THE SALE PROCESS

Online Auction – Selling Your Property Digitally

Before advertising a residential property for sale, a Contract of Sale must be prepared. This document must include:

A copy of the property title
A drainage diagram
A current Zoning Certificate (Section 149) from your local council

If your property includes a swimming pool or spa, you must also attach one of the following from 29 April 2016 onward:

A valid Swimming Pool Certificate of Compliance, or
An occupation certificate (less than 3 years old) allowing pool use, along with a valid certificate of registration

Without one of these, the buyer may legally cancel the contract within 14 days of signing, unless the sale is already settled.
To check the status of your pool, visit the NSW Swimming Pool Register.

For more details, visit the Swimming Pools section on the NSW Fair Trading website or contact your local council.

The contract must also list any property exclusions and include a statement outlining the buyer’s cooling-off rights. A draft contract must be available for buyers to review at the agent’s office.
It’s strongly recommended to have your solicitor or conveyancer handle the contract to ensure everything is correct and legally compliant.

Ways to Sell Your Property

There are two main methods to sell residential property:

Private Treaty
Auction (on-site or online)

Private Treaty Sales

Selling by private treaty means listing your home for a set price. Buyers can negotiate, and both parties can take time to consider offers.

Benefits of Private Treaty:

Greater control over the sale process
More time to evaluate buyer offers
Flexible time frame — no strict deadlines
Buyers don’t know what others are offering

Risks to Keep in Mind:

If your price is too high, the property may stay on the market too long
If it’s too low, you might not achieve the full value

Note: Buyers have a 5-day cooling-off period (unless waived) when purchasing via private treaty, during which they can withdraw.

Auctions (On-Site or Online)

Auctions involve competitive bidding — buyers place bids without knowing your reserve price.

Key Points:

Your reserve price is the minimum you’re willing to accept (shared only with your agent)
If bidding doesn’t reach the reserve, the property is passed in, and post-auction negotiations may follow
If the bidding exceeds your reserve, the property is sold when the auctioneer calls the final bid
The successful bidder must sign the contract and pay a 10% deposit immediately
No cooling-off period applies for properties sold at auction

Contract Exchange

This is the legal step in finalizing a sale — whether via private treaty or auction.

Two copies of the contract are signed (one by each party), then exchanged
A deposit (usually 10%) is paid by the buyer at this time
After the exchange, the contract is legally binding
Buyers (except auction sales) usually get a 5-day cooling-off period unless waived
Sellers do not have a cooling-off period

What is a Timed Online Auction?

Realtair’s Timed Online Auction allows real estate agents and buyers to participate in property auctions online, over a fixed period.

How it Works:

Listing: Properties are listed with photos, documents, and details
Bidding Window: Bidding remains open for a set time (e.g., 24–48 hours)
Real-Time Tracking: Buyers can view the current highest bid and place theirs accordingly
Automatic Time Extensions: If a bid comes in near the end, the auction may auto-extend to allow fair competition
Secure Completion: At auction close, the highest bidder wins, and the platform helps finalize the sale securely

This method offers convenience, transparency, and the ability to bid remotely, ideal for today’s fast-moving market.

Settlement

Settlement is the final step in the sale and typically occurs about six weeks after exchange. During settlement, the buyer pays the remaining balance and legal ownership transfers.