre-exchange inspection of your property will be arranged with the buyers to ensure all appliances etc. are in working order
  • Contracts for Sale are exchanged between the solicitors and the deposit is credited to the Michael Potter Real Estate ACT/NSW Sales Trust Account
  • a pre-settlement inspection with the buyer, normally the day before or on the morning of settlement, so purchasers are happy with the handover
  • the property is settled and all keys, remotes etc, are handed to the buyer and the deposit, held in the Sales Trust Account, is dispersed to you less the agencies commission.
PLEASE NOTE: Please ensure the property is left in a clean and tidy state as you would expect if you were the buyer moving in.