Selling your property privately legal requirements: Ultimate Guide

Selling your property privately can be a cost-effective and giving you more control over the process and save thousands of agent commission. Therefore, it's crucial to understand the legal requirements involved to ensure a smooth and legally compliant transaction. In this ultimate guide, we will walk you through the key legal considerations when selling your property privately in Australia.

1. Is it legal to sell your property privately?

Yes it is complete legal to sell your property privately without an agent.

2. Sales contract

The Contract of Sale is a legally binding agreement between the seller and the buyer outlining the terms and conditions of the property sale. It should include the purchase price, any special conditions, the settlement date, and other relevant details etc. It is highly advisable to engage a qualified conveyancer or solicitor to draft the Contract of Sale to ensure it complies with state-specific laws and adequately protects your interests. IN NSW and ACT, you must have a sale contract before listing your property online

3. Vendor statement

You need to disclosure certain information (a vendor statement) to potential buyers as this is various from by your state or territory: Please contact your solicitor or conveyancer for more information as they will help you to take care of this

New South Wales (NSW):

• Title details, including the property's volume and folio number.
• Zoning and planning information, including any relevant development restrictions or proposals affecting the property.
• Details of any encumbrances, easements, or covenants on the property.
• Information on any notices or orders issued by government authorities that affect the property.
• Council rates and land tax details
• Information about any current tenancies on the property.

Victoria (VIC):

• Title details, including the property's volume and folio number.
• Zoning and planning information, including any relevant overlays affecting the property.
• Details of any registered covenants, easements, or restrictions on the property.
• Information about outstanding rates and taxes related to the property.
• Notices or orders issued by authorities in relation to the property.
• A disclosure of any known structural defects.

Queensland (QLD)::

• Title details, including the property's lot and plan number.
• Details of any registered easements, covenants, or encumbrances on the property.
• Zoning and planning information, including any relevant overlays affecting the property.
• Information about outstanding rates, charges, or levies on the property.
• Notices or orders issued by government or statutory authorities affecting the property.
• Disclosure of any land contamination or hazardous activities on the property.

South Australia (SA):

• Title details, including the property's certificate of title.
• Zoning and planning information, including any relevant encumbrances affecting the property.
• Details of any registered easements or covenants on the property.
• Information about outstanding rates, taxes, or charges related to the property.
• Notices or orders issued by government authorities affecting the property.
• Disclosure of any known structural defects.

Western Australia (WA):

• Title details, including the property's certificate of title.
• Zoning and planning information, including any relevant encumbrances affecting the property.
• Details of any registered easements or covenants on the property.
• nformation about outstanding rates and taxes related to the property.
• Notices or orders issued by government authorities affecting the property.
• Disclosure of any known structural defects.

Tasmania (TAS)::

• Title details, including the property's volume and folio number.
• Zoning and planning information, including any relevant encumbrances affecting the property.
• Details of any registered easements or covenants on the property.
• nformation about outstanding rates and taxes related to the property.
• Notices or orders issued by government authorities affecting the property.
• Disclosure of any known structural defects.

Northern Territory (NT):

• Title details, including the property's crown lease details.
• Zoning and planning information, including any relevant encumbrances affecting the property.
• Details of any registered easements or covenants on the property.
• nformation about outstanding rates, taxes, or charges related to the property.
• Notices or orders issued by government authorities affecting the property.
• Disclosure of any known structural defects.

Australian Capital Territory (ACT):

• Title details, including the property's crown lease details.
• Zoning and planning information, including any relevant encumbrances affecting the property.
• Details of any registered easements or covenants on the property.
• Information about outstanding rates and taxes related to the property.
• Notices or orders issued by government authorities affecting the property.
• Disclosure of any known structural defects.

4. Marketing and Advertising:

When selling privately, it's essential to ensure that all marketing materials and advertisements are accurate and not misleading. Avoid false claims or misrepresentations about the property, as they can lead to legal issues and damage your reputation. In NSW, SA and VIC: if you plan to display your selling price then the advertising price need to be a single price or a price range upto 10% e.g $500,000 to $550,000, you can not use the word such as offer above or offer from xxx,000

Conculsion

Selling your property privately in Australia can be a rewarding experience, but it requires careful attention to legal requirements to ensure a successful and legally compliant transaction. Engaging a qualified conveyancer or solicitor can provide invaluable guidance and ensure a smooth process while safeguarding your interests throughout the transaction. Need help to find a conveyancer/solicitor to take care of all legal aspects of sell your property privately? Please email us at info@realestateyourself.com.au

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