Are there any property inspections or appraisals that need to be done before selling a property on the Gold Coast?
Yes, before selling a property on the Gold Coast it’s advisable to have property inspections and market pricing guides carried out to ensure the property is in good condition and to determine its market value. Here are the main inspections and market price guides that are usually carried out, as well as some requirements when you sell a home in Queensland:
Legal Documents and Obligations
Contract of Sale
The Contract of Sale is the primary legal document outlining the terms and conditions of the property sale. It includes details such as the purchase price, property description, settlement date, and any special conditions. In Queensland, the Real Estate Institute of Queensland (REIQ) and the Queensland Law Society have developed a standard contract for residential property conveyancing.
Vendor Disclosure Requirements
As a seller, you must provide certain disclosure documents to prospective buyers. These include:
- Title Search: Verifies your legal ownership and identifies any encumbrances, mortgages, or other interests affecting the property.
- Zoning Information: Details the property’s zoning regulations and any development restrictions.
- Encumbrances and Easements: Discloses any rights or interests held by third parties over the property.
From 1 August 2025, new disclosure requirements will come into effect in Queensland, mandating sellers to provide additional documentation before a contract of sale is entered into.
Form 6 – Appointment of a Real Estate Agent
If you engage a real estate agent to sell your property, you must complete Form 6, which outlines the terms of the agent’s appointment, including commission and duration.
Pool Safety Certificate
If your property has a pool, you must provide a valid Pool Safety Certificate to the buyer before settlement. This certificate confirms that the pool complies with safety standards.
Smoke Alarms
Queensland law requires all homes being sold to have hardwired, photoelectric, interconnected smoke alarms. Alternatively, non-removable 10-year battery smoke alarms can be installed.
Electrical Safety Switches
Sellers must declare the presence of safety switches for power point circuits on the standard sales contract and Form 24.
Cooling-Off Period
Buyers have a five-day cooling-off period after signing the contract of sale, during which they can cancel the contract. This period can be waived by mutual agreement between the parties.
Property Inspections and Appraisals
Pre-Sale Building and Pest Inspection
Conducting a pre-sale building and pest inspection helps identify any structural issues or pest infestations. Addressing these problems before listing can make your property more attractive to buyers and reduce the likelihood of price negotiations.
Comparative Market Analysis (CMA)
A CMA provides an estimate of your property’s market value by comparing it to similar properties recently sold in the area. This analysis helps you set a realistic asking price.
Energy Efficiency Assessment
An energy efficiency assessment evaluates your property’s energy consumption and suggests improvements. Enhancing energy efficiency can appeal to environmentally conscious buyers.
Engaging Professionals
To ensure all legal requirements are met and to facilitate a smooth sale process, it’s advisable to engage qualified professionals:
- Solicitor or Conveyancer: Handles the legal aspects of the sale, including preparing and reviewing contracts and disclosure documents.
- Licensed Real Estate Agent: Assists with marketing your property, conducting open homes, and negotiating with buyers.
- Building and Pest Inspectors: Provide detailed reports on the property’s condition, helping you address issues proactively.
By fulfilling these legal obligations and conducting thorough inspections, you position your property competitively in the Gold Coast market, facilitating a successful sale.
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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