Selling a House Privately in South Australia
South Australian Consumer and Business Services 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 South Australia is well within their legal rights to sell their home privately.
The most important issue to cover is seeking legal advice from a solicitor or conveyancer BEFORE you list your home or property for sale. You will see that you will have to carry out searches (see below) and complete a Form 1 ‘Vendor’s Statement’. Your solicitor or conveyancer will be well aware of this legal requirement and are there to guide you in this regard.
The SA Consumer and Business Services suggests that Private Home Sellers follow these guidelines:
- If you choose to sell your property yourself rather than appoint an agent, it is possible to save money as you do not pay any agent’s commission.
- Inspect comparable properties, obtain sales figures for comparable properties in your area and find statistics on recent property sales in your area.
- You will need to undertake the searches required under the Land and Business (Sale and Conveyancing) Act 1994 and complete the vendor statement yourself. You will also need to arrange and pay directly for your own advertising and make yourself available to answer calls from potential buyers and show them the property.
- It is a good idea to request all offers to be in writing, including counter offers. Contracts for the sale of land must be in writing otherwise they have no legal validity.
- It is recommended that you obtain legal advice about the contract of sale, Form 1 (vendor’s statement) and any other legal documentation. You should obtain all quotes before proceeding.
The Real Estate Institute of South Australia (REISA) does not offer any specific advice regarding Selling a Home or Property Privately, but does offer some information and tips on the steps in the selling process, under the services of an agent.
It is important to note that the individual, State by State, Real Estate ‘Institutes’ (e.g. REISA) 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.