What to Avoid When Selling

Avoid these common pitfalls so your sale goes smoothly and you get the best outcome.

1. Hiding Defects

You have a legal duty to disclose known defects. Hiding damp, structural issues, or boundary disputes can lead to the deal falling through, claims from the buyer, or delays. Always complete the mandatory disclosure form honestly and fix or disclose major issues.

2. Ignoring Bond Clearance

If you have a bond, it must be cancelled before or at transfer. The bank will provide a settlement figure. Ensure you have the funds (from the sale or elsewhere) to settle the bond and pay cancellation costs. Delays in bond clearance delay the whole transfer.

3. Being Unavailable for Viewings or Documents

Buyers and agents need access for viewings. Conveyancers need signed documents and FICA from you. Being slow to respond or unavailable stretches the timeline and can cause the buyer to walk away. Respond promptly to viewings, offers, and attorney requests.

4. Changing Your Mind Mid-Process

Once the Offer to Purchase is signed, you are in a binding contract. Withdrawing without a valid clause (e.g. subject to finding a property) can lead to claims for damages. Only sign when you are committed to selling on the agreed terms.

5. Not Reading the Offer to Purchase

The OTP sets out the price, conditions, occupation date, and fixtures and fittings. Read every clause. Understand the bond clause (buyer has a set time to get finance), the inspection clause, and any special conditions. Ask your agent or attorney to explain anything you don't understand before you sign.