Legal – Selling Privately in Queensland
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YES, every home owner has the legal right to sell their property privately regardless of which State they live in but there may be some particular points that apply specifically to a certain State.
Following are the key points you need to know when selling a property in Queensland:
* The buyer must read and sign before they enter into the contract. You must also provide a five day cooling-off period. Consider getting an independent valuation to set a realistic price. Also research the market by visiting open houses and checking the recent sale prices for similar properties. A good idea is to get a building and pest inspection report so that you can carry out any necessary repairs before the sale.
* Some private treaty sales are marketed to buyers with an ‘offers over’ price tag.
If you use an ‘offers over’ price tag, it is the Office of Fair Trading’s view that it should carry the minimum amount the vendor is willing to accept to sell the property.
One point to be careful of, if your property is listed for sale at a specified price, while knowing you will not sell the property for that price, is bait advertising which is not allowed.