Private Sale
| # | Post |
|---|---|
| 1 | I'm looking at a private sale on my house, I've done my due diligence of appraisal and a house sold down the road. Anything I need to be aware of with the contract? Its a cash offer, no conditions, can't get any easier, so I just think all I need a deposit, settlement dates and no real need to worry about a lawyer. Of course, its done a sales and purchase agreement. The guy is a real estate agent friend and he said we state that it will contain the wording of "private treaty". I think I have it all covered but thought I'd ask here anyway.... knoxy2006 - 2021-05-14 14:24:00 |
| 2 | knoxy2006 wrote: Stop stop stop. Get a flipping lawyer for god's sake. sparkychap - 2021-05-14 14:36:00 |
| 3 | knoxy2006 wrote:
What could possibly go wrong? Immediate thoughts: How did the agent discover the property was for sale? Do you understand the vendor warranties and your disclosure obligations? About 101 other things too. johnston - 2021-05-14 14:42:00 |
| 4 | johnston wrote: yeah that why I'm working through it. Lawyer at a grand might be easier..... knoxy2006 - 2021-05-14 14:56:00 |
| 5 | knoxy2006 wrote:
Get the purchasers lawyer to draw up the contract and submit it to your lawyer, best $1000 you will invest in your own security. jeffqv - 2021-05-14 15:15:00 |
| 6 | This real estate agent "friend"... is he / she expecting to be able to "clip the ticket" as the transaction unfolds ??? onl_148 - 2021-05-14 15:17:00 |
| 7 | knoxy2006 wrote:
So, so, so many alarm bells in one little post. desi1969 - 2021-05-14 15:42:00 |
| 8 | onl_148 wrote: I EXPECT A CLEAN CONTRACT AS WE WORK THROUGH IT. I HAVE MY CONTRACT FOR THE HOUSE I JUST PURCHASED, I EXPECT THEM TO BE IDENTICAL APART FOR THE OBVIOUS CHANGES. knoxy2006 - 2021-05-14 16:15:00 |
| 9 | desi1969 wrote: POSSIBLY ON THE FACE OF IT, BUT WITH AN AGENT VIEWING, THEN WITH THE WIFE ALSO VIEWING, SMALL TALK ON BOTH CAMPS WITH A VERBAL OFFER PRESENTED THE NEXT DAY, IT SEEMS ALL GENUINE. I GET A CLEAN CONTRACT WITH ALL THE RIGHT BOXES FILLED IN. I SHOULD BE FINE. I HADNT THOUGHT OF THE DEPOSIT GOING INTO A TRUST, I HAD ASSUMED MY OWN ACCOUNT, BUT A TRUST PROTECTS BOTH PARTIES. IF IT GOES INTO MY ACCOUNT THEN YOU GOT TO SAY ALL PARTIES ARE TRYING TO DO IT BEST FOR EACH OTHER. TIME WILL TELL. knoxy2006 - 2021-05-14 16:21:00 |
| 10 | I thought it was NZ Sign Language week not NZ Shouting Week. sparkychap - 2021-05-14 16:33:00 |
| 11 | sparkychap wrote:
Gone deaf! jeffqv - 2021-05-14 16:35:00 |
| 12 | How did the agent know you wanted to sell? sparkychap - 2021-05-14 16:36:00 |
| 13 | jeffqv wrote: there fixed that for ya sparkychap - 2021-05-14 16:38:00 |
| 14 | sparkychap wrote:
Sooo kind! Have a great weekend jeffqv - 2021-05-14 16:40:00 |
| 15 | Nah, this be a trolling thread. apollo11 - 2021-05-14 17:03:00 |
| 16 | Good on ya knozy2006, if your happy with the price then very simple, get your lawyer to cover your ass for the paper work, 2 heads better than one, we did this 20 years ago, was no problems, read and read again. msigg - 2021-05-14 17:19:00 |
| 17 | apollo11 wrote: no, recent threads on commission and how to sell a house… sparkychap - 2021-05-14 17:34:00 |
| 18 | knoxy2006 wrote:
You don’t need a sales and purchase agreement. The back of an envelope will be fine. committed - 2021-05-14 17:38:00 |
| 19 | apollo11 wrote: orphic1 - 2021-05-14 17:51:00 |
| 20 | sparkychap wrote: apollo11 - 2021-05-14 17:53:00 |
| 21 | apollo11 wrote: orphic1 - 2021-05-14 17:59:00 |
| 22 | A private sale can work well but NOT WITHOUT LEGAL ADVICE. We bought a house privately a few years ago and our lawyer plus the seller's lawyer worked together to make sure all was above board. Well worth the money. kitty179 - 2021-05-14 18:01:00 |
