Contrct of Sale must be used by all for sale by owner

Private real estate sale, for sale by owner ( FSBO ), DIY real estate sales and private property selling are now made easier through the private real estate website Privatepoint.

Every property which is advertised For Sale including all private property sale or for sale by owner are required to be accompanied with a draft Contract of Sale outlining the conditions of sale. A final Contract of Sale will be prepared as soon as the buyer and for sale by owner have agreed on the final conditions of the private property sale.

A contract of sale usually includes the following information;

• The for sale by owner name(s)
• Blank space for buyer’s name
• Solicitor’s name (if any)
• Agent’s name (if any)
• The type of title
• Details of items included with the sale
• Details of items not included with the sale
• The sales price
• Exchange of Contract date
• Settlement date
• Notifications from authorities
• Details of tenants
• Special Conditions

We strongly recommend that all property owners who are coducting a private sale as a for sale by owner seek the services of a Solicitor or Conveyancer to prepare the Contract of Sale. Although there are many Do-it-Yourself (DIY) Conveyancing kits which can be used to prepare the Contract of Sale, the legal system is quite complex and the experience of a professional in this field can never be overlooked. By conducting a private house sales a real estate by owner selling their property through a no agents sale with no commission will already be saving large amounts of money.

The added benefit of a Solicitor or Conveyancer preparing the Contract of Sale is that they can deal directly with the buyer’s Solicitor which should result in a quicker exchange of contracts.

By engaging the services of a professional to create the Contract of Sale a for sale by owner conducting a private real estate sale can be assured that all the terms and conditions agreed to with the buyer in regard to the sale of the property are correctly documented and executed.

A for sale by owner selling their property privately with no agents must always use a solicitor to finalise the Contract of Sale for the property.