The sales process

With nearly four decades of experience in the Sydney city real estate market, City Living’s understanding of the cultural and physical differences that make the city thoroughly unique when compared to other real estate markets in Sydney, is unmatched.

City Living appreciates that the needs of families living in the city are different from a retired couple or professional singles. Every development is almost a suburb in itself, each with its own flavour and style, just like the people living in this multicultural, metropolitan city. This insight ensures City Living agents qualify buyers quickly and that your property is only shown to serious purchasers, who will love not only your property, but also the area it is in.

City Living’s agents understand the sales process thoroughly, so are more than happy to walk you through it and answer any questions you may have.

Probably the most important step after making the decision to sell, is choosing an agency to act on your behalf during the sale. Once you have made this decision, both the agent and yourself have to sign an agency agreement that includes details such as the agreed sale price, agent fee, marketing budget and your solicitor details.

Selling your home or investment property can be a stressful time, but City Living will limit this stress, by ensuring you are aware of, and involved in, the entire process.

The contract

Until the agent receives a draft copy of the Contract of Sale, they are not able to market your property. So, it is important to consult your solicitor or conveyancer about preparing the contract, not only to ensure it is done quickly, but also to make sure that everything is in order.

Your solicitor must include a copy of the contract documents, such as the strata plan, by-laws, any leases over the property, drainage diagram and the zoning certificate issued by the City of Sydney. Property inclusions must also be noted. As soon as the agent receives the draft contract, they are able to present your property to the market.

This contract is kept at the agent’s office and is available for inspection by prospective purchasers. When a buyer is found and you have accepted an offer presented to you by your agent, the next step in the process is the exchange of contracts, a legal requirement when selling a property. Both you and the purchaser receive a copy of the Contract of Sale, you each sign one copy before they are swapped or ‘exchanged’. This can be done by hand, post or DX and is usually arranged by your solicitor, conveyancer or the agent.

It is also at this time the buyer is required to pay a deposit, which is usually 10% of the purchase price. The buyer and seller are not legally bound until signed copies of the contract are exchanged. After exchange you enter into the settlement period.

Settlement

Usually between four to six weeks after the exchange of contracts, settlement will take place. At this time you will receive the balance of the sale price due from the purchaser as well as the remainder of the deposit minus agreed agency fees and any unpaid expenses. The deposit up until this point usually would have been invested by your agent to earn interest, which is shared by both parties providing the parties agreed at exchange to invest the deposit.

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