In case you’d like to sell privately in Northern Territory (NT), the main thing to consider is whether you are legally allowed to sell your property without an Agent. Yes, you totally do. In case you’re concerned over this, you can affirm it with Northern Territory Consumer Affairs. Following are the steps to getting it done:
Step 1: Getting started with the contract of sale
The first step is to guarantee that you have your contract of sale drawn up by your lawyer or conveyancer before publishing your property available to be purchased.
There are different accompanying reports required based upon the kind of property, in regards to the physical state of the building and a statement of any provisions that may affect the permissible utilization of the house or land. It should also incorporate subtle elements of the property title, remarkable home loans, contracts, easements, zoning and outgoings. Fixtures and fitting are included by default, and you should specify in your contract if any chattels are to be included. Dishwashers, range hoods, curtains and blinds are generally included in the sale.
In case a residential property is less than 1.8 hectares, you will also need to provide documents to the Land Titles Office declaring that there is no pool or spa, or alternatively showing that if there is that it will have a compliant pool safety barrier. There are some exceptions.
Step 2: Pricing
It is illegal to misrepresent the property’s sale price. The selling price cannot be less than that quoted by the agent or the minimum amount you would accept. To research your price, you can:
Look for comparable sold properties and for sale properties online such as http://www.realestate.com.au.
Get a valuation from an independent property valuer.
Ask for a property valuation estimate or range from real estate agents.
Step 3: Private Inspections
The third step would be inspections. You will probably need to allow purchasers to review the property through open homes or private inspections once the property is advertised.
Step 4: Receiving the offer
In most cases, offers take the form of a signed contract for sale of residential property. Buyers may add an expiration clause to the sale contract so that the offer lapse after a period of time if the seller has not signed by a specific date. Have your lawyer or conveyancer examine any progressions made by the purchaser to the sales contract.
In the event that somebody makes you an offer on your property you may take a holding deposit of the total or a nominated fractional sum. This ought to be held in your lawyer’s trust account and to be returned if the offer is rejected.
Step 5: Signing the contract
The following step in the lawful procedure of selling a property in NT is for you and the purchaser to both sign the contract of sale. Two copies of the agreement are required, one for you to sign and one for the purchaser to sign. You should sign your copy, and give it to the buyer to sign also. From now on, you could consider marking your property as “Under Contract” on various sites, however it is recommended to keep a record of all enquiries from other prospective buyers just in case the deal fall through.
Step 6: Exchange
Exchange implies that both you and the purchaser have signed a copy of the contract of sale and have exchanged the contract with each other. Exchange doesn’t really need to happen face to face, it could be by means of mail or by means of a third party, for example, your conveyancer. Remember that you and the purchaser aren’t lawfully bound until all copies of the agreement have been signed and exchanged.
Step 7: Cooling Off
The cooling off in NT is 5 business days. However this can be changed if both sides agree to a different date. To change it you have to get legitimate guidance and a signed certificate from a lawyer to give to the seller. The cooling off period begins the first business day after you exchanged the agreement. Meanwhile, the purchaser can wipe out the deal. However, if the buyer makes their offer after bidding at an unsuccessful auction it is generally unconditional with no cooling off period.
After the expiration of the cooling-off period, the amount of the deposit is payable by the purchaser and ought to be held in trust until settlement happens (e.g. 10% of the purchase price less holding deposit). Once the deal has genuinely exchanged, you can go on and mark it as sold on the sites.
Step 8: Settlement
You and the purchaser will consent to a settlement date once the contract has been signed. Settlement is generally 30 to 90 days after exchange yet both parties can agree to a different period. At settlement the purchaser “settles” their purchase by paying the whole amount. They should likewise repay the cost of the building and compliance inspection report, and pest examination report. In case you’re using a lawyer, they may meet with the purchaser’s solicitor to guarantee they have everything required for the deal to continue.
Selling via Auction
When there is high demand for your property you may like to offer it on an auction. It is advisable to book your Auctioneer before posting your property, so that the date and time can be incorporated into any advertising.
All the required documents including without limitation the auction guidelines, contract for sale of residential property must be on display at the auction for no less than 30 minutes prior to auction start.
The property is considered sold once the reserve price is met or surpassed. If no reserve was set, then the highest bidder wins at any price. There is no cooling-off period for a property sold at auction and the contract of sale is unconditional. Settlement happens in a similar manner as for a private treaty sale.
Sale by Tender
In the NT you can also sell your property by tender. This implies all offers are put together by a set date and time for consideration.