Preparation of Private Contracts
When you come to selling your home, you don’t always know what will happen.
You may list your property for months when the market is quiet, or it may be snapped up in a second by an eager buyer ready to move in.
There are also instances when sellers find a buyer without even having listed the property.
Sometimes it can be easy to get over-excited, especially when the sale is moving fast – but it important that you get the help and advice from an expert conveyancer to ensure that everything goes according to plan.
Selling Your Home Privately: How We Can Help
So, you’ve found a buyer for your home without having to list your property with a real estate agent?
Let us prepare a private contract for you to make sure that the transfer is all completed as it should be.
Always remember that a contract for the sale and purchase of property is not legally binding unless it is:
- in writing and
- signed by both parties.
You need to ensure that all procedures (set out under the Real Property Act) are complied with – this is essential as failure to do so could mean that the transaction is not in fact legal.
Bernie Flood Property Conveyancers can help you with all the necessary documentation – issuing what is required to both you and the purchaser.
As Property Conveyancers, we can also act for the purchaser if required or requested.
Form 1
One of the key documents will be the Form 1. This is the cooling off rights and is required under the Real Property Act, to be presented to the purchaser.
There are likely to be council searches carried out in order to prepare this and the length of time taken to prepare the Form 1 will depend on the speed at which the council are able to perform the search.
Points to consider when preparing a private contract:
We’ll ask you for the following information but will be happy to guide you where possible. Have a think about them in advance if you can:
- Purchase price
- Contact details for all parties
- Deposit Amount
- Settlement Date
- Who will pay the costs for the preparation of private contract and associated expenses
- Whether you’ve budgeted appropriately for paying government stamp duty