How Long Does It Take To Buy/Sell A House?
By Paul Kounnas
Buying or selling a house is a significant milestone in many people’s lives.
It is an exciting yet complex process that requires careful planning, research, and time management. If you are considering buying or selling a house, one question that often arises is, “How long does it take?”.
We will explore the typical timeline involved in buying or selling a house in Victoria, giving you a better understanding of what to expect.
Preparing to Buy/Sell a House:
Specific preparatory steps must be taken before diving into the buying or selling process. These include:
a) Research and property search: Depending on your requirements, finding the right property or listing your house for sale can take several weeks to a few months.
b) Financial preparation: Getting your finances in order, including obtaining pre-approval for a mortgage or arranging the necessary funds for a purchase, can take a few weeks.
Engaging Professionals:
As soon as you are ready to move forward, engaging the right professionals is essential. These professionals may include:
a) Real estate agent: Finding a reputable and experienced real estate agent can help streamline the process. Selecting an agent can take a few weeks, considering consultations, property evaluations, and negotiations.
b) Conveyancer or solicitor: Hiring a conveyancer or solicitor is essential for handling legal aspects, including property transfers, contracts, and documentation. This process can take a couple of weeks.
Offer and Acceptance Stage:
For buyers, this is the stage where you make an offer on a property, negotiate terms, and reach an agreement with the seller. The time taken during this stage can vary greatly, depending on market conditions, negotiation complexities, and the parties’ responsiveness. Typically, this stage can take a few days to several weeks.
Property Inspection and Due Diligence:
Before finalising the purchase, conducting property inspections and due diligence is important. These include:
a) Building and pest inspections: Engaging professionals to inspect the property can take a few days to arrange, and receiving the reports may take an additional week.
b) Legal and financial due diligence: Ensuring all legal and financial aspects are in order, such as checking the title, reviewing contracts, and arranging finance, can take a few weeks.
Exchange of Contracts:
Once all the necessary checks are completed, both parties sign the contracts, and the exchange occurs. The exchange of contracts typically occurs after both parties have agreed on all terms and conditions. This stage can take a few days to a week.
Settlement Period:
The settlement period is between the exchange of contracts and the final settlement, where the property legally changes ownership. The standard settlement period in Victoria is typically 30 to 90 days, depending on the agreement reached between the buyer and seller. This period allows for finalising financial arrangements, property transfers, and other necessary documentation.
Finalising the Sale:
On the agreed settlement date, the buyer’s solicitor or conveyancer will arrange the payment of funds, and the seller will transfer the property’s legal ownership. Once the settlement is complete, you become the proud owner of your new home!
Buying or selling a house in Victoria, Australia involves various stages. This process can lead to a more successful and confident navigation of the buying or selling process.
