Last month we discussed briefly in relation to what’s the best way to sell property. As mentioned, this is a question that a lot of people – particularly real estate agents – have a lot of opinions on! No doubt you wish to get the best price possible for your property. So what is the right way?
This month we’ll focus on the benefits and drawbacks of a sale by Private Treaty.
Benefits of Private Treaty
- Higher control of the conveyancing process.
- Control of what you ask for and what you can negotiate.
- Take the time to find a suitable purchaser for the home that is willing to pay the price you are asking for.
- Less stressful as there is no time limit for the sale of the property.
- Purchasers may be more comfortable as their offers for the property are not disclosed to anyone else.
Drawbacks of Private Treaty
- Take longer to find a suitable purchaser.
- Dependent on your real estate agent’s negotiation skills.
- Purchasers may not be final about their decision and may exercise their cooling off rights.
- Vendors should be careful about initial asking price, as too high in the beginning might scare off potential purchasers.
- Stigma may attach to a property that has been on the market for far too long
As you can see there are both advantages and disadvantages of a sale by way of private treaty. At the end of the day however you should consider what’s most suitable for your purposes.
If you have any questions, please don’t hesitate to contact us or drop us an e-mail through the quick enquiry form!
For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.
Associate Solicitor - Phang Legal