Real Estate in WA
Are you asking yourself “Can I private sell my house WA”? The first thing to consider is whether you have a legal right to sell your property in Western Australia without an agent. The answer is yes, you absolutely do. 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. 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:
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: 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: 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 real estate WA, there is no cooling-off period for the buyer or seller so you can go ahead and mark it as sold on your marketing.
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, and potentially saved yourself on some commission in the process.
Sell Real Estate WA 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.
Cooling Off Period
No cooling-off periods apply unless specified within the sale contract.
Want to know more? Read 4 things you should know about the cooling off period
Selling your home during coronavirus
Just like many other states across Australia, the coronavirus pandemic had a significant effect on the number of properties sold during the first quarter in 2020. Prices aside, Western Australian metropolitan areas sold more than 1000 properties each in January, February and March of 2020, but in April when the pandemic was intense, there were only 179 properties sold. During April, COVID-19 restrictions meant open homes were limited to only 10 people, and sellers used virtual tours and online videos as a way to reach buyers.
In direct correlation with the rest of the country, sellers chose to withdraw their properties from the market when the pandemic hit, however WA was quicker than some other states to lift restrictions. By late April, open homes had recommenced and sellers once again started listing their homes on the market as conditions returned to normal.
You don't have to use an agent to sell your own house in WA
Did you know PropertyNow can list your property on all the major real estate websites, and give you all the real estate support you need to sell your own home and help you save thousands in agent commissions? You do now!
Contact the PropertyNow team to learn how easy it is to sell your home without an agent: