Can I go from listing with an agent to selling my property privately?
Selling your property can be frustrating if you reach the end of your agency agreement without an offer. At the end of your agency agreement period if you decide to sell privately there are things you should check first.
It is important to check the terms of your agency agreement and seek legal advice to ensure you understand the obligations that may apply after you stop working with that agent before you progress with selling privately. If you want to do a deal with a buyer who was introduced to the property by the agent, you may still have to pay the agent their commission.
Responsibilities of private sellers:
Before going down the private sale route, make sure you take the time to understand the amount of work and responsibility involved. Selling your home privately can take a lot of time and effort.
As a private seller you are not bound by the Real Estate Agents Code of Conduct but you do have a responsibility to conduct the marketing and sale of your property fairly. Private sellers must disclose any defects or known issues with a property that they are aware of to prospective buyers. These issues can range from problems with the physical condition of the property through to issues with lack of building consents. Failure to do so can result in a sale falling through or open you up to legal issues down the track. The agent you were working with should have already discussed with you the things about your home that ought to be disclosed, but if you’re at all uncertain, it’s a good idea to consult with a property lawyer.
If everything goes well, and you agree on a price with a willing buyer, you’ll complete the transaction through a sale and purchase agreement. This is a detailed legal contract regarding what is for many people one of the largest financial transactions they’ll ever engage in. For this reason, whether buying or selling, privately or through an agency, have the agreement reviewed by a lawyer before signing. If you’re selling privately, you may also find legal support useful at an earlier stage if your buyer wants to negotiate conditions to the sale and purchase agreement.
Regardless of the mode of sale you decide on, remember to be upfront with buyers and consult a lawyer for your own protection and peace of mind. All the best for the sale of your home.
