Real Estate Seller’s Checklist
Real Estate Seller’s Checklist
Buying and selling real estate can be stressful if you are not fully prepared for the process. The following checklist provided by NZ Law Limited should help to eliminate some of the unknowns and help you achieve a smooth transaction.
Real Estate Sellers
| Before signing the Agreement | |||
| Contact your lawyer: | |||
| Check Title | |||
| Obtain LIM Report, if required | |||
| Decide on sale method (agent or private) | |||
| Decide on listing type eg exclusive or general listing) | |||
| Discuss real estate agents’ commission rates and advertising arrangements | |||
| Compare real estate agents’ marketing plans, type of sale eg auction, tender etc | |||
| Appoint real estate agent/s | |||
| Decide which chattels are to be included in the house price | |||
| Have your Lawyer Check the Agreement. Sign real estate agency agreement | |||
| Negotiate with prospective buyers | |||
| On signing the Agreement | |||
| Advise mortgagee (after the Agreement becomes unconditional) | |||
| Start shopping around for moving company | |||
| Satisfy any outstanding conditions | |||
| When the Agreement becomes unconditional | |||
| Receive deposit from purchaser | |||
| Make booking for moving company, confirming settlement date | |||
| Begin to sort out packing | |||
| Dispose of unwanted items (garage sale, TradeMe, donate to charity shop) | |||
| Make travel arrangements if moving out-of-town | |||
| Make arrangements to move children and pets | |||
| Three weeks before | |||
| Arrange new telecommunications connections | |||
| Cancel house insurance for sold property, effective from settlement date | |||
| Two weeks before | |||
| Settlement statement prepared | |||
| Water meter reading ordered | |||
| If you are selling a unit title property, you must have a copy of all insurance policies effected by the body corporate and the Section 36 certificate at least FIVE working days before settlement | |||
| One week before | |||
| Arrange insurance for the house you are moving into. If selling arrange transfer of policy or cancellation of insurance if not on-buying | |||
| Confirm arrangements with moving company | |||
| Ensure house contents are insured in transit | |||
| Sort out valuables and other items that you do not want packers to pack (take them yourself in a secure bag or leave with a friend during the move | |||
| Five days before | |||
| Arrange to sign transfer authority | |||
| Four days before | |||
| Do final sort of items to be packed by removal company | |||
| Three days before | |||
| Confirm arrangements for children and pets | |||
| Pre-inspection by buyer, if requested | |||
| Ensure all chattels are in working order | |||
| The day before | |||
| Make sure you have all the keys available to all exterior doors, window locks, garage door openers, plus burglar alarm instructions | |||
| On the day | |||
| Read the meters and advise utility companies of readings | |||
| Moneys received from buyer’s lawyer | |||
| Mortgage repaid | |||
| Keys handed over to new owner | |||
| E-Dealing released at LINZ | |||
| After settlement | |||
| Payment of water and general rates | |||
| Local authorities notified | |||
| Transaction complete | |||
To download a copy of this checklist CLICK HERE
October 28 2010 05:57 am | Buying Rural Waikato Real Estate and Selling Rural Waikato Real Estate
Ariel Levin on 28 Oct 2010 at 8:02 am #
Just shows how much work is invloved in the process, no wonder people get stressed out!
Sharon James on 28 Oct 2010 at 8:42 am #
Hi Ariel, yes there’s a lot involved. It’s a process however and if seller’s start at the top of the list and work their way through it in a logical way that may help to alleviate some of the stress.
Nelsonian on 28 Oct 2010 at 11:23 am #
Sure are a few there that sellers must be aware of.
One slight adjustment that I advise sellers is re the cancelling of Home Insurance (for the sold property)
I suggest to add a day or so here just in case of late settlement and Murphys Law. The extra charge being 1/365th or 2/365th of a Annual insurance premium is nothing if compared to a worst case scenario?
Sharon James on 28 Oct 2010 at 11:29 am #
It’s the ‘what if’ question isn’t it David, imagine settlement being delayed over a long weekend and the home no longer being insured!
Ross on 28 Oct 2010 at 12:49 pm #
I’m aware of at least one real estate agency that handles new phone, electricity and gas connections, SKY tv, and internet – all free of charge.