Preparing a budget

Be honest with your budget allowing for hidden expenses.

When purchasing property, it is important to know how much you can afford to spend. A great way to understand your current financial position is to record your spending. Be honest with your budget allowing for hidden expenses.

When purchasing property, it is important to know how much you can afford to spend. A great way to understand your current financial position is to record your spending – down to the smallest detail, for example a coffee – over a three month period. This will give you a good indication of how realistic your budget may be, as well as areas where you may be able to cut back.

Be honest with your budget allowing for hidden expenses, such as: medical bills, vehicle running costs, groceries, utilities and social outings etc. Ensure that you seek financial advice on how much you can really afford, and remember, purchasing property may be one of the biggest investments you make during your lifetime.

Save a deposit

Most financial lenders will require a minimum percentage as a deposit

Its always a good time to start a regular savings plan. The more you save now, the more you will save on interest later. Most financial lenders will require a minimum percentage as a deposit. Make sure you shop around for your financial lender.

It is always a good time to start a regular savings plan.

Stick to your budget as the more you save now the more you will save on interest later.

Most financial lenders will require a minimum percentage as a deposit. Make sure you shop around for your financial lender as they all differ from fees to interest rates and may have different packages which may suit your personal needs.

Remember to ask as many questions as you need to ensure that you are comfortable with your provider.

Decide what you are looking for

Make sure that you compile a list of what you really want out of a property.

Before you start looking for property, it is a good idea to compile a list of what features you require. Consider how many bedrooms or bathrooms your require or is it close to public transport, schools or shopping centres.

Before you start looking for property, it is a good idea to compile a list of what features and local infrastructure – compulsory and bonus – you require in a property and its suburb. For example, if you are starting a family, you may require a certain number of bedrooms; off-street car parking and a local school close by, whereas a swimming pool for the children may be a bonus.

Things to consider:

• How many bedrooms does the property have?
• Is it close to public transport, schools, shopping centres etc.
• What are the council rates on the property?
• What type of property are you looking for – a unit, townhouse, apartment, existing house, vacant land, or new home?

Rate the features you need in your life and compare with other properties and suburbs.

Research

Before you purchase a property, make sure you have done your own research

Before you purchase a property, ensure you have done your homework and researched the area. Look at recent property sales in the area, compare values with other properties.

Do your homework.

• Look at recent sales in the area and what they sold for.
• Compare values with other properties in the area.
• Find out if there is a shopping centre, beach, schools and other facilities nearby as this can affect the price of a property.
• Check with the local council to see if there are any new developments starting in the area.
• Investigate whether you are eligible for government grants. Visit your local government website to find out more.

Choosing a Property Loan

It is important to shop around to get the right loan for you.

It is important when choosing your property loan to investigate any hidden fees. Shop around and compare fees for the most competitive offer as a property loan is a debt you may have for many years.

When deciding on a property loan it is important to look around to get the most competitive offer. As a property loan is a debt you may have for many years, and often includes exit fees, be sure to thoroughly investigate all your options.

Know your costs

Make sure you investigate all ‘hidden’ costs

Do your homework to avoid any ‘hidden’ costs. Investigate how much Stamp Duty you will be required to pay on the purchase price of your property as it varies from state to state. Also consider what costs you might incur from professional services.

You will often hear people complaining of the “hidden costs” associated with buying property. This can be avoided simply by doing your homework.

Investigate how much Stamp Duty you will be required to pay on the purchase price of your property. This varies according to state.

Other costs you might incur includes a professional onsite valuation, legal or conveyancing costs, bank mortgage fees, home and contents insurance, moving and utility connection fees, body corporate fees (if any), council rates and any ongoing maintenance.

Consult your financial advisor about potential extra costs you may incur when purchasing your property.

Safety Tips for Property Inspections

We recommend you consider the following tips

To ensure you are always protected during a property inspection we suggest following some useful tips including have a family member or friend attend the inspection with you.

To ensure you are always protected during a property inspection we suggest following these useful tips.

Find out who you are dealing with – ask for a name and contact phone number.

