Page 3 - Real estate: a guide for buyers and sellers
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Contents
Contents
Introduction ..................................... 4 Locating and inspecting properties . 28
Finance ............................................. 8 Locating properties for sale .................... 29
Choosing a lender .................................... 9 Inspections...............................................30
First Home Owner Grant .........................10 Professional building inspections ........... 30
The estate agent’s responsibilities Pest inspections ...................................... 31
to the buyer ..................................... 11 Assessing the sustainability of homes ..... 31
Buyer’s advocates .................................... 12 Vacant land ............................................. 32
Advertising .............................................. 12 Domestic building insurance .................. 32
The agent-principal relationship ............. 12 Owner-built properties ........................... 32
Conveyancing, vendor’s statement Private sales .................................... 33
(section 32), owners corporation and Making an offer ...................................... 34
buying off the plan .......................... 13 Conditional offers ................................... 34
Conveyancers ......................................... 14 Negotiation ............................................. 34
Legal practitioners .................................. 14 Contract of sale ....................................... 34
The vendor’s statement .......................... 15 GST ......................................................... 35
Owners corporations .............................. 15 Settlement period ................................... 35
Property schemes ................................... 16 Cooling-off period .................................. 35
Buying off the plan ................................. 17 When is it sold? ....................................... 36
The estate agent’s responsibilities Sale by auction ............................... 37
to the seller ..................................... 18 Pre-auction offers and inspections .......... 38
Selecting an agency ................................ 19 Auction rules ........................................... 38
Marketing your property ........................ 20 Auction conduct ..................................... 38
The estimated selling price ..................... 20 Vendor and co-owner bids ..................... 39
Price misrepresentation Illegal bidding ......................................... 39
– underquoting and overquoting ........... 20 Bidding at an auction ............................. 39
Commissions .......................................... 20 ‘On the market’ ...................................... 40
Commission sharing ............................... 21 When is it sold? ....................................... 40
Advertising and other outgoings ............ 21 ‘Passed in’ ............................................... 40
Rebates ................................................... 22 Advertising after an auction .................... 40
The authority to sell ................................ 22 After the sale .................................. 41
Authority types ....................................... 22 Before taking possession ......................... 42
What can be negotiated? ........................ 23 Taking possession ................................... 43
The Australian Consumer Law Disputes and complaints ........................ 43
and contracts .......................................... 23 Buyer’s checklist ...................................... 44
Selling without a real estate agent .......... 24 Seller’s checklist ...................................... 45
Methods of sale Glossary .......................................... 46
and the sales campaign .................. 25 Useful contacts ............................... 50
Private sale .............................................. 26
Public auction ......................................... 26
Deciding on a method of sale ................. 26
The reserve or asking price ..................... 27
The advertised price ................................ 27
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