Selling Your Property During COVID

by | Jul 28, 2021 | News, Property Settlements

With all of the speculation surrounding the impact of COVID on the property market and interest rate movements, many clients are nervous at the prospect of having to sell their property in the current climate.

At Raftons, we can assist you with the sale of your property and guide you through the steps you need to take when listing your property during COVID.

Step 1 – Research what the current government restrictions are regarding property inspections etc and ask our conveyancing team if you are unsure.  During these unprecedented times, there are certain COVID restrictions in place, and it could be that once you obtain information about the ability to provide open homes and private inspections that you may wish to delay the sale if that is possible, or appropriate for your needs at this point.  Have a chat to our staff and they can advise you what the current restrictions are in your area.

Step 2 – Contact our office to start the process of preparing a contract for sale.  When doing this you will need to have an idea of the method of sale being used, eg a private sale, auction or an expression of interest, and discuss with our conveyancing team what the various inclusions are to be listed on the contract and other pertinent information about your property.

Step 3 – Research your local market and select an agent of your choice.  Selecting an agent is not unlike choosing any other professional that you use. You need to be comfortable with the person that you are selecting and ask questions, particularly in relation to their proposed marketing campaign and what their full fees and charges are likely to be.  We do find sometimes that there are hidden fees such as a percentage commission along with an extra fee for advertising.   Ask your agent these questions so that you are clear, and please speak to us if you need any assistance interpreting the contract for sale with the agent.

Step 4 – Decide on the method of sale as mentioned above and advise us so that we can make sure your contract is prepared properly.  A private sale, auction or expression of interest often have different provisions.  Please feel free to discuss with us what to expect during each of these sale processes.

Step 5 – Prepare your property for sale.  Many sellers are engaging property stylists to assist with this.  If that is not an option for you, it is simply a matter of tidying, decluttering, attending to your gardens and lawns and making sure the pool is clean and tidy.

Step 6 – Keep your solicitor or conveyancer fully updated.  Our team should be kept updated at each step of your process, such as when your proposed auction date is or when you are expecting your first inspections or open home.  We often receive enquiries from prospective purchasers and their solicitors once contracts are issued.

Step 7 – Promotion of your property commences.  Once your method of sale is agreed, you have your contract and signed agency agreement, you can then start the promotion of your property in conjunction with your agent.

Step 8 –  If you are selling via auction in NSW, you will either be subject to a live auction platform if there are COVID restrictions or alternatively an in person auction once restrictions are eased.  At the moment, auctions are being held on a live telecast and this is something to discuss with your agent.

If you are selling by private sale there are current restrictions requiring an appointment for inspections.  Once these restrictions are eased, hopefully open homes can start again with some restrictions on the number of persons permitted in your premises at any one time.

If you are selling via an expression of interest, buyers will submit their best offers usually via email at a particular date and time, and this is generally received by your agent who will then discuss each offer with you.  Again, if you are unsure, talk to our friendly conveyancing team.

Step 9 – Contracts are signed and exchanged and a deposit is paid.  Once an offer has been accepted, or if your property sells at auction, a deposit will be paid, contracts exchanged and you will then proceed with the sale process in conjunction with our office.  In most situations once any cooling off period has completed and/or if sold at auction, a 10% deposit is to be paid to your agent’s trust account.  If your agent does not have a trust account it can be held in our trust account.

Step 10 – Property settlement takes place. This is the exciting part of your matter whereby settlement occurs electronically using the online PEXA platform.  Our team will work in conjunction with the solicitor for the purchaser to ensure that your settlement occurs and you will receive your funds electronically.

If you would like to discuss current COVID restrictions when selling real estate, or would like assistance with the sale of your property don’t hesitate to contact the conveyancing team at Raftons.