• Ring the number to check if it is legitimate
• Before you buy, check the property is still listed on www.homesales.com.au (if we suspect an advertisement we will suspend or withdraw it from display)
• NEVER pay any money direct to a seller. All money transfers must be dealt with through your Solicitor or Conveyancer

Before you attend a property inspection:

• Ensure you have a friend or family member attend the property with you,
• If you are unable to have someone attend with you, let a friend or family member know you are attending a property inspection and that you will call them once the inspection has concluded,
• Give friends or family the name, contact number and any personal details you have received from the seller.

Buying at an Auction

Your commitiments from buying at an Auction

It is important if you plan to buy at an Auction you fully understand how an Auction works and what commitments you will have should your offer be accepted. We recommend you seek legal advice before going ahead with a purchase at auction.

If the property you’re looking to purchase is going to be sold at Auction, it is a good idea to attend a few prior to bidding, to understand how they work.

The terms of an Auction usually state that once your bid is accepted it is unconditional and will have no special terms; for example: “subject to finance”.

A copy of the Auction Terms and Conditions can be received from the Auctioneer or real estate agent.

Before the day of the auction make sure you inspect the property, arrange your finances and have the deposit funds available if your bid is accepted.

Complete all necessary checks, such as: building and pest inspections, title searches, property valuation, and your own research. Also, make sure the property is within your budget; set a price and stick with it.

Ask the Auctioneer how much is required for the deposit on the day and what method of payment is accepted (cheque, bank cheque, EFT, or deposit bond).

It is also important to ask the auctioneer what the settlement terms are and if there are any special clauses in the contract. We recommend you seek legal advice before going ahead with a purchase at auction.

In some states, seller (vendor) bids are acceptable up to the seller’s reserve price. Once the seller bids to the reserve price the property will then be declared on the market. Vendor bids must be announced by the Auctioneer prior to the auction commencing. It is illegal for Auctioneers to be involved in dummy or false bids once the property is on the market.

To learn more about property auctions visit your state Real Estate Institute website or contact your solicitor.

Negotiating a Property

Be prepared to ask any questions you may have about the property.

At Homesales.com.au we generally give buyers the ability to take control of their property purchase and negotiate their sale price direct with the seller unless they have appointed an agent to act on their behalf.

At Homesales.com.au we generally give buyers the ability to take control of their property purchase and negotiate their sale price direct with the seller unless they have appointed an agent to act on their behalf.

When negotiating with sellers be prepared to ask any questions you may have about the property.

Why they are selling?

Ask the seller why they are selling their property.

You may want to know if they are upgrading to a bigger home, or moving interstate, or downsizing because their children have moved out. This information out will help give you piece of mind as to why a seller is selling.

Sellers Asking Price

A seller will usually have determined their sale price, prior to listing, based on a number of factors.

• They may have had a property valuation.
• They may know of other similar properties which have sold in the area.
• Or, they may just want a particular price for a property based on their financial situation.

Ensure you have researched the property and suburb to determine whether the price the seller is asking for is realistic.

Deciding on your purchase price

Factors such as a detailed Property Valuation, research on similar properties and your financial situation will determine how much you are willing to spend on a property. When negotiating with the seller always bare in mind your absolute maximum price so that you do not negotiate above this.

Competition

Competition and buyer interest can play a small part in negotiating the sale price of the property. Find out from the seller if there are a number of interested buyers, or if they have received any offers. Don’t be afraid to ask what price and settlement terms they are offering.

Settlement

Prior to negotiating an offer, make a decision on what settlement period you require. A seller may already have an idea of what settlement period they would like, however, it is still appropriate to suggest your preferred length of time. As a general rule, settlement ranges from 30, 60 or 90 days .

Putting in an offer

When submitting an offer to a seller you will need to provide your legal advisers contact details. Both legal advisers will work together to arrange the required legal documentation, primarily: the Contract of Sale. Your offer is only verbal until the Contract of Sale is signed and exchanged with the seller’s signed Contract of Sale.

Don’t rush in

If a seller is asking for a price which is out of your range, don’t panic and put forward an offer which you will not be able to afford. Put in your best offer and if the seller does not accept, inform them that you will come back to them shortly to see whether they have changed their mind.

