Selling A Property

These notes are not intended to be an exhaustive guide to selling a home and particular properties or circumstances may demand alternative or additional considerations.

Please read the disclaimer.

GayLawNet®™ Selling Property
Updated on 02 January 2017 at 1043L (GMT/UTC +11)

Agents, Brokers

In some jurisdictions agents and brokerage firms are able to legally represent both buyer and seller in any given transaction. However, they generally have a duty to disclose all the information they possess to the buyer. There may also be statutory requirements requiring the vendor to provide all relevant information concerning the property to the buyer. In any case, it is important that the vendor disclose all relevant information that may affect the decision of a potential buyer to purchase the property.

On 21 November 2016, the Supreme Court of California held1 that the Agent had a duty to learn and disclose all facts materially affecting the value or desirability of the subject property.

1. Hiroshi Horiike v. Coldwell Banker Residential Brokerage Company, et al. No. S218734 PDF 157.20kb 21 NOV 16. [ Also available on GayLawNet(R)(TM) here]

Methods of Selling Your Property

There are two principal methods of buying or selling real property - the auction system and by private treaty.

The auction system is the most popular in Victoria however the private treaty system is more usual in other States of Australia and in the United Kingdom. You can of course employ an estate agent to sell the property privately (by private treaty).

The main difference between selling by private treaty and the auction system is that in a sale by private treaty an asking price must be set when the property is advertised, (even if only by stating "Offers in excess of $[amount] invited". This method does require that the estimate of the value of the property be gauged more carefully and accurately than perhaps the auction system may require.

Private Treaty and Auction Sale

Advantages for Sellers

Disadvantages for Sellers

Advantages for Buyers

Disadvantages for Buyers

(Acknowledgement: Most of this material was originally written by Matthew Ricketson "The Age" 9 September 1985).

Factors Impressing Home Buyers

Most home buyers consider very similar factors when they decide to buy a house. The most important factors influencing 1st, 2nd, 3rd and subsequent homebuyers are (in order) price, suburb (locality), number of bedrooms, condition of kitchen and bathroom, quality of street.

After those factors, of varying importance between homebuyers come public transport, style of house, proximity to shops, closeness to city and availability of a garage.

Doing It Yourself

Choosing a Selling Agent

If you decide to use an agent, take the time to interview and select a real estate agent who is best suited to your needs and is experienced in selling your particular type of property. You may find that the price achieved for your property easily meets or exceeds your expectations. Be very wary of agents who quote the highest value for you property.

In a deregulated market base commisions of around 2% or even lower may be negotiated however, you might also consider providing an incentive if a result above a certain level is achieved and this may be built into the agreed fee structure.

Also:

For further information and resources visit: Land Channel, Victoria.