Legal information – For selling privately in New South Wales
For Your Information
If you decide to 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 in for sale in NSW 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
- Settle the property
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. Though, as with all other States, every home owner has the right to sell their property privately and the most important issue to cover for any private home seller is seeking legal advice from a solicitor or conveyance prior to listing your home or property for sale. The knowing of your legal and contractual requirements from the beginning is highly advisable for any for sale by owner.
The following fact sheet could be interest to you, the vendor.
NSW Agency Agreement Fact sheet (1913 downloads)
IMPORTANT NEW INFORMATION – As of 1 January 2016 the following new rules apply regarding sale prices:
– New language guidelines: terms such as “offers over”, “offers above”, or any symbol must not be used in your advertised listings (e.g. $500,000+)
– Accurate price ranges: the upper end of the range should be no more than 10% higher than the lower figure (e.g. $500,000-$550,000) helping to provide a more accurate guide on the expected sales price
Australian Institute of Conveyancers, NSW
The Law Society of NSW