A seller can sometimes reconsider a price once they have had some time to think about it.

Solicitor or Conveyancer

Your legal adviser can review and assist in all legal requirements

Appoint a Solicitor/Conveyancer or services provided by your Solicitor/Conveyancer. Your legal adviser can review all documents and contracts and transfer the property title to you on settlement day.

Your legal adviser should review the Contract of Sale before you sign anything. Your legal adviser can also review the disclosure document, finance contracts, title searches, mortgage documentation, assist in any negotiations with fixing any issues pre-settlement, handle the deposit and final payment on settlement day, deal with any legal enquiries/documentation from the sellers legal advisers and transfer the property title to you on settlement day.

Building and Pest Inspections

Before you finalise your contract get a licenced building and pest inspection.

It is recommended that prior to to purchasing a property you contact a licensed professional for a building and pest inspection. If you sign the contract prior to obtaining the inspection, make sure you sign the contracts “subject to building and pest inspection approval”.

It is recommended that prior to purchasing a property you contact a licensed professional for a building and pest inspection. If you sign the contract prior to obtaining a building and pest inspection, make sure that you sign the contracts “subject to building and pest inspection approval”. This will cover you if you are not satisfied with your findings. Make sure that your inspector is a licensed professional and provides you with a detailed report.

Contract of Sale

Is a legal binding contract between the buyer and seller

The contract of sale is a legal binding contract which commits you to the purchase of a property. During negotiations you may be asked by a seller or an agent to sign a contract to formalise your offer. Before signing anything make sure you have your legal adviser, look over it to make sure it is what you agreed to.

The Contract of Sale is the key document which commits you to the purchase of a property. During negotiations you may be asked by a seller or an agent to sign a contract to formalise your offer. Before signing anything make sure you have your legal adviser, look over it to make sure it is what you agreed to.

Statutory Requirements

Each state has legislation governing documentation/information which vendors must provide at or prior to execution of the Contract of Sale. Your legal adviser will ensure that all such statutory requirements are met. For example, in Victoria a Vendor Statement would be supplied.

Vendor Statement

A Vendor Statement is a legally required document about the financial, legal and planning details of a property. These documents are prepared by the sellers solicitor or conveyancer.

The Vendor Statement includes things like:

• Information about planning, developments or restrictions
• A copy of the title showing existing easements or covenants and boundary measurements of the land
• Details of any mortgage over the property
• Details of any outgoings such as any rates, body corporate fees, or any other charges that may apply
• Building restrictions and copies of any permits issued for work carried out

The seller and buyer must sign the Vendor’s Statement before the contract is signed. Your Solicitor will assist you with this.

If the property is being sold at auction, a copy of the Vendor’s Statement and the contract of sale must be available for inspection before the auction.

If the Vendor Statement contains incorrect or insufficient information, as a buyer you should discuss this with their Solicitor/conveyancer.

Deposit bond:

A deposit bond is basically an insurance policy on the property.

The deposit bond is the policy document that tells the seller that the insurance company will pay the 10 per cent deposit to the seller in any of the circumstances where the deposit would ordinarily be forfeited by the seller.

No money actually changes hands under the deposit bond. Instead, all purchase funds are paid at settlement. In the ordinary course of events, settlement takes place, the purchase price is paid in full, and the deposit bond simply lapses.

Cooling off period

Standard sales contracts for residential property may have a cooling off period which will differ from state to state. If a cooling off period applies to your contract this will mean that if you change your mind on a property you can cancel the contract and recover your deposit but you should check this with your legal adviser.

If you are considering cooling off from a property sale, you must contact your legal adviser as soon as possible as cooling off periods are very short. Your legal adviser will co-ordinate this for you.

Home Insurance

Insure your financial asset

It is recommended that once you have signed a contract for a property you take out building insurance in case something happens to the property prior to settlement. Most financial lenders will require you to take out building insurance during the life of that loan.

Getting Ready to Move in

You are almost there!

Before moving into your property, ensure your electricity, gas, water, phone, internet and cable TV is connected and that your mail is re-directed. If friends and family can’t help you move, arrange for a removalist to assist.

