Private Contracts
You have decided to sell your property privately. Perhaps a friend or family member has made you an offer and you are 'ready to sell' or perhaps you are just at the beginning of the process - deciding how to advertise and what will be your ‘bottom line’.
Either way, contact me and I will explain the process and costs involved.
When you're ready, I will:
- order and check government searches on the property;
- prepare the contract after confirmation of information such as:
- full names and addresses
- purchase price
- deposit
- settlement date
- contract conditions, eg. finance, sale and/or settlement of purchaser’s property
- property included/excluded from the sale;
- prepare the Form 1 document from information contained in the government searches;
- hold the purchaser’s deposit in my Trust Account until settlement.
I can help with advice on:
- how much deposit is required?
- what is a suitable timeframe for settlement?
- who pays for the different costs?
It is generally the Vendor’s expense for the preparation of the contract and Form 1; however, in private sales it is common for both parties to share the expense. This is for both parties to negotiate and agree to.
As the Vendor, you will be bound once the contract is signed. However, the Purchaser will receive 48 hours 'cooling-off' once the Purchaser receives a complete and correct Form 1 and the contract is signed.
Once the contract is fully signed and the Purchaser’s cooling-off is complete and deposit paid, the process of ensuring settlement will proceed without delay begins. The Purchaser will need to appoint their own Conveyancer, except in certain circumstances.
I will guide you through the whole process and answer all your questions.