How does a private sale work?
The private sale process is very similar to a sale by tender (offer and negotiation) but it does not involve a real estate agent.
A private sale is also called a sale by private treaty.
The sale is conducted between the vendor and the buyer. A private sale may involve an intermediary (often a friend of the vendor) but the intermediary is not a practicing or registered real estate sales person.
Important: If you are buying a property by private treaty;
- you should consult your lawyer,
- pay the deposit to your lawyer to be held in a trust account,
- if you need mortgage finance, the lender will probably require a registered valuation so this should be conditioned for in the contract.
Check out our home buyers guide for a step-by-step explanation of the buying a home.
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