Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search.
What are the things you need to observe while buying commercial or residential property?
Before buying any property there are certain things which need to be taken care of
- Method of sale
- Know the marketing plan
- Up to date price of the property
- Attend open house and other meetings
- Communicate all verbal and written offers
- Receive and hold the full deposits
Who will help in the completion of the sale?
The agent will help in the entire completion of the sale. They will charge you a fee for this service. It can be in the form of a commission. The charged commission can either be a percentage of the sale price, a fixed fee or a combination of both.
What points should be taken care of while buying property?
Buying property is a great way to grow wealth and something that anyone who wants to have a better lifestyle should consider doing. A lot of questions comes into mind while going for the new property. When you talk to agents, important points to discuss include:
- Their knowledge of the market and experience selling homes in the area
- Comparable sales in the area
- Marketing plan for your property
- Preparing your property for sale
- Estimated selling price
- Their commission or fee
- The cost of advertising and other outgoings.
What is the method of sale?
Everybody dreams of owning a property but possessing a house is not easy. There are two main ways of selling a property: by auction or private sale. You should hire an agent as he will recommend what is the best method of sale for your requirement.
What are the Australian Consumer Law and contracts?
The Australian Consumer Law and Contract includes The agent’s authority to sell is a legally binding consumer contract. The Australian Consumer Law makes unfair terms in consumer contracts void. Estate agents must make sure their authorities comply with the law.
An unfair term in a consumer contract is one that causes a significant imbalance in the rights and obligations of both parties to the detriment of the consumer and was inserted in the contract intentionally.
What are the actions could be taken on unfair contract terms?
If you believe there is an unfair term in the authority, you can contact consumer affairs Victoria.
What are the things required if you want to sell without a real estate agent?
If you are opting to sell your property without using the services of an agent, you will need to thoroughly research the selling process. Using this service will help you in saving money by not having to pay commission.
What are the methods of a private sale?
If you are choosing the private sale method, then the property is advertised and offers are invited from prospective buyers only. The sale is negotiated between the buyer and seller.
What is the authority period with the agent?
It is completely negotiable and you should consider the length of time carefully. Once you are in contract with the agent, you will not be able to cancel it.
If no period is defined, then the default period is 30 days from the auction date. In private sale, the default period is 60 days from the signing of the authority to sell.
What are the other terms and conditions?
While signing contract makes sure you understand and agree to all terms and conditions. These conditions are negotiable. Any changes further (deletions, amendments or additions) must be made on the authority and initialed by both parties.