| 23 | do you know how to do a title search? and the million other things a lawyer checks in the background? no? please, please do yourself a favour. kittylittle - 2021-05-14 18:04:00 |
| 24 | knoxy2006 wrote: when you actually go to sell the property and buy another property how is that going to happen for you. Do you think you can do this somehow.? gabbysnana - 2021-05-14 18:20:00 |
| 25 | orphic1 wrote: No Awapuni sparkychap - 2021-05-14 18:29:00 |
| 26 | I'm pretty sure the OP is just asking around legal advise around the contract - don't think they actually hoped to discharge their mortgage and register a change of ownership with LINZ on their own.... I hope. sparkychap - 2021-05-14 18:32:00 |
| 27 | sparkychap wrote: They had to shout because the warning bells were so load. gamefisher - 2021-05-14 19:11:00 |
| 28 | gamefisher wrote: very good game fisher, very good Edited by sparkychap at 7:17 pm, Fri 14 May sparkychap - 2021-05-14 19:17:00 |
| 29 | sparkychap wrote:
Was until the last word superdave0_13 - 2021-05-14 19:20:00 |
| 30 | superdave0_13 wrote: everyone’s aloud to make one spelling error sparkychap - 2021-05-14 19:27:00 |
| 31 | sparkychap wrote: groan. pcle - 2021-05-14 19:33:00 |
| 32 | pcle wrote: That would have been better. sparkychap - 2021-05-14 20:05:00 |
| 33 | sparkychap wrote:
But will a fire truck be able to fit through the folly. trouser - 2021-05-14 23:17:00 |
| 34 | I smell a rat with this agent. Possibly going to resell for a big profit. ginks - 2021-05-15 10:18:00 |
| 35 | ginks wrote:
I asked the question at #3 but it remains unanswered. johnston - 2021-05-15 11:28:00 |
| 36 | OP may have lost potentially tens of thousands of dollars by not using an agent, especially with prices going up so fast, and then tries to 'bare bones' the paperwork side. There is a point where frugality becomes it's own worst enemy. apollo11 - 2021-05-15 12:04:00 |
| 37 | Saving 41,000 against potential losses of $XX,000. Sounds sensible? amasser - 2021-05-15 13:57:00 |
| 38 | jeffqv wrote: But do read through the contract thoroughly yourself - don't just rely on 'your' lawyer looking at it and saying 'all good'. If you have any questions about anything ask your lawyer to explain even if it is just a definition of a term in the small print - to easy to assume everything is fine, until something turns a little pear shaped and you find that no - you don't have any comeback. brouser3 - 2021-05-16 13:52:00 |
| 39 | kittylittle wrote: Doing a 'title search' is the easy bit. Knowing how to read it and understand what things like caveats, easements, etc etc mean is the hard bit - and honestly most 'simple residential sale' practitioners don't pay much attention to researching the backgrounds of that stuff - and do even less research into District Plan stuff and how it can all tie in and effect the property. brouser3 - 2021-05-16 13:57:00 |
| 40 | ginks wrote:
That was my first thought also familiadude1 - 2021-05-17 10:06:00 |
| 41 | As Johnston said further up the thread......re this private sale. 'What could possibly go wrong?' shanreagh - 2021-05-17 10:15:00 |
| 42 | knoxy2006 wrote:
OMG the wife’s know travlr - 2021-05-18 16:44:00 |
| 43 | Ordinarily if an agent wants to buy a home they have to get a registered valuation to ensure a fair independant market value, you would hate for them to buy it, change their minds and remarket it for more. shorebee - 2021-05-19 13:29:00 |
| 44 | shorebee wrote:
Only if listed with their agency but ... johnston - 2021-05-19 13:37:00 |
