Information You Should Know When Selling Property in Your State or Territory
Each state and Territory has its own requirements when it comes to the process of buying and selling property. Click on your state in the list below to find out what you need to know when selling property in your state.
Find your state below to discover what you need to know when selling property in your state.
New South Wales
Contract of Sale
By law, if you are selling a property in NSW, you must have a valid Contract of Sale (section 32) before listing your property on the market. We strongly recommend hiring a conveyancer to ensure your documentation is in proper order.
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Properties for sale in NSW are subject to underquoting reforms - a set of property pricing regulations designed to help prevent real estate agents from understating property prices. Underquoting is a frustrating experience for both buyers and sellers, as misleading information tends to waste everyone’s time and energy.
Specifically, NSW property listings must display the asking price in one of two ways:
- A single price
- A price range whereby the difference between the low and high price points cannot exceed 10% of each other (e.g. $600,000 - $660,000 is acceptable; $600,000 - $700,000 is not acceptable)
We recommend keeping track of how you decided on your asking price. If you need help with valuing your property, click here for our process recommendation.
Note, if you sell your property for more than expected, this does not qualify as underquoting. It simply means you’ve achieved an incredible result!
Contract of Sale
When selling a property in QLD, a Contract of Sale is required to sell residential property in Queensland. A warning statement must be included in the contract, which is designed to ensure buyers are well-informed before purchasing.
Your chosen conveyancer will know exactly what to do. Need a recommendation for a fantastic conveyancing firm? We have teamed up with lawlab – Australia’s leading national conveyancing law firm – to bring you a seamless, online conveyancing solution. Click here to learn more.
Contract of Sale
Like all of Australia, Victorian property owners are required to prepare a Contract of Sale and Section 32 Statement before the sale can successfully go through. We strongly recommend hiring a conveyancer to give you peace of mind that your legal documentation is done correctly.
If you’re in need of a recommended conveyancer, you’re in luck. We’ve teamed up with lawlab – Australia’s leading national conveyancing law firm – to bring you a seamless, online conveyancing solution. Click here to learn more.
Statement of Information
To avoid underquoting, Victorian legislation requires real estate agents to provide potential buyers with a Statement of Information, which must include:
- The asking price
- Details of the three most comparable local property sales
- The median price for the suburb (over a period of 3-12 months; this information cannot be greater than 6 months old)
As a private seller, you are not a real estate agent and therefore not required to provide a Statement of Information. However, since it is the norm in Victoria, prospective buyers may request this information from you.
Our Comparative Market Analysis (CMA) reports can provide you with this information, including a detailed suburb profile, historical property data, and information on properties currently for sale in your area. Call us on 1300 289 697 to purchase your CMA report, valued at $59.
In another effort to curb underquoting, VIC has taken a similar approach to NSW with regards to how an asking price is displayed online. There are two options to display your price:
- A single price
- A price range whereby the difference between the low and high price points cannot exceed 10% of each other (e.g. $600,000 - $660,000 is acceptable; $600,000 - $700,000 is not acceptable).
Regulations for residential property sales are less strict than other Australian states. There aren’t any time-bound requirements for the Contract of Sale, nor are their limitations on how you can display your asking price online.
Both REIWA and the Government of Western Australia’s Department of Mines, Industry Regulation and Safety recommend hiring a conveyancer to draw up your legal documents. Our partners at lawlab – Australia’s leading national conveyancing law firm – will help ensure you are buyer ready. Click here to learn more about lawlab’s seamless, online conveyancing service.
Vendors wishing to sell property in SA must prepare a Contract of Sale and Form 1 vendor’s statement. These documents must be provided to the buyer no later than 10 days before settlement unless the property is sold by auction.
We recommend being buyer ready and getting your legal documentation prepared early in the sale process. If you’re looking for a reliable conveyancer, we can help! We have teamed up with lawlab, Australia’s leading national conveyancing law firm. They offer a seamless, online conveyancing solution that will help secure your sale, save you time and delay, and take the stress out of selling. Click here to learn more.
Like most states, Tasmanian property owners are advised to seek legal advice and prepare a Contract of Sale early in the sale process. This way, your documentation is ready to go when you find your buyer.
In Tasmania, most of the due diligence falls on the buyer to find information about the property, as vendors are not required to provide any specific disclosures. However, it is worth noting that buyers can request relevant information from Council, including a Land Information Certificate (337 Certificate). As such, vendors should be prepared to answer any technical questions buyers may have.
Australian Capital Territory
The Energy Efficiency Rating (EER)
ACT vendors are required to disclose the energy performance of their property if it is an occupied, residential property. The Energy Efficiency Rating (EER) is the metric used to disclose this information, whereby a property is given a rating from 0-6. The higher the rating, the more energy efficient the home. EERs can be conducted by any accredited ACT House Energy Rating Scheme (ACTHERS) assessor. The approximate cost of an EER is $200-$300.
Other than this, ACT property owners are advised to organise a Contract of Sale early in the sale process to be ready when your perfect buyer comes along. Don’t have a conveyancer? We have partnered with lawlab – Australia’s leading national conveyancing law firm – to bring you a legal solution that is not only price competitive but makes your life easier. Learn more about lawlab by clicking here.
Much like WA and TAS there is little regulation in terms of specific requirements for selling a property in the Northern Territory. Of course, preparing a Contract of Sale early in the sale process is recommended so that you are ready to accept offers from prospective buyers. If you need assistance with this, our partners at lawlab can help make it a seamless process. Click here to learn more.
Canberra, A. (2016, August 24). Making it easier for people to do business with the ACT Government. Retrieved December 04, 2020, from https://www.accesscanberra.act.gov.au/app/answers/detail/a_id/1492/~/energy-efficiency-rating-(eer)-statements
Consumer Affairs Victoria, V. (2020, November 29). Preparing to sell your property. Retrieved December 04, 2020, from https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/preparing-to-sell-your-property
Department of Mines, Industry Regulation and Safety, G. (2016, September 21). Selling a property. Retrieved December 04, 2020, from https://www.commerce.wa.gov.au/consumer-protection/selling-property-2
Fair Trading, N. (2020, July 23). Underquoting reforms. Retrieved December 04, 2020, from https://www.fairtrading.nsw.gov.au/about-fair-trading/legislation-and-publications/changes-to-legislation/underquoting-reforms
Fair Trading, N. (2020, July 23). Underquoting. Retrieved December 04, 2020, from https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/underquoting
Moves, G. (2013). Understanding the EER Rating of a House [PDF]. Brighton: Greenmoves.com.au.
Queensland, T. (2020, October 20). Warning statement. Retrieved December 04, 2020, from https://www.qld.gov.au/law/laws-regulated-industries-and-accountability/queensland-laws-and-regulations/regulated-industries-and-licensing/regulated-industries-licensing-and-legislation/property-industry-regulation/legal-requirements-for-the-property-industry/warning-statement
South Australia, G. (2020, August 18). Selling your property. Retrieved December 04, 2020, from https://www.sa.gov.au/topics/planning-and-property/buying-and-selling/selling-a-property-yourself