What is a private sale?
A standard residential property transaction is called a private sale. The Vendor (owner of the property) sets a price and the Real Estate Agent negotiates with potential buyers to achieve the best price possible.
There are many advantages to buying your property as a private treaty transaction.
- no stress about the Auction process which can be intimidating
- you have the security of making a conditional offer on a property such as an offer subject to finance or building and pest inspection
- you have time to have professionals look at the Contract of Sale.
- you usually have a cooling off period, which means that even though you’ve signed a Contract of Sale you may still be able to withdraw from the purchase within a few days of signing it for whatever reason.
- you can put in an offer below the asking price and negotiate with the vendor
- selling privately can take longer
- it may become like an Auction as all interested buyers keep submitting offers
If you are not confident in dealing with Real Estate Agents you may prefer to engage a Buyer’s Agent. They can take all the stress out of the property negotiating for you.
All information contained in this article is intended for general information purposes only. The information is provided by Hunter Property Services Pty Ltd, and does not take into account your individual circumstances, as such the information should not be solely relied upon in making decisions. Hunter Property Services Pty Ltd has made every endeavour to ensure that the information was correct at the time of first publication, however we accept no responsibility for the accuracy of the information provided.
Readers should make their own enquiries to verify the information provided and its appropriateness to your individual objectives, financial situation or needs and speak to a financial planning professional regarding the appropriate investment strategy to suit your individual circumstances. We try to keep the information up-to-date and ensure that it is correct. However, we make no warranties of any kind concerning the accuracy, completeness, suitability, reliability, or availability of the information contained in this article.
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