Using an agent or selling privately
Whether you choose to sell your home yourself or through a licensed agent, you must follow specific steps to meet legal requirements in NSW.
Whether you choose to sell your home yourself or through a licensed agent, you must follow specific steps to meet legal requirements in NSW.
Selling without an agent
If you decide not to use a real estate agent, you are responsible for managing the entire sale process. This includes legal, financial and marketing tasks.
Key steps to follow
Hire a solicitor or licensed conveyancer
Have a contract of sale prepared
You must have a contract of sale prepared before you can advertise your property.
Have your property valued
Get an accurate understanding of your property's market value.
Set a sale price
Decide on a realistic purchase price based on the valuation and current market trends. Make sure you advertise this price accurately.
Advertise your property
Use online listings, signs and other methods to attract buyers.
Exchange contracts
Once a buyer agrees to purchase, both parties sign and exchange contracts.
Settle the sale
Complete the legal and financial process to transfer ownership.
Selling with an agent
A real estate agent can help you sell your home by handling the marketing, negotiating and legal requirements except the contract and settlement, which are handled by a conveyancer or solicitor. It’s important to choose a reliable, qualified agent.
Steps to choosing the right agent
Speak with at least 3 agents and follow these steps:
Ask about fees and charges
Request a full list of fees, including advertising, promotion and administrative costs.
Check for professional indemnity insurance
Ask if they have had any compliance issues
Use the online licence check to check for compliance issues or call 13 32 20.
Assess their knowledge of your local area
Get and compare quotes and commission rates
Find out how they will promote your property
Methods can include online listings, open homes, letterbox drops and newspaper ads.
Sign an agency agreement
Before an agent can advertise or promote your property, you must sign a written agency agreement with them.
Referral services and vendor advocates
Referral services and vendor advocates can help you make decisions about how to market and sell your property.
They may offer services such as:
- recommending a real estate agent
- helping you negotiate an agent’s commission
- advising you during the sales process.
These services often appear to be free. However, the real estate agent who gets the referral may be paying them a fee or commission.
By law, referral services must disclose if they receive money or other benefits from agents, and the nature of any personal or commercial relationships the agent has with the service provider.
It is illegal for the licensed agent selling your property to share their sales commission with an unlicensed person. This includes referral services and vendor advocates.
Always ask the agent if they have any financial arrangement with a referral service or vendor advocate. If they are sharing their commission, they are breaking the law. If they are not open and transparent with you, choose a different agent.
Learn more about consumer laws in NSW that apply to referral services and other types of agents.