Making an offer/buying a private sale property?

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Mrman
Member
@mrman
Join Date: 2004
Post Count: 18
September 21, 2007 - 7:29 am
How would I go about making an offer on a property that is a private sale. Do contracts have to be drawn up? Do I need to get a solicitor or does the seller have to organise everything and I just sign?
Any help would be appreciated as i have to move quick before I miss the boat.
Cheers
George
kaz101
Participant
@kaz101
Join Date: 2005
Post Count: 45
September 21, 2007 - 7:59 am
Hi MrMan
I haven't personally bought a private sale but I would never leave everything to the seller. Maybe I'm just the suspicious type
I would get a solicitor or conveyancer involved (depending on the State since in SA we can use conveyancers) to get a contract drawn up.
But that's just my opinion….
Cath Wood
Participant
@cath-wood
Join Date: 2007
Post Count: 19
September 24, 2007 - 2:45 pm
Hi George,
I've bought property by private sale, ie not involving agents. Sold it that way too. It's easier than many think.
I'm in WA, and I can go to any newsagent and get a copy of the REIWA offer and acceptance contract and use that. The only difference between it and the ones agents use is that it doesn't have an agent name at the top of it.
If you know your way around the form you will find it easy enough.
Basically, the ball is in your court, not the seller's. You're the one making the offer, so you get the form, you find out how to fill it out if you don't already know, and you take it to them and get them to sign it. Then you give it to your settlement agent (or equivalent for your area) and they take it from there. That's all the agent does.
If you don't know your way around the form, go and get a few speed lessons from your settlement agent and/or friendly real estate agents, if you have any. Find out about things like:
Where, if at all, to mention furniture, chattels, light fittings, fixtures and fittings, window treatments, and aerials.
How to put your name or entity in.
How to put in nominees, if using them – make sure you use and/or between names, not just and. Ask me how I know….grrrrr….
And absolutely do not leave it up to the seller – as a professional property investor, I handle this form whether I'm the buyer or the seller.
Cath.
PS Aerials is not a particularly standard addition to RE contracts, but I think it's good to specify that the contract for sale is inclusive of the aerial. Technically, it's fixed so it's a fixture, but I did have a guy make off with one once.