The first thing to consider is whether you have a right to sell your property in Western Australia without an agent. The answer is yes, you absolutely do. If you’re at all worried about this, you can confirm it with the Department of Commerce in Western Australia. With that out of the way, let’s discuss the steps to selling your own home in Western Australia.
Step 1: Preparing the contract of sale:
Ensure you have your contract of sale drawn up by your solicitor or licensed settlement agent (conveyancer) before advertising your property for sale. This is known as the Contract for Sale of Land or Strata Title by Offer and Acceptance (or O and A for short). They will also need to provide a Joint Form of General Conditions for the Sale of Land (the General Agreement) to the buyer and vendor when an offer is made. In your contract specify if any chattels are to be excluded, such as pot plants or appliances. Dishwashers, rangehoods, curtains and blinds are generally included in the sale.
Step 2: Setting your price:
When you set your price ensure it does not misrepresent the property’s sale price, as that is illegal. The selling price should not be lower than an agent’s estimated price or the lowest amount you would accept. To research your price, you can:
- Request a free property valuation report online at PropertyNow.com.au, and if available you will also receive a free property suburb report for your postcode. Research similar sold properties and for sale properties online
- Obtain a valuation from an independent property Valuer.
- Request a property valuation estimate or range from real estate agents.
Step 3: Open Homes and Private Inspections
Once your property is advertised you will likely need to allow buyers to inspect the property through open homes or private inspections.
Step 4 is Receiving the offer: Offers are submitted in the way of a signed O and A. Sometimes buyers may add an expiration clause to the sale contract so that the offer does not remain open indefinitely if the vendor has not signed by a certain date. Have your solicitor or conveyancer review any changes made by the buyer.
If someone makes you an offer on your property you may take a holding deposit of the full amount or a nominated partial amount. This should be held in your solicitor’s trust account or a trust account you’ve arranged through PropertyNow, to be returned if you do not accept the offer. No deposit is necessary however.
Step 5 is Signing the contract of sale: The next step in the legal process of selling a property in WA is for you to sign the O and A. Once the document is signed by you and the buyer is notified that you have accepted, it becomes a binding contract of sale. Any changes or counter-offers can be made on the O and A and initialled. A copy must be given to the buyer and vendor.
From this point, you could consider marking your property as “Under Contract” on various websites, but you should still keep a record of any enquiries from other buyers in case the sale falls through.
In WA, there is no cooling off period for the buyer or seller so you can go ahead and mark it as sold on the websites.
Step 7 is Settlement: On signing the contract, you and the buyer will agree to a settlement date. Settlement is commonly 30 to 60 days after exchange. At settlement the buyer 'settles' their purchase by paying the purchase price, less their deposit. If you're using a solicitor, they may meet with the buyer’s solicitor to ensure they have everything needed for the sale to proceed.
With those steps out of the way it’s time to put your feet up and congratulate yourself on a job well done – you’ve just successfully sold your house without an agent.
Hopefully we’ve demystified the sale process for you somewhat but if you’re still confused about anything leave us a comment below or get in touch with us at propertynow.com.au
Selling via Auction
If there is high demand for your property you may prefer to sell it at auction. Ideally you should book your Auctioneer prior to listing your property, so that the date and time can be included in any advertising.
On the day of the auction you should set your minimum price with the auctioneer, this is the reserve. Once the reserve price is met or exceeded, then the property is sold. There is no cooling-off period and the contract of sale is unconditional. The winning bidder signs the offer to buy, which is then accepted and signed by the auctioneer on behalf of the vendor.
The deposit which is usually 10% is immediately payable at the end of the auction.
Settlement occurs in the same way as for a private treaty sale.