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Our Tips if you are Selling Your Home

Updated: Apr 28

Selling your home is a significant milestone and it's essential to navigate the process carefully to ensure a smooth and successful sale:

  1. Check with your bank: If you have a mortgage, the first step is finding out how much your bank is going to require you repay to discharge the mortgage on the settlement day. If you have mortgages with the same bank over more than one property, or are providing any guarantees, your bank may require a repayment that is more than you think you owe against the property being sold. You should also check for potential break costs associated with the mortgage. It is essential to clarify all your potential mortgage costs before you commit yourself to a sale.

  2. Warranties: Within the terms of the standard sale and purchase agreement, you're making a promise to prospective purchasers (a warranty) that there aren't any outstanding requirements in relation to the property. This includes any notices or demands from the Council, tenants, or other parties. If you're aware of any outstanding requirements or issues, such as unpermitted work done on the property, it is important to disclose this information to prospective purchasers to avoid breaching the warranties in the agreement.

  3. GST and tax: Selling a property may have GST and tax implications, depending on the nature of the property and your ownership status. It's essential to consult with your accountant to understand all GST and tax implications of the sale and ensure compliance with relevant tax laws and regulations.

  4. Spruce up your property: Before listing your property for sale, take the time to prepare it for viewings and inspections. This may include decluttering, cleaning, making necessary repairs or improvements, and staging the property to showcase its best features.

  5. Marketing and promotion: Work with your real estate agent to develop a comprehensive marketing strategy to promote your property to potential buyers. This may include online listings, open houses, professional photography, and targeted advertising campaigns.

  6. Lawyer check: Selling a home involves legal, financial and logistical considerations that may vary depending on your individual circumstances and the specific details of the sale. We always recommend you have a lawyer run their eye over any offers you receive before you counter-sign. Remember, it is always easier to negotiate any necessary changes to a draft contract, rather than on a contract that has already been fully signed!

Follow these guidelines and seek professional advice as needed to navigate the process of selling your home effectively and maximize your changes of a successful sale.

Want to ensure a smooth and successful journey as you sell your home? Call us at Lighthouse legal on 0800NAVIGATE or book to speak with one of our experienced property lawyers here.

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