Selling your apartment privately
The main reason people sell their apartment privately is to save the Real Estate commission. People who have sold privately often say that no-one knows their property better than they do and that they are more likely to obtain the highest price. Some people like to deal directly with the purchaser so they can iron out any problems without a third party involved in the discussions. Others say that if the property market is suffering then at least they can negotiate on the price. Likewise, if the market is on an upturn then selling privately shouldn’t be a problem.
If you have decided to sell your apartment privately, read our tips on how to sell and stage your apartment for sale. Your solicitor is the best person to advise you on legal matters involving the sale and purchase agreement.
Potential buyers will want to do some due diligence. These are some of the things that your agreement could be subject to:
A potential buyer will need suitable time to arrange a mortgage. Normally a couple of weeks. Some lenders will require a registered valuation which can take up to 2 weeks.
Land Information Memorandum which comes from your local council showing consents and other useful information. Could take up to 2 weeks.
A potential buyer may get a building inspection company to check out the apartment complex.
Sale of another property
Your potential buyer may have to sell their home before buying yours.
Your potential buyer is likely to ask for the last minutes of your AGM to see how well the apartment complex is being managed by the bodycorp.
There are also conditions that you can put in your contact they may be useful to you:
Cash out clause
This allows you to accept another unconditional offer if yours still has conditions remaining.
As apartments are often sold furnished it is helpful to attach a full chattels list to show exactly what is included in the purchase price.
Buyers normally have a few weeks to do due diligence before the agreement goes unconditional. If problems arise take this opportunity to sit around a table and re-negotiate the purchase price or conditions to suit both parties.