You’re almost there!

Before moving into your property, ensure your electricity, gas, water, phone, internet and cable TV is connected and that your mail is re-directed. If friends and family can’t help you move, arrange for a removalist to assist.

Pre-settlement Inspection

Make sure that all obligations of the Contract of Sale are met.

Prior to settlement, it is recommended that you attend a final property inspection to ensure the property is in the same condition as first inspected. The seller has an obligation to hand over the property in the same condition as it was when it was sold.

Prior to settlement, it is recommended that you attend a final property inspection to ensure the property is in the same condition as first inspected.

The Contract of Sale outlines that the seller has an obligation to hand over the property in the same condition as it was when it was sold. If this is not the case contact your solicitor.

Settlement Day

Check with your legal adviser that all contractual obligations have been met.

On settlement day the balance of the purchase price must be paid to the seller in exchange for the title of the property. Final payment is organised by your solicitor and financial party. Once settlement has taken place you can collect the keys for the property and start to move in.

Learn about the registration step

Brochure Step made a great decision to sell or buy your next property with IranEstate.com and to take advantage of the massive savings and benefits available.

To begin, you need to set up a User Account. To do this, simply need to go to the members page and create a new account. Simply enter your email address, contact number and your preffered password, try to choose somethign that you will remember.

Once you have done that we will send you an email letting you know that you account has been accepted for approval and then you can start to take advantage of all the IranEstate services available.

Enter your login details:

This is a vital step, as your login details will determine where your property enquiries from potential buyers are directed, as well as provide a point of contact for IranEstate.com to email any updates or changes to your listing or the site.

To create an account -

• Simply enter your preferred email address.
• Enter a password (minimum of four characters).
• Click on the ‘Register and Start Listing’ button at the bottom of the page.

Your IranEstate.com account will then automatically activate, meaning you are ready to create your listing.

Your Dashboard – Customer Area

Take me to my dashboard button – What’s a dashboard

The Dashboard is your personal area that only you and IranEstate.com have access to. In this section, you can

• Manage and edit your property listing;
• View and respond to buyer enquiries;
• Update your account details
• Create a buyers profile for email notifications and instant notices
• Request additional services
• View the status of your services including photography, signboards and more;
• Contact the IranEstate.com Customer Service Team;

Property Details Step

To best attract buyers to your property listing, we recommend adding as much detail to your property listing as possible.

In this step you are required to enter the details and features of your property, including the address, property type and property features.

Property address:

• Enter the property street address.
• You will notice a drop down menu that will automatically fill in your property address.
• When your property address is displayed, click on the address from the drop down menu and the address will automatically be entered.

Property Type:

You will notice a number of property icons available, including: house, apartment, townhouse, unit, semi-attached house, rural property and land.

These icons are used to match your property to potential buyers looking for a particular type of property under a specific search category or on our map.

To make a selection, click on the icon that best represents your property.

Property Features:

To ensure your property appears in the correct search, we ask you to supply some basic details about your property.

• Drag the slider from side to side to enter the number of bedrooms in your property. If your property is land only you do not need to enter anything in this step.
• Drag the slider from side to side to enter the number of bathrooms in your property. If your property is land only you do not need to enter anything in this step.
• Drag the slider from side to side to enter the number of car spaces at your property. If your property is land only you may not need to enter anything in this step.
• Underneath the slider, click on the type of car spaces that your property has whether that be a garage, carport, off street parking etc. You can select more than one option, if you have a garage and carport for example.

Congratulations! You have now completed the property details step.

You can login to your account and edit the property details at any time, as many times as you want and for FREE by clicking on ‘Edit’.

Owner Details Step

This information is for a contact point for our Customer Service team.

In this step, you are asked to enter your name and contact details.  It will allow us to link buyers to you via an online email form, as well as provide a contact point for our Customer Service team.

