to Purchasing When You Need to Sell
A Guide for Queensland Buyers and Sellers
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THE ROAD TO SELLING
SELL BEFORE YOU BUY OR SELL WHILE YOU BUY?
WHAT TO EXPECT AT SETTLEMENT
UNDERSTANDING CLAUSES
FINAL THOUGHTS
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THE FOUR STEPS TO PREPARE FOR SALE
Finance pre-approval is your starting point. Knowing your borrowing capacity helps you understand your budget for a new home and signals to sellers that you’re financially ready, even if your offer depends on selling your current property.
Pre-approval typically lasts three to six months, so try to align it with your buying and selling timeline. With finance pre-approval secured, you’ll be in a strong position to act quickly and negotiate effectively.
Choosing a conveyancer or solicitor early in the process ensures that your legal requirements are in order and that you fully understand the conditions of buying and selling simultaneously in Queensland. Your conveyancer will prepare and review contracts, manage settlements, and explain specific conditions—such as the subject-to-sale and sunset clauses—so you’re well-protected.
In particular, they’ll guide you through the purchase contract requirements, which are important when selling as part of a simultaneous transaction, ensuring that all documents align and that any key dates are clear.
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Look for an agent with experience in your local market and a track record of managing transactions involving simultaneous purchases and sales. They’ll help you coordinate timelines and align each stage of the process.
Having a trustworthy agent by your side is great for not only the sale side of things but also for negotiations on your next property purchase. This means they can assist you with placing offers on properties, negotiating, property searching and be a helping hand every step of the way.
Preparing your home for sale can lead to a quicker sale and potentially a higher price. Start with decluttering, cleaning, and addressing any minor repairs that could enhance the appeal.
Consider staging the property for maximum impact, creating a look that buyers will connect with emotionally and financially. Your agent can recommend cost-effective improvements to attract potential buyers, like fresh paint, landscaping, or updated fixtures.
These details can make a big difference, especially in a competitive market. Booking photography & videography of your property before placing offers on a new one helps showcase its best features!
These include: attracts buyers quicker, quicker sales process and assists with a smooth sale and purchase.
You’re ready for sale. Let’s answer your most common questions...
One of the biggest decisions is whether to sell before buying or to buy while selling. Each approach has its advantages and drawbacks:
Selling first allows you to know exactly what you can spend on a new property.
It avoids the need for bridging finance and reduces financial pressure.
However, you might need temporary accommodation if you haven’t yet secured a new home.
Buying and selling simultaneously is convenient if the timing aligns, but it requires careful coordination.
This approach reduces the risk of needing short-term accommodation but can be financially challenging if your sale takes longer than expected.
Consider your circumstances, financial situation, and risk tolerance before deciding. In some cases, a “subject-tosale” offer can also provide a way to manage timing when you’re buying while selling.
Contemporaneous settlement refers to a simultaneous settlement of both the sale of your current home and the purchase of your new one. In Queensland, this approach allows you to align the timing so that you only move once— vacating your current property and moving into the new one on the same day.
Your conveyancer and real estate agent will coordinate closely to ensure that both transactions are timed precisely. While this reduces the need for temporary accommodation or bridging finance, it requires careful planning to avoid delays.
Contemporaneous settlement is a great solution if you want to avoid the costs and inconvenience of moving twice.
Settlement day can be busy when managing a simultaneous sale and purchase. Here are a few tips to ensure everything goes smoothly:
Organise Removals and Storage
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Book a removalist in advance and consider renting temporary storage if there’s a gap between moving out and moving in. Some removalists offer overnight storage, which can be helpful in a tight turnaround.
If possible, request early access to your new property to streamline the move. This request should be negotiated well in advance and outlined in the purchase contract to avoid any misunderstandings.
Schedule final inspections for both properties to ensure all agreedupon conditions are met. This step is particularly important if any repairs or specific requirements were part of the contracts.
With a detailed settlement checklist, you can minimise stress and stay organised, ensuring that your belongings and essentials are easily accessible on the day.
A subject-to-sale clause allows you to make an offer on a property while making the purchase conditional on the sale of your current property. This clause is especially helpful if you’re managing the financial and logistical complexities of buying and selling simultaneously.
In Queensland, a subject-to-sale clause provides a safety net: if your property doesn’t sell within the agreed timeframe, you can withdraw from the contract without penalty. Your conveyancer will help structure the clause to protect your interests while making it attractive to the seller. They’ll also ensure the terms align with the settlement requirements of both properties.
A sunset clause is often included in off-the-plan contracts or certain property sales. It sets an expiration date by which specific conditions—like obtaining approvals or completing construction—must be met, or the contract is voided. In Queensland, a sunset clause provides buyers with an “out” if the conditions aren’t fulfilled within the specified time.
If your transaction involves a sunset clause, your conveyancer will explain it and guide you on any actions you need to take if the sunset date approaches. It’s an important provision to understand, as it can impact the timing and completion of the sale or purchase.
Simultaneously buying and selling a property requires a strategic approach and support from a knowledgeable team. By preparing your finances, engaging the right professionals, and understanding key contractual clauses, you’ll be well-positioned to navigate each step with confidence.
With careful planning and the right support, you can achieve a smooth transition, taking ownership of your new property while seamlessly completing the sale of your current one.