Solicitor

Solicitors can provide you with a wide range of legal advice in addition to your conveyancing needs and are generally the most qualified people to give you advice. However they do tend to cost more and you can expect to pay anything from $400 to upwards of $1,500, depending on the circumstances of your particular property transaction.

Conveyancers

Conveyancers are licensed to provide the same conveyancing services as solicitors, but can only give legal advice relating to property. They are usually cheaper than solicitors; their charges ranging from $600 to $1,000 also vary depending on the circumstances of your particular property transaction.

Private Treaty

Most properties are sold through private treaty, for buyers it is the most straightforward and flexible form of sale. Sale by private treaty usually follows this process:

• A property is listed on the market by the seller or agent, usually with a price and no set deadline for sale.
• Prospective buyers are invited submit an offer.
• Once you've submitted your offer the seller will respond by accepting or asking for a higher offer and the negotiations continue.

Tender

Selling by tender least utilised of the 3 processes, and is similar to private treaty. Sale by tender usually follows this process:

• A property is listed on the market by the seller or agent,
• Prospective buyers are invited submit an offer
• The offers must be submitted by a set date.
• Shortly after the set date the winning buyer will be notified.

Auction

Auctions are a popular method of sale, which may be intimidating to some buyers. Sale by auction usually follows this process:

• A property is listed on the market by the seller or agent, with a date for the auction
• On the day of the Auction buyers gather to bid against each other
• If the highest bid is acceptable to the seller, the sale occurs at the fall of the hammer and generally the property belongs to highest bidder who has a certain number of days to settle
• The highest bidder signs the sales contract, pays the deposit and is contractually obliged to buy the home.

Contract of sale

The contract of sale is a legal contract that details the exchange of a property from the seller to the buyer for an agreed upon value in money, it includes

• Details of the property for sale and its inclusions
• A copy of the certificate of title to the property
• A zoning certificate from the local council
• A sewerage diagram
• Copies of documents relating to other registered interests over the property settlement details

Paying a Deposit

Deposits vary by state but are generally 10% of the purchase price.

Cooling-off period

A cooling off period applies in most states. It allows the purchaser to change their mind and withdraw from the purchase. The vendor must be informed of the withdrawal in writing, and the deposit will be returned*.

Cooling off periods can also be waived, reduced or extended by negotiation. There is no cooling off period when purchasing at auction, or in Tasmania and Western Australia.

*However, the vendor may be entitled to retain up to 0.25% of the purchaser's deposit. This may vary depending on the type of purchase, the contract and the state/territory you are in.

Final property inspection

Visit the property for a final property inspection to ensure that it is clean and that all fixtures and fittings that were in the contract of sale are still there e.g. dishwasher, TV antenna etc.

• Your solicitor/conveyancer may be able to help you resolve any issues with the state of the house on final inspection
• Make sure you resolve all issues prior to settlement.