For more information please visit our IranEstate.com Privacy Policy Program

Owner name and number:

At this point, we require you to enter your:

• Given Name and Surname.
• Phone number – both during business hours and after hours.
• Preferred email address you want buyer enquiries sent to.
• If this is the same as the email address you used to register with IranEstate.com, select ’Same As Registered Email’.
• If you would prefer your buyer enquiries to be sent to a different email address, enter your preferred email address in the space provided.

Owner’s billing address:

Enter your mailing address into the selected field. Your mailing address will be displayed on your property listing receipt when it is emailed to you.

Property Valuation Step

The price of your property will determine which buyers you attract.

The price of your property will determine which buyers you attract. To determine how you should price your property in the current market, IranEstate.com will provide you with a detailed Property Report specific to your property address. This will be emailed to you within 10 days of us approving your property listing.

Setting your price now:

If you already know the price you would like to sell your property for – prior to viewing the detailed Property Report - you can enter your price in step 3.

In this step you can:

• View similar properties for sale in your area.
• Get a good indication on how to price your property for sale.
• Here you can enter your listing price.
• You can either select to enter your minimum price or you can choose not to disclose your asking price by clicking ‘Price on Application’ (POA).
• You can adjust your property price as often as you like.

Photography Step

A picture can say a thousand words – what do you want yours to say about your property?

Learn about photography and interactive floor plan Premium Plus:

A picture can say a thousand words – what do you want yours to say about your property? Enhance your property listing and attract your ideal buyer by using a IranEstate.com Professional Photographer to take your property photos.

• Your professional photographer will contact you within 24hours to arrange a time to photograph your property
• Your professional photographer will attend your property at the agreed time and photograph up to 20 images of your property inside and out.
• Your professional photographer will also measure and create your interactive property floor plan.
• Once your photos and interactive floor plan have been created they will be uploaded to your property listing.
• IranEstate.com will notify you once these details have gone live.
• Click on photography examples to see some of our photographers fantastic work.
• Click on interactive floor plan examples to see how an interactive floor plan works.

Learn about photography and floor plan Premium:

A picture can say a thousand words – what do you want yours to say about your property?

Enhance your property listing and attract your ideal buyer by using a IranEstate.com Professional Photographer to take your property photographs.

• Your professional photographer will contact you within 24hours to arrange a time to photograph your property
• Your professional photographer will attend your property at the agreed time and photograph up to 20 images of your property inside and out.
• Your professional photographer will also measure and create your property floor plan.
• Once your photos and floor plan have been created they will be uploaded to your property listing.
• IranEstate.com will notify you once these details have gone live.
• Click on photography examples to see some of our photographers fantastic work.

Learn about the photography step Standard:

Show off your properties best features by adding up to 20 photos to your property listing in one-step, with the IranEstate.com Photo Uploader.

• Click on the ’Add your photos’ icon to upload your own photos
• A pop up screen will appear allowing you to select where you can upload your photos from.
• You can choose to load up to 20 photos in one easy step by selecting your photos and clicking on upload.
• You are also given the option to add a detailed description to each of your property photos.

If it’s all too hard you can upgrade your package to Premium or Premium Plus and have a IranEstate.com Professional Photographer take photos of your property for you.

Signboard and Brochure Step

Brochures are a great advertising tool that will assist with the sale and promotion of your property.

Learn about the for sale sign and brochure:

For Sale Sign:

A for sale sign is a fantastic way to attract more buyers to your property by letting them know that your property is for sale.

• As part of your package you will receive a 400mm x 500mm for sale sign to display at the front of your property.
• The for sale sign will be mailed to you within ۷ days for easy instillation yourself.

Brochures:

Brochures are a great advertising tool that will assist with the sale and promotion of your property. Whether you are holding an Open for Inspection or have just put your property on the market, brochures are a fantastic way to generate interest.

The IranEstate.com Brochure Building Tool uses the property photos and details from your listing to quickly create a professional, printable brochure.

• Choose from ۲ different templates,
• Print off as many brochures as you like at your convenience,
• Determine who your advertising will reach by controlling where your property is advertised.

Learn about the Photosignboard and brochure step:

Photo Signboard:

A professionally manufactured and installed Photo Signboard is a fantastic way to attract more buyers to your property by letting them know that your property is for sale.

