In case you’d like to sell privately in WA, the main thing to consider is whether you are legally allowed to offer your property without an Agent. Yes, you definitely can. In case you’re concerned over this, you can affirm it with Department of Commerce in Western Australia. Following are the steps to getting it done:
Step 1: Preparing the contract of sale
The first step is to guarantee that you have your contract of sale drawn up by your lawyer or conveyancer before publishing your property available to be purchased. This is known as the Contract for Sale of Land or Strata Title by Offer and Acceptance (or O and A for short). A Joint Form of General Conditions for the Sale of Land (the General Agreement) equally has to be provided to the buyer and vendor when an offer is made. In your agreement indicate if any chattels are to be excluded, for example, pot plants or machines. Dishwashers, range hoods, curtains and blinds are usually included.
Step 2: Pricing
It is illegal to misrepresent the property’s sale price. The selling price cannot be less than that quoted by the agent or the minimum amount you would accept. To research your price, you can:
Look for comparable sold properties and for sale properties online
Get a valuation from an independent property valuer.
Ask for a property valuation estimate or range from real estate agents.
Step 3: Private Inspections
The third step would be inspections. You will probably need to allow purchasers to review the property through open homes or private inspections once the property is advertised. Potential purchasers may therefore request a copy of the contract of sale.
Step 4: Receiving the offer
Offers are submitted in the way of a signed O and A. Buyers may add an expiration clause to the sale contract so that the offer lapse after a period of time if the seller has not signed by a specific date. Have your lawyer or conveyancer examine any progressions made by the purchaser to the sales contract.
In the event that somebody makes you an offer on your property you may take a holding deposit of the total or a nominated fractional sum. This ought to be held in your lawyer’s trust account and to be returned if the offer is rejected.
Step 5: Signing the contract of sale
The following step in the legitimate procedure of offering a property in WA is for you to sign the O and A. Once the document is signed by you and the purchaser is told that you have agreed, it turns into a binding contract of sale. Any progressions or counter-offers can be made on the O and A and initialed. A copy must be given to the purchaser and seller.
From now on, you could consider marking your property as “Under Contract” on various sites, however it is recommended to keep a record of all enquiries from other prospective buyers just in case the deal fall through.
In WA, there is no cooling off period for the purchaser or seller so you can go on and mark it as sold on the websites.
You and the purchaser will consent to a settlement date once the contract has been signed. Settlement is generally 30 to 90 days after exchange yet both parties can agree to a different period. At settlement the purchaser “settles” their purchase by paying the whole amount. They should likewise repay the cost of the building and compliance inspection report, and pest examination report. In case you’re using a lawyer, they may meet with the purchaser’s solicitor to guarantee they have everything required for the deal to continue.
Selling via Auction
It is advisable to book your Auctioneer before posting your property, so that the date and time can be incorporated into any advertising.
Upon the arrival of the auction you ought to set your base price with the auctioneer, this is the reserve. The property is considered sold once the reserve price is met or surpassed. If no reserve was set, then the highest bidder wins at any price. There is no cooling-off period for a property sold at auction and the contract of sale is unconditional. The deposit which is usually 10% is immediately payable at the end of the auction. Settlement happens in a similar manner as for a private treaty sale.