FAQ – Sale of property

Contact real estate agents

Contact several real estate agents to ascertain approximate sale price, commission, advertising rates, selling by private treaty or auction. Decide which agency best suits your needs.

Contact Absolute Legal Services

Contact Absolute Legal Services to prepare a sale contract. In NSW you cannot list your property for sale either privately or through an agent unless you have a draft and up-to-date sale contract. Please view our Sale of Residential Property Facts & Instructions. for the information we require from you to prepare a sale contract.

If required email us at rozdavis@absolutelegal.com.au or telephone our office on 02 4388 4410 to provide your instructions.

Sale of property preparation

Talk to the agent you have decided upon regarding tips to improve your property sale, such as:

• Tidying and pruning gardens
• removing cigarette or pet odours
• cleaning windows
• de-cluttering your house
• performing small maintenance jobs

Yes, you can sell your property by private treaty or auction. Your agent will discuss the best method of sale with you.

In New South Wales there are two methods of sale of property contract exchange (making the contract binding upon you and the buyer):

1. Agent Cooling Off Exchange

You can instruct your agent to exchange the sale contract under NSW Cooling Off legislation. The buyer pays 0.25% of the sale price and has 5 working days after the date of exchange to pay the balance of the deposit and make the contract unconditional. The buyer can exercise Cooling Off rights during the 5 day period rescinding (terminating) the sale contract. You are entitled to the 0.25 % paid to the buyer.

• As a seller you do not have the right to change your mind. The contract is binding upon you unless the buyer rescinds during the 5 day period.
• As a seller you will not have the right to change the completion date stipulated on the contract which is 42 days. If you are buying simultaneously we recommend that you DO NOT allow the agent to exchange contracts because you may have to move out of your home before your purchase of property completion date.
• At Absolute Legal Services we recommend you always contact us before allowing the agent to exchange the contract so that we can ensure the dates and other matters in the contract suit your needs.

2. Solicitor Exchange

The sale of property exchange of contracts is conducted by the Solicitors/Conveyancers. The agent submits a Sales Advice with the sale price and buyer details. Contracts are completed and sent to the buyer’s Solicitor. We arrange for you to sign the contract after discussions and negotiations. The buyer conducts their due diligence with various reports, queries and loan approval which generally takes 5-10 days. An appointment is then made to exchange the sale contract unconditionally.