• As part of your package you will receive a 120cm x 180cm full coloured photo signboard to display at the front of your property.
• Your photo signboard will be created once your property photos have been taken.
• Your Photo Signboard will be installed at your property within 7 days depending on the location of your property.
• You are able to add your own title and description which will be displayed on your photo signboard.
• If you have any specific instructions you would like to send to the signboard installer add the instructions here.

For example: install the board to the right of the mailbox

Brochures:

Brochures are a great advertising tool that will assist with the sale and promotion of your property. Whether you are holding an Open for Inspection or have just put your property on the market, brochures are a fantastic way to generate interest.

The IranEstate.com Brochure Building Tool uses the property photos and details from your listing to quickly create a professional, printable brochure.

• Choose from ۲ different templates,
• Print off as many brochures as you like at your convenience,
• Determine who your advertising will reach by controlling where your property is advertised.

Property Approval Step

All the properties listed on our website under go our own investigation to ensure that there are no scams and no misleading or deceptive conduct. Once your property listing has been approved by our team we will notify you directly and you will be able to view it directly at www.IranEstate.com

Any additional material (property reports, photographs, floor plans and inspection repost) will be emailed to you directly. Also note that any produced brochures will be mailed out to our existing property buyers and agents.

Before you sell

Appoint a Solicitor or Conveyancer:

Before you advertise your property for sale on IranEstate.com you will need to consider appointing a Solicitor or Conveyancer to handle the legal documentation, deposits and the settlement of your property.

Methods of Sale

Choose from a number of different options to assist you in selling your property.

One of the many benefits of using IranEstate.com to sell your property is that you are not restricted to just one method of sale – we offer a number of selling options.

Sell your property on IranEstate.com – Private Sale

Sell your property with IranEstate.com and reap the benefits of a selling property yourself.

• Save thousands on Agent Commissions and Advertising Fees.
• Create your own Property Listing.
• Take control of your Property Sale.
• Feel empowered.
• Get your desired result.
• Display your property Nationally and Internationally on our site. The Carsales Network currently attracts over 2.8million* visitors each month to its sites giving you potential reach across the network.
• Make informed decisions – a detailed property report which we supply you to help you decide on your sale price.

At IranEstate.com we offer fantastic advertising options to showcase your property including:

• A network with exposure to over 2.8million* visitors
• A detailed valuation and price of your property
• A professionally manufactured and installed Photo Signboard
• A professional photography service
• An Interactive Floor Plan
• Property Brochures and
• Much more!

Sell your property with IranEstate.com – Real Estate Agent Assisted

If you are not 100 per cent confident to manage the sale process yourself, why not appoint a Real Estate Agent to help?

You can still create your listing on IranEstate.com and save thousands of dollars on advertising fees, whilst also exposing your property to the Carsales Network of over 2.8million* visitors each month.

How a Real Estate Agent could assist you:

• They could run your Property Inspections
• Assist in the negotiations of your sale

You can still save on commission!

As you will be providing the Agent with buyer leads generated from IranEstate.com and creating your own advertising tools, there is the opportunity to negotiate a lower commission rate with your agent.

Sell your property with IranEstate.com and a Sellers Advocate

List your property for sale on IranEstate.com and appoint a Sellers Advocate or Property Negotiator to manage the sale.

You can still create your listing on IranEstate.com and save thousands of dollars on advertising fees, whilst also exposing your property to the Carsales Network of over 2.8million* visitors each month.

How a Sellers Advocate/ Property Negotiator can assist:

• Pass on buyer enquiries from IranEstate.com to your advocate/negotiator.
• The advocate can then negotiate the sale for you.

It is entirely your decision as to how you manage your property sale.

By listing your property with IranEstate.com you can save thousands of dollars in advertising fees and Agent Commissions whilst increasing control of your sale.

Tips:

If you are selling your property within12 months of purchasing it, or if you are selling an Investment Property, talk to your accountant for any tax implications.

Ensure that your property has working fire alarms and if any work needs to be carried out on your property ensure that you have the correct permits in place.

Private Sale

Save thousands on Agent Commissions and Advertising Fees.
List your property:
Selling property yourself is simple and cost effective with IranEstate.com.

