Be careful about selling your home privately, rather than working with a real estate agent. Always get a solicitor to check the contract before you sign it.
Don’t sign the contract if you’re not comfortable with the sale.
You need to give the buyer a 5-day cooling-off period. The cooling-off period is a chance for the buyer to change their mind. By law, most residential sales must have a cooling-off period.
You must include a warning statement about the cooling-off period. This must be:
- on the contract itself
- clear and readable
- directly above the place where the buyer signs the contract.
The warning statement must use the exact text below:
The contract may be subject to a 5 business day statutory cooling-off period. A termination penalty of 0.25% of the purchase price applies if the buyer terminates the contract during the statutory cooling-off period. It is recommended the buyer obtain an independent property valuation and independent legal advice about the contract and his or her cooling-off rights, before signing.
Setting the price
It’s sometimes hard to know what a realistic price might be. You can get an idea by:
- getting an independent valuation of the property
- finding the asking price of similar properties by contacting your local agent
- reading property listings in the newspaper or online
- visiting open houses.
Repairs and inspections
You might need to do repairs on your home before you can sell it. You can get building, pest and swimming pool inspections done to identify any problems that you need to fix.
Your buyer may want to arrange their own inspections during the negotiation.
Building and pest inspections
You can get a combined building and pest inspection. Make sure the inspector holds a current licence from the Queensland Building and Construction Commission. They usually cost $400–$600 for a standard, 3-bedroom home.
Swimming pool inspections
If you have a swimming pool, you must arrange for a licensed inspector to check that it’s safe.
They will make sure that it:
- follows safety regulations, such as signs and fences
- meets construction standards.
They usually cost $170–$350. Inspectors must be licensed.