Selling a House Privately in NSW
NSW Fair Trading provides information on their website for those who choose to sell their home or property without an agent. This information confirms that any home owner in New South Wales is well within their legal rights to sell their home privately.The most important issue to cover is seeking legal advice and have a solicitor or conveyancer prepare a contract of sale BEFORE you list your home or property for sale. Your solicitor or conveyancer will be well aware of this legal requirement and are there to guide you in this regard.
The NSW Fair Trading suggests that Private Home Sellers follow these guidelines:
If you decide that you want to sell your property without the assistance of an agent, you will need to do quite a bit of homework before tackling the job yourself. The first thing you need to know is that a residential property cannot be advertised for sale until a Contract of Sale has been prepared. It is important that you consult your solicitor or conveyancer about preparing the contract to make sure that everything is in order. One of the benefits of selling your property yourself is the chance to make a financial saving through not having to pay commission to an agent. The broad steps involved in selling your property without an agent are as follows:
- have your property valued
- decide the purchase price
- advertise the house
- exchange contracts
It is important to note that all the individual, State by State, Real Estate ‘Institutes’ (e.g. REINSW) are industry-based bodies who support Real Estate brokers/agents in the areas of training, advice, dispute resolution, Government advocacy, compliance and general support. Laws involving the transaction of property (contractual obligations etc) are set down in individual State Statutes and Acts – enacted by the State Governments and enforced by each of the State Offices of Fair Trading or Consumer Affairs etc., not the Real Estate Institutes
NSW UNDERQUOTING REFORMS
Sellers and agents in NSW are no longer permitted to advertise prices for less than their reasonable estimate of the property’s likely selling price; such as ‘offers over’ or ‘buyers from’. Sellers should make themselves aware of their responsibilities by reviewing the information on underquoting laws according to the Office of Fair Trading, the specific legislation (Property, Stock and Business Agents Act 2002 No 66), and/or speaking with your solicitor.
Selling your own home in NSW
Before deciding to go through with the sale of your property without an agent, you should thoroughly research what you will need to do at every stage of the sale process (This is where Agent in a Box supports you all the way).