Buying A Property Privately
Some homeowners are making the move to sell their house’s privately rather then using a Real Estate agent. This may be for several reasons; they want to save on commission fees, they want to have full control of the sale, maybe they just want to have a crack at it. Whatever the reason, if you are pursuing a private sale there are a few things that you should know:
To recap, you need to do your due diligence, make sure that any work that has been done is properly consented, check the council files, get all the necessary reports, and check any flood zone or earthquake information. Also call your insurance company to make sure you can get insurance on the property.
To check if they are asking a fair price for the property you can also engage the use of a registered valuer or use the free online valuation tools so you can see what other similar houses have recently sold for in the area.
As the seller is not bound by the same laws as a real estate salesperson. I suggest you engage the use of a lawyer and be as thorough with your checks as you possibly can. Ask the private seller if there are any known issues with the property and get these in writing if possible.
I suggest you get your lawyer to draw up the Sale and Purchase agreement and you will need to decide what terms and conditions you may want to include. Make sure you understand what you are including in your offer, and what you are signing. Its important to find the right lawyer before you start the house buying process especially for a private sale.
As you can see there is a lot involved in a private sale, so you need to be prepared to do your homework, research properly and engage the right services for the job.
