When you have decided on your agent you need to sign an Agency Agreement and get a Contract drawn up by your solicitor. Once the contract has been received by the agent, they can then begin marketing your property.
Your agent will then conduct buyer work and
inspections. Offers from purchasers will be negotiated with you via your agent.
Once you have accepted an offer on your property, you will be asked by your solicitor to sign the sale contract. The purchasers will also sign a copy of the sale contract and both parties solicitors will exchange contracts. The purchaser is also required to pay a deposit, usually 10% of the selling price. Once contracts have been signed and exchanged, the purchaser/s have a 5 day cooling off period in which to withdraw from the sale. After this period the purchaser is bound to the sale. There is no cooling off period for vendors, once the contract is signed and exchanged you are bound to the sale.
Settlement then occurs approximately 28 days after the contracts have exchanged (this time frame can be negotiated between the purchaser and vendor via your solicitor prior to signing and exchanging contracts). The purchaser is then required to pay the remainder of the sale price.
Once the property has settled, the new purchase
can take possession of the property.