A few helpful tips if your looking to sell a property which is either tenanted, has a swimming pool or is valued at $750,000 or more.
How long will it take to get your property on the market?
It will generally take between 7-14 days from when you appoint an agent to get the property advertised for sale. This can be quicker if your Contract For Sale has been prepared by your Solicitor/Conveyancer. Once the Contract For Sale is held by the Agent your property can be advertised. The turn around time for professional photos is generally 24 hours after the property has been photographed. Once the property is advertised it is difficult to say how long it will take to locate the buyer. Some properties are still receiving strong interest in the first 30 days and some are now taking over 100 days to sell.
Planning on selling a property that is currently tenanted?
The legislation now provides that a tenant must receive a minimum 14 days written notice to advise that the owner intends to sell the property. During this notice period the tenants aren’t required to make the property available for buyer inspections. The owner is entitled to advertise the property but it is advisable to commence marketing close to when access will be available. During the selling process the tenant is entitled to a minimum 48 hours notice for inspections with a maximum 2 inspections within a 7 day period unless they agree otherwise. If the tenant is still on a fixed term lease the property must be sold subject to existing tenancy. If the lease has expired & the purchaser/s require vacant possession – a 30 day termination notice can be given (generally issued once the contract is unconditional).
Does your property have a swimming pool?
Legislation now ensures any property owner selling a property with a pool must have a pool compliance certificate (valid for 3 years) or non-compliance certificate which states the issues which need to be rectified to get a compliance certificate. This is one area an owner can be proactive to ensure they have finalised to ensure they don’t lose any potential buyers. Further information is available at www.swimmingpoolregister.nsw.gov.au
ATO Foreign Ownership Clearance Certificate
If your property will sell for $750,000 or more you need to apply to the Australian Tax Office (ATO) for a clearance certificate. Fail to produce the certificate prior to settlement will mean the purchaser must lodge 12.5% of the sale price with the ATO at settlement. Australian residents can apply directly to the ATO at https://www.ato.gov.au/FRWT_Certificate.aspx The certificate is valid for 12 months from the time of issue so it’s important you undertake the quick online application form so that you don’t delay settlement.