A Home Seller's Guide to Closing the Deal

5 Steps To Selling Your Home Once An Offer’s Been Received

You've done it!

Your home is on the market, and bam – an offer rolls in that's too good to pass up. Congratulations!

But what happens next?

While there’s plenty of information out there about how to make sure your home attracts offers, there’s not much that explains what goes on afterwards - ‘phase 2’ you might say.

In fact, the path from accepting an offer to final handover is actually quite complex.

And it’s in this space that seasoned professionals (read: experienced real estate agents and conveyancers) can be game changers, steering you through all the paperwork and legalities with ease.

Let’s take a walk through this crucial - yet often overlooked - stage, and give you the insights to navigate it with confidence.

Essentially, when selling your home, here’s what still needs to happen once an offer’s been received:

Select and accept an offer
Finalise the contract
Engage a conveyancer
Finalise documentation & transfers
Handing over the keys

Accepting the offer

Okay, so you've got an offer. What now?

Evaluating an offer prior to accepting isn't just about the dollars; it’s about weighing up the buyer's financial stability and the terms they put on the table.

Is their financing solid? Does their proposed settlement fit your timeline? These are the nuances that can make or break a deal.

Understanding them is key to a successful deal, and this is where expert advice can be invaluable.

An experienced real estate agent can clearly explain the implications of any offer conditions, and help you sift through multiple offers so you can narrow it down to the one that satisfies your own priorities best.

They will also help you understand things like cooling-off periods - a legally mandated timeframe during which the buyer or seller can renege their offer.

Being well informed during this stage will empower you to make the best decisions.

Finalising the contract

Once you agree to an offer, it's time to get down to business – finalising and accepting a contract.

That’s because an offer isn’t legally binding until both parties have signed this document and a deposit has been paid.

And this isn’t just any old document. It’s the blueprint that determines the sale.

Detailing all the nitty gritty - everything from deposit amounts to settlement terms - it's about nailing down the specifics like ‘subject to’ terms (ie. a building inspection), what's included in the sale (like the outdoor pizza oven, TV, pool table or that fancy chandelier everyone loves), plus any other nuances that will determine if the sale goes ahead after cooling off.

Understanding what’s in the contract is crucial, as it shapes the entire transaction.

It’s important to get specialist advice when putting together your contract of sale, as it’s the experts that have the know-how to protect your interests and ensure your contract is watertight.

The role of a Conveyancer

This is where a conveyancer comes in.

Their job? Ensuring all legal aspects of the sale are in check – dotting all the i’s and crossing all the t’s, plus ensuring everything’s legit, above board and compliant with Australian property law.

They’ll also manage tasks like confirming the property’s legal title, making sure there are no outstanding debts on the property and preparing the settlement documents – all critical for a smooth and legal transition of ownership.

Your real estate agent will be able to connect you with a trusted conveyancer from the moment your home is hits the market, to make sure your sale is in safe hands.

Finalising bank documents & transfers

Next up – getting all the financials sorted.

This step involves liaising with banks to arrange things like a mortgage discharge, ensuring the buyer’s payment processes correctly and making sure funds from the sale end up where they should.

It's intricate work, with no room for error. Missteps can delay settlement or, worse, derail it altogether.

That’s why having your conveyancer undertake coordination with the banks is a great idea – they’ll help you navigate the complex process of finalising documents and transferring funds, and alleviate all the stress that goes hand-in-hand with this stage.

It’s handover time!

Finally, the day arrives – time to hand over the keys!

And while it sounds straightforward, there's still a bit to consider.

Prior to reaching this date, you’ll need to make sure all agreed-upon repairs are completed, contractual obligations met and that the house is in the condition the buyer expects.

It can be a little emotional too, saying goodbye to your home, but it also marks the end of one chapter and the beginning of another.

A smooth key handover reflects a well-managed sale process.

From the minute you get an offer, selling your home in Australia involves multiple steps, from navigating contracts and conveyancing to fund transfers and the handover of keys.

Each stage is crucial to a successful deal.

It can be complex, no doubt, but being well-informed and prepared can transform this journey into a successful - and fulfilling - experience.

And with a professional real estate agent by your side, you’ll not only get an expert to guide you through it all, you’ll gain a partner who's invested in your journey - ready and waiting to help shoulder the load and celebrate the wins!

So if you're ready to sell your home, or just curious about what your home could fetch in today's market, feel free to connect with us at We Connect Property - offering free appraisals and plenty of no-obligation advice, we're your Adelaide real estate agents doing real estate differently.

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As property experts with over 21+ years combined experience in buying, selling and managing property in Adelaide, We Connect Property are ready and waiting to offer expert guidance and support when you need it most, and answer all your questions about selling your property.

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And if you’re just getting started, or looking for valuable selling, buying or property investment tips, tricks and advice?

Check out these other handy articles on our blog:

Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!

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DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.