Sometimes, a vendor may sell their property without the assistance of a real estate agent to help them in marketing it for sale. This is a private sale contract. If you are selling your home and have found a buyer yourself, your conveyancer can assist you with the preparation of a private contract of sale. As well as preparing the contract, your Conveyancer will issue all the necessary documentation to both you and your purchaser, to complete the transfer of the property.
A private sale contract, or a private sale, is an unadvertised sale of property. This means that when buying a property – the sale is negotiated directly between the buyer and the seller directly. When there is a private sale, there is generally no involvement from agents or sale-brokers.
When buying or selling a property privately, there is an even greater need to involve a conveyancer while selling a property privately to ensure that you have all elements of the transaction covered.
Private sale contracts involve not only the preparation of the contract, but the searching and preparation of the Form 1 (cooling off rights). As required under the Real Property Act, the Form 1 is to be presented to the purchaser and its service provides information relating to the property as well as the cooling off rights of the purchaser.
When you sell a property privately, it is extremely important that the procedures, as set out under the Real Property Act, are complied with to ensure the transaction is legal.
When engaging in a private sale contract in South Australia there are a few things that need to be considered. Before you sell your property without an agent, it is recommended that you undertake the following steps:
Engaging in a private sale contract can be a complex process that must be variegated with caution. Our team of conveyancers , Form 1 specialists and lawyers are here to assist you every step of the way, making sure you can engage in the sale with total peace of mind. Contact the team at Eckermanns on 08 8366 7900 for assistance today.
Timeframes vary depending on council searches, strata information, and complexity, but it typically 5–10 business days to prepare the Contract of Sale and Form 1.
To prepare a Form 1 (Vendor’s Statement) accurately, your conveyancer will need the following documents:
Providing these documents early helps Eckermann Conveyancers prepare the Form 1 efficiently, ensuring compliance with South Australian law and preventing delays during the cooling-off period.
Typically, your conveyancer or Form 1 preparer prepares the Form 1, while the real estate agent or conveyancer prepares the Contract of Sale.
The cooling-off period begins once the purchaser receives a complete and accurate Form 1 as well as the Contract being fully executed. A Purchaser has two clear business days to withdraw from the transaction without penalty.
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