realestateaguideforbuyersandsellers.docVIP

Real estate: a guide for buyers and sellers This guide covers the basic steps in a residential real estate transaction in Victoria, in the order you would normally experience them when buying or selling property. The guide also includes laws regulating the conduct of agents and conveyancers in that process. Contents Contents 1 Disclaimer, copyright and publisher information 3 Additional copies 4 Introduction 4 Making the right choices 4 Know what you want 4 Be informed 4 Shop around 4 Dealing with an estate agent 5 Licensed estate agents and agents’ representatives 5 Take your time 5 Consider a building inspection 5 Read before you sign 5 Foreign investors 5 Definitions 5 Finance 5 Choosing a lender 5 First Home Owner Grant 5 Further information 5 The estate agent’s responsibilities to the buyer 5 Buyer’s advocates 5 Advertising 5 The agent-principal relationship 5 Conveyancing, vendor’s statement (section 32), owners corporations and buying off the plan 5 Conveyancers 5 Legal practitioners 5 The vendor’s statement (section 32) 5 Owners corporations 5 Property schemes 5 Buying off the plan 5 The estate agent’s responsibilities to the seller 5 Selecting an agency 5 Marketing your property 5 The estimated selling price 5 Price misrepresentation – overquoting and underquoting 5 Commissions 5 Commission sharing 5 Advertising and other outgoings 5 Rebates 5 The authority to sell 5 Authority types 5 What can be negotiated? 5 The Australian Consumer Law and contracts 5 Selling without a real estate agent 5 Methods of sale and the sales campaign 5 Private sale 5 Public auction 5 Deciding on a method of sale 5 The reserve or asking price 5 The advertised price 5 Locating and inspecting properties 5 Locating properties for sale 5 Inspections 5 Professional building inspections 5 Pest inspections 5 Assessing the sustainability of homes 5 Vacant land 5 Domestic building insurance 5 Owner-built properties 5 Private sales 5 Making an offer 5 Conditional offers 5 Negotiation 5 Con