Has anyone bought directly from a vendor without an agent?
Are there any special things to look out for? i.e
1. how do you know that they actually own the property?
2. Where does the deposit money go? i.e is there some trust set up? (I’d hate to think the guy could cash it and nick off)
3. Are there any special terms i should be familiar with in a direct sale?
I’m not sure, but I recon you need to research and find out what vendors or developers have a good name. Check the annual state building awards for a guide. Many of them ( big developers ) wont deal with the buyer directly though, but go through a sales agent.
Thanks hwd, but I’m more referring to buying in a house in a private sale from an individual without involvement of a real estate agent.
Anyone?
Kirby
You can look up the title of the house to find the owners. It can be done on the web and should cost less than $10. Look for the Land Titles Office in your state.
You could just pay them the deposit, but You should probably have your deposit held in their solicitors trust account, just incase things go wrong.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Check with Lands/Titles office or relevant body in your state so that your “vendor” isn’t trying to sell somthing they don’t own.
I’d suggest having your solicitor draw contract of sale and hold the deposit in trust. This keeps it legal, easy to trace and fair for everyone.
My first and only property so far was never officially “on the market”, however an agent put me in contact with the owners. Spending $$ on legals seems painful when money is tight and hard to come by at the start, but it’s too scarey to go into something like this without knowing where you stand – for your protection and the protection of people you deal with. I consider prison an over-rated option! I don’t want to go! It’s easier to sleep at night when the ends are tied up and everyone is happy.Thanks for the advise! [
]Hi Kirby,
We’ve just sold privately ie; no agent.
As a purchaser make sure you take the contract to your solicitor for review first. Why not add your own clause into the contract, make sure your deposit is by bank cheque but filled out to the vendors solicitors trust account.
Hope this helps. Regards, Susie.
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