Selling your property yourself, without using the services of a real estate agent, is known as a private sale.
Pros and Cons
The obvious advantage of a private sale is not paying a real estate agent’s fee, which may be a substantial saving, particularly an agent’s fee calculated as a percentage of the sale price (commission) being the traditional pricing model favoured by most real estate agents.
The obvious disadvantage of private sale is the time and effort you must spend advertising and presenting the property for sale, including hosting home-opens, negotiating and preparing the sale contract. You may lighten the burden of these tasks by engaging the services of businesses that provide marketing resources and advice for people who make the choice to sell privately. There is a trend towards unbundling real estate services in this way, allowing property sellers to select and pay for only the services they require.
Tips for private sellers
If you are selling privately, we recommend you:
- contact the Real Estate Institute of Western Australia and obtain a copy of the standard-form Offer and Acceptance real estate contract and accompanying booklet of General Conditions. If you are selling a strata property, you should also obtain copies of the standard-form Forms 28 and 29 which facilitate the compulsory Strata disclosures;
- contact Landgate and obtain a copy of the Record of Certificate of Title for your property and the Strata Plan (if applicable);
- you may find our Legal guide to buying and selling real estate in WA a useful resource; and
- always obtain legal advice before you sign a contract. As your independent settlement lawyers, contact us to book a consultation to review your draft contract;
- appoint us as your settlement representative!