What to do before you sell a commercial property

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So want to sell your commercial property. Before that you need to know about some preparation.


What to do before you sell a commercial property

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So want to sell your commercial property. Before that you need to know about some preparation.


Step One

What to do before you sell a commercial property - When you sell your property, you may want to use a real estate agent. An agent can: advise you on the price for your home, find buyers, negotiate the sale. They are required by law to negotiate the best possible price for you.


Step Two

Appointing a solicitor - We strongly recommend you get independent legal advice before you sell your home. Solicitors must have insurance—this protects you in case they do something wrong. When choosing a solicitor: shop around for experience, services and costs, find a firm that specialises in property or conveyancing, make sure your solicitor isn’t connected to any other party (like the buyer). Before you appoint a solicitor, ask for a detailed quote for the work you want done. Some conveyancing solicitors may charge a set price.


Step Three

Renovating and improving - You may want to consider renovating or improving your home before you put it up for sale. Think about how much money you would spend and whether it’s likely to improve your sale price. Think about your home’s safety devices. By law, your home should already have certain types of safety devices. You may need to replace or repair old devices, or install anything that’s missing.


Step Four

Commissions and costs - When you sell your home, you will need to pay a commission to your real estate agent. Your real estate agent’s commission will: usually be a set percentage of your home’s sale price, include GST (and clearly state this in the invoice), be set in writing at the time of appointment. When you appoint your agent, they will give you an estimate of their commission based on your home’s listing price. This might change, as the final sale price may be higher or lower than the initial listing price. The law sets a maximum cap for how much commission an agent can charge you.


Step Five

Property valuations - Understanding the true value of a property can help you know what price to list your house at. Make sure you do your own research, and consider hiring a property valuer. One of the best options to understand a home’s true value is to hire a property valuer. They will give you a written report that sets out how they reach their conclusion. A valuation considers: past sale prices, trends and forecasts, upcoming projects in the area. Try to find an independent valuer, and not one connected to the seller or their agent (a ‘referred valuer’). If you do choose to use a referred valuer, make sure you are aware of the relationship between the valuer and the seller.


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