Selling a House Privately in QLD
Please note: legislated requirements change from time to time so please be sure to seek further advice about your obligations before selling your own home.
The Office of Fair Trading Queensland provides information on their website for those who choose not to sell their home or property through an agent. This information confirms that any home owner in Queensland is well within their legal rights to sell their home privately.
The most important issue to cover is seeking legal advice regarding contracts. Your solicitor or lawyer will assist you with the current legal requirements.
The OFT Queensland suggests that Private Home Sellers follow these guidelines:
- If you wish to sell your home yourself, rather than engage a licensed real estate agent, do some homework so you understand what is involved. You still have to meet certain legal requirements when you market your property to potential buyers.
- We strongly recommend that you use a solicitor to prepare the contract of sale for your property.
- You must provide a five day cooling-off period.
- A sale contract now includes a warning statement which advises the buyer about the cooling-off period, to obtain their own legal advice, and the option to have an independent valuation carried out.
- Consider getting an independent valuation to set a realistic price. Also research the market by visiting open houses and checking the recent sale prices for similar properties.
- Get a building and pest inspection report so that you can carry out any necessary repairs before the sale.
The Real Estate Institute of Queensland (REIQ) does not provide any specific advice for Home Owners who would rather sell privately, but some useful information may be obtained from their page ‘8 Steps to Selling Property’. It has been written to involve the services of a traditional agent, which of course is not mandatory.
It is important to note that the individual, State by State, Real Estate ‘Institutes’ (e.g. REIQ) 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, Dept. of Commerce or Consumer Affairs etc.; not the Real Estate Institutes