Selling a property can be confusing. There are many steps to follow and lots of paperwork to deal with. It’s easy to misunderstand things along the way. These misunderstandings can lead to problems or delays in your sale.
Let’s explore some common misunderstandings in property sales and how you can avoid them.
Misunderstanding 1: The Sale Price is Final
One common misunderstanding is thinking that once you agree on a sale price, it won’t change. However, there can be additional costs involved in selling a property. These might include real estate agent fees, conveyancing fees, council rates adjustments, and other charges. Make sure you understand all the costs involved before you agree to sell. Ask your real estate agent and conveyancer to explain all fees clearly.
Misunderstanding 2: You Don’t Need a Conveyancer
Some people think they can sell a property without a conveyancer. They might believe it’s too expensive or unnecessary. However, a conveyancer is very important. They handle all the legal paperwork and make sure everything is done correctly. They protect your interests and ensure the sale goes smoothly. Trying to sell without a conveyancer can lead to costly mistakes.
Misunderstanding 3: The Buyer’s Inspection Doesn’t Matter
Some sellers think that once a buyer has agreed to purchase, an inspection doesn’t matter. They might believe the buyer can’t back out. However, many buyers have the right to get a building and pest inspection. If the inspection finds problems, the buyer might ask for repairs or a price reduction. Be prepared for this possibility. Make sure your property is in good condition before you sell.
Misunderstanding 4: You Can Decide When Settlement Happens
Some sellers think they can choose whenever settlement happens. However, the settlement date is usually agreed upon in the contract. Once you sign the contract, you’re committed to that date. If you try to delay settlement without a good reason, you might face legal consequences. Make sure you understand the settlement date and plan accordingly.
Misunderstanding 5: All Repairs Must Be Done Before Selling
Some sellers worry that they need to fix everything before selling. While it’s good to have your property in decent condition, you’re not required to fix everything. You can sell a property as is. However, buyers will expect the price to reflect the property’s condition. If there are problems, buyers might ask for a lower price or ask you to fix things. Be honest about the property’s condition.
Misunderstanding 6: The Real Estate Agent Handles Everything
Some sellers think the real estate agent handles all aspects of the sale, including legal matters. However, a real estate agent handles marketing and negotiation. A conveyancer handles the legal side. These are two different roles. You need both a real estate agent and a conveyancer to sell properly.
Misunderstanding 7: You Don’t Need to Disclose Problems
Some sellers think they don’t need to tell buyers about problems with the property. This is a serious misunderstanding. You have a responsibility to be honest about the property’s condition. If you know about problems and don’t tell the buyer, you could face legal trouble later. Always be honest and disclose any known issues.
Misunderstanding 8: The Buyer Handles Everything at Settlement
Some sellers think the buyer takes care of everything at settlement and they don’t need to do anything. However, both the seller and buyer have responsibilities at settlement. You need to be prepared and available when needed. Your conveyancer will guide you through what you need to do.
Misunderstanding 9: Marketing Stops When an Offer is Made
Some sellers think they should stop marketing the property once they have an offer. However, until settlement happens, the sale isn’t final. Problems can arise that prevent the sale from completing. It’s often wise to continue marketing until settlement occurs. Discuss this with your real estate agent.
How to Avoid These Misunderstandings
The best way to avoid misunderstandings is to ask questions. If something isn’t clear, ask your real estate agent or conveyancer to explain it. Don’t assume you know what something means. Read all documents carefully before signing them. Make sure you understand every part of the contract.
Stay in regular contact with your conveyancer throughout the sale process. Ask them to explain anything you don’t understand. Keep records of all conversations and agreements. If something is promised verbally, ask for it in writing.
The Role of Your Conveyancer
Your conveyancer is there to help you avoid misunderstandings. They explain the legal aspects of selling in simple terms. They make sure all paperwork is correct and complete. They answer your questions and guide you through the process. They protect your interests and ensure the sale follows all requirements.
Conclusion
Property sales involve many steps and can be confusing. Common misunderstandings can cause problems and delays. By understanding these misunderstandings and how to avoid them, you can have a smoother sale experience.
Remember to ask questions if anything is unclear. Make sure you understand all costs involved. Be honest about the property’s condition. Work with both a real estate agent and a conveyancer. Review all documents carefully before signing.
At Adcocks, we’re here to help you understand the property sale process. We work to prevent misunderstandings and protect your interests throughout the sale. Contact us today to discuss your property sale and how we can help make the process smooth and straightforward.