Selling privately doesn't mean doing the legal work yourself. A conveyancer or property solicitor handles the contract and settlement; your job is to negotiate a good deal.
Before you advertise
Engage a conveyancer or solicitor early. Every state has rules about the documents a seller must provide, and in several states the contract or vendor disclosure statement must be ready before you market the property or before a buyer signs. Your conveyancer will prepare the right documents for your state, such as a contract of sale, a vendor statement or a seller disclosure statement, and tell you what's required and when.
This guide is general information, not legal advice. Requirements differ between states and change from time to time.
Comparing offers
The highest price isn't always the best offer. Compare:
- Conditions: is the offer subject to finance, a building and pest inspection, or the sale of the buyer's own home?
- Settlement: does the timing suit your plans?
- Deposit: how much, and when it will be paid.
- Finance: has the buyer got pre-approval?
Negotiating
Ask every buyer to put their offer in writing. Respond promptly, stay courteous, and know your walk-away price before you start. If you receive more than one offer, it's fair to tell each buyer there's competing interest and invite their best offer by a set time.
Accepting an offer
Once you agree on price and terms, send the buyer's details to your conveyancer, who arranges exchange (or signing) of contracts and the deposit. Mark your listing "Under offer" in your dashboard so the portals update.
Cooling-off and settlement
In most states a buyer of residential property has a short cooling-off period after signing. Your conveyancer manages that period, the buyer's conditions and the settlement. When the sale is unconditional, mark your listing as sold.