• Save thousands on Agent Commissions and Advertising Fees.
• Create your own Property Listing.
• Take control of your Property Sale.
• Feel empowered.
• Get your desired result.
• Increase the success of your property listing by displaying your property Nationally and Internationally on our site. The Carsales Network currently attracts over 2.8million* visitors each month to its sites giving you potential reach across the network.
• Make informed decisions – a detailed property report will help you decide on your sale price.

At IranEstate.com we offer fantastic advertising options to showcase your property including:

• A network with exposure to over 2.8million* visitors
• A detailed valuation and price of your property
• A professionally manufactured and installed Photo Signboard
• A professional photography service
• An Interactive Floor Plan
• Property Brochures, and
• Much more!

You can save thousands of dollars in advertising fees and Agent Commissions by listing your property today!

Legal:

Meet with a legal adviser to discuss selling your property privately.

Your legal adviser will prepare all of the required legal documentation and generally handle all aspects of the sale to ensure your property sale is handled in a prompt and professional manner.

When you sell your property, your legal advisor will also handle the deposit and will work with the buyer’s legal adviser to ensure all legal aspects of your property sale are covered.

Tip:

Speak to your legal representative about the ‘cooling off’ period in your state.

Preparing your property for sale

Useful tips on how to get your property ready for sale.

Purchasing property is one of the biggest financial investments some people will ever make. So when preparing your home for sale, keep in mind that first impressions count.

Street Appeal:

The outside of your property is the first thing a prospective buyer will see, so you need to ensure it is looking its best.

Some simple, affordable steps to improve the street appeal of your property include:

• Mowing the lawn,
• Weeding the garden,
• Planting some colourful, attractive plants ,
• Removing any leaves or dirt on your driveway and pathways, and
• If required, applying a coat of paint to freshen up the property.

Make sure the property is clean:

When preparing your home for sale, try to put yourself in the potential buyers’ shoes. What would you want the property to look like?

Making sure everything is clean and presentable can really make a difference to buyers.

• Ensure that the windows are clean and free of cob webs,
• Have the carpets steam cleaned to remove any stains,
• Remove any build-up in the kitchen and bathrooms, and
• Make sure the property is free of any odours.
• Not everyone loves animals, so make sure you put away the toys and food bowls and remove any pet odour.

Repairs:

Don’t let something as small as a loose hinge on a door lose you a sale!

Be sure to make any small repairs prior to the property inspection. Keep in mind; if you noticed it then a prospective buyer will definitely notice it.

Get rid of the clutter:

Make your property look spacious and show off its best features. Keep in mind, a prospective buyer needs to imagine their belongings in your property.

Selling your property is a great excuse to hold a Garage Sale to get rid of those items you no longer need. If you can’t part with the items put them in storage or at a friend’s place.

Put away smaller items like clothes, shoes and any other items that will make your property look cluttered

Room Configuration

If you are advertising your property as having two bedrooms and a study, for example, ensure that this is how your property appears.

You don’t want to come across as deceptive and disappoint your potential buyers.

Preparing your home for photographers

Pictures can say a thousand words.

Pictures can say a thousand words. What do you want yours to say about your property?

When preparing your home to be photographed, it is important to keep in mind how you want your property to be perceived, for example – an upmarket property or a warm, inviting family home etc. This will help our Professional Photographer decide on a creative direction.

For more helpful tips on ensuring your property is in top condition ready for the Photographer, please see the Preparing your Home for Sale section.

Play it safe!

Find out who you are dealing with.

When holding a property inspection ensure that you:

• Find out who you are dealing with: ask for a name and contact phone number prior to the inspection time.
• Ring the number to check if it is legitimate and to confirm the appointment.
• Before you hold an inspection:
• Ensure you have a friend or family member with you at the property.
• If you are unable to have someone attend with you let a friend or family member know you are holding a property inspection and that you will call them once the inspection has concluded.
• Give friends or family the name, contact number and any personal details you have received from the buyer.
• If in doubt about a buyer, don’t rush into an inspection or a sale.

