Selling your home is a big milestone, and once the sold sticker goes up, it can feel like the hard part is over.
But there are still a few important steps to take before everything is finalised.
Here’s what to expect once your property is sold, so you can move forward with confidence.
Cooling-off period (if applicable)
If you’ve sold your home via private treaty, the buyer may be entitled to a cooling-off period. This is usually five business days, during which the buyer can change their mind. It rarely affects the seller directly, but it’s helpful to be aware of, just in case the buyer exercises this right. If your buyer does exercise this right, a good sales agent will have other potential buyers to contact. It is good to remember that this period doesn’t apply to auction sales.
Getting ready for settlement
Once contracts are exchanged, there’s usually a 6 week period before settlement. During this time, there are a few things to tick off:
- Discharge your mortgage: If you have a home loan, your lender will need time to arrange for the mortgage to be released.
- Attend to any agreed repairs or conditions: Ensure any terms outlined in the contract are met.
- Work closely with your solicitor or conveyancer: They’ll handle the paperwork, coordinate with the buyer’s legal team, and manage the transfer of ownership.
It's also worth keeping in contact with your agent, who can guide you through any final steps.
Your next home awaits
If you’re purchasing another property, the goal is often to settle on your new home on the same day or shortly after selling. This requires careful coordination between both sales and legal teams to ensure funds and timing align. Be proactive in confirming your new settlement date, and have a back-up plan just in case delays occur.
If you’re going to rent a new home for a while, now’s the time to lock in your lease. Make sure your move-in date suits your selling timeline, and factor in time for cleaning, repairs, or any work you plan to do before moving in. It’s also a good idea to set up your utilities and internet in advance so you can settle in smoothly.
Moving out
Packing up a home you’ve lived in for years can be an emotional and logistical challenge. Start early to reduce stress, and create a moving plan that aligns with your settlement date. Key things to remember:
- Disconnect and redirect utilities and services
- Update your address for mail, banking, and subscriptions
- Clean the property and leave it in a presentable condition
- Leave keys, manuals, and warranties for appliances
If you’re moving into a new home at the same time, lining up the dates can be tricky, so allow for a buffer where possible.
Settlement day
On settlement day, the buyer’s and seller’s legal and financial representatives meet (often electronically) to exchange funds and complete the transfer of ownership. Once this is done, the property is officially no longer yours. You won’t need to be physically present, but your solicitor or conveyancer will keep you updated.
This is also when you hand over the keys, and the buyer can take possession of the home. You can also arrange to provide keys and any gate or garage remotes to your agent, who can then hand them over to the buyer once the property has settled.
Common questions homeowners ask after when selling
- What if something goes wrong at settlement? Your legal team will guide you through any issues, but most settlements proceed without a hitch.
- Can I stay in the property a little longer? This would need to be negotiated with the buyer ahead of time and written into the contract.
- How long do I need to keep sale documents? It’s wise to keep them for at least 5 years for tax and legal purposes.
Whether you’re buying again, renting, or still weighing up your next steps, the period after you sell is a great time to get organised.
It’s also a good time to check in with your mortgage broker, financial advisor, or accountant to make sure everything is in order for your next move.
There’s more to selling than signing the contract. By understanding the next steps, you’ll be better prepared to move on without surprises.
Are you looking at selling your Northern Beaches home?
If you're planning your next move or want to make sure everything's on track post-sale, the team at LJ Hooker Mona Vale is here to help. Reach out for expert guidance on your settlement, your next home, or anything in between.
Share
