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.
Eckermanns Form 1 Portal is an online platform developed by the Eckermann Forms team to provide partner agents with an easy way to manage their Form 1 requests with Eckermanns. Not only do you get the I’s dotted and T’s crossed, you know that once you have requested the preparation of your Form1 via the portal that there is an expert team of specialists behind the scenes making sure that the Form 1 process is completed as soon as possible.
With the Eckermann Forms Portal, you can complete the Vendor’s Questionnaire directly with the Vendor, have them sign page 3 and then serve Form 1 on the Purchaser via email by just hitting a submit button.
Eckermann Forms was established in 2010, providing real estate agents and vendors a dedicated team of Form 1 specialists to:
In South Australia, it is a legal requirement (under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994) when selling a property to disclose certain particulars relating to the purchaser’s land. This disclosure is called a Vendor’s Statement or Form 1.
Serving a Form 1 to a purchaser will activate the two clear business day cooling-off period when it is possible for purchaser to change their mind and “cool-off” on the contract in writing.
When buying at auction where there is no cooling off period. The Form 1 is required to be available for viewing for at least three working days prior to the day of the auction at the office of the real estate agency conducting the sale. The Form 1 must also be on display for 30 minutes prior to the start of the auction. It is a lengthy document and we recommend you ask your conveyancer to review the Form 1 for you.
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