Open for Inspections

Prepare property brochures using the IranEstate.com brochure building tool

Holding an Open for Inspection is a great way to showcase your property in one session to a number of potential buyers. To ensure your property stands out from the rest, print property brochures from your IranEstate.com account and hand them around to potential buyers.

When your prospective buyers arrive, record their contact details and ask to see a copy of their drivers’ license.

Remember to highlight all of the best features of your property. No-one knows your property better than you so who better to showcase it than you!

Negotiating

Take contol of your property sale.

At IranEstate.com we give sellers the ability to negotiate the sale price and take control of the property sale.  When negotiating with buyers be prepared to answer any questions they may have about the property sale.

Why are you selling?

Most buyers will ask why you are selling your property. It is your decision whether or not you answer this question, however, generally a buyer will be asking so that they can have peace of mind as to why you are selling.

What is your asking price?

Buyers who are viewing your property will more than likely have researched other property sale prices in your area. If your property is priced a little higher than others in your area, be prepared to justify this decision.

Remember you will have a detailed property report supplied to you from IranEstate.com and Residex.

Dropping your price

Negotiation is a key element of property trading. Buyers will, on most occasions, ask you whether you are willing to drop your price.

If you are willing to, make sure you pre-determine your absolute lowest price.

Level of interest surrounding your property

A potential buyer may ask you what level of interest, and the number of offers you have received on your property. This is normally to determine the level of urgency and competitiveness surrounding your property.

What is the Settlement period?

A common question during the selling process is what will the settlement period be? This period generally ranges from 30 to 90 days and is at your discretion to determine.

Accepting an offer

When accepting an offer verbally, you will need to ascertain the name of the buyer’s legal adviser. Your legal adviser will liaise regularly with the buyer’s legal adviser to arrange execution and exchange of the Contract of Sale.

Don’t rush in

If a buyer is offering a certain price for your property and you are unsure whether you want to take the offer, don’t feel pressured into answering on the spot.

Not accepting an offer

Do not feel obliged to accept an offer if it is less than what you want.

Simply advise the buyer politely that the offer is below what you need and that they are welcome to put forward another offer. If they do not wish to do so, ask them to contact you if they change their mind.

Statutory Requirements

These documents are prepared by your Solicitor or Conveyancer.

Each state has legislation governing documentation / information which vendors must provide at or prior to execution of the Contract of Sale. Your legal adviser will ensure that all statutory requirements are met.

For example:

In Victoria, a Vendor’s Statement must be supplied to the buyer prior to execution of the Contract of Sale. The Vendor’s Statement contains essential information about the status of a property. These documents are prepared by your legal adviser.

The Vendor Statement includes:

• Information about planning, developments or restrictions.
• A copy of the title showing existing easements or covenants and boundary measurements of the land.
• Details of any mortgage over the property.
• Details of any outgoings such as rates, body corporate fees, or any other charges that may apply.
• Details of any permits issued for work carried out.
• Any outstanding notices affecting the property

Both the seller and buyer must sign the Vendor’s Statement before the contract is signed. Your legal adviser will assist you with this.

If the property is to be sold at auction, a copy of the Vendor’s Statement and the Contract of Sale must be available for inspection prior to the auction.

If the Vendor’s Statement contains incorrect or insufficient information, a buyer should discuss the implications with their legal adviser.

The Deposit

All deposits should be paid to your legal adviser.

Once you have accepted an offer the buyer will be required to pay a deposit.  The deposit is usually 10 per cent of the agreed sale price (however this amount is negotiable). The buyer should pay their deposit to your legal adviser who hold the deposit in trust as a stakeholder until settlement occurs.

Pre-settlement Inspection

Make sure that all obligations of the Contract of Sale are met.

The buyer may wish to inspect the condition of the property at any reasonable time before the settlement date. The Contract of Sale outlines that the seller has an obligation to hand over the property in the same condition as it was when it was sold.

Settlement Day

Time to celebrate!!

The balance of the purchase price is paid to the seller in exchange for the title to the property on the settlement date. Unless otherwise arranged, the buyer will take possession of the property on the day of settlement.