What is Cooling-off period
The agency agreement becomes binding when the principal (that is, you as the owner/s [vendor/s] of the property, or someone who is legally acting for you) and the agent have signed it. There is then a cooling–off period of one business day during which you can cancel (or ‘rescind’) the agreement. Saturday is included for the purposes of the cooling–off period, but public holidays are not.
The cooling–off period starts when you sign the agreement and ends at 5pm on the next business day or Saturday. For example, if you sign the agreement on a Friday, the cooling-off period ends at 5pm on Saturday. If you sign up on Saturday, the cooling–off period would usually end at 5pm on Monday, unless that is a public holiday, in which case it will end at 5pm on Tuesday.
The cooling–off period gives you time to read the agreement, consider the terms you have agreed to, including the agent’s fees, and get independent advice if you have any concerns. (source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements )
What is a contract for sale
A residential property cannot be advertised for sale until a contract of sale has been prepared. The contract must contain a copy of the title documents, drainage diagram and the Planning Certificate (s 10.7) issued by the local council. Property exclusions must also be included and a statement of the buyer’s cooling off rights must be attached.
If you are selling a residential property that has a swimming pool or spa, ensure it is compliant with the Swimming Pools Act 1992. For more information and to check your responsibilities, or to check if a property with a swimming/spa pool has a current certificate of compliance, visit the NSW Swimming Pool Register website.
The draft contract must be available for inspection at the agent’s office. It is important that you hire a solicitor or conveyancer to help prepare the contract. (source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements )
What is an Auction Agency Agreement
This is effectively an exclusive agency agreement where the property is listed for auction. (source: fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements)
What is an Open Agency Agreement/ General listing
This lets you list your property with a number of agents. You pay a commission to the agent who finds the buyer. (source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements )
What is a Sole Agency Agreement
A sole agency agreement is similar to an exclusive agency agreement. You give rights to one agent to sell the property but you may find a buyer yourself. If you find a buyer who has not been introduced by the agent, then no commission is payable to the agent. (source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements )
What is an Exclusive Agency Agreements
Exclusive agency agreements are commonly used for the sale of residential property. In this kind of agreement, you give exclusive rights to one agent to sell your property. This may entitle the agent to be paid commission if the property is sold during the fixed term of the agreement, even if the property is sold by you or by another agent. The agent may also be entitled to a commission if the property later sells to a person who started negotiating for the property with the original agent. (source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-property/agency-agreements )
What is a Sales Agency Agreement?
A “Sales Agency Agreement” is a contract between a real estate agent (the listing agent) and a seller that says that the agent has the right to list (advertise and handle the sale of) your house. It’s important to understand the terms of the agreement because you’ll be bound by them.
Your fees are so little compared to the other agents. What is the catch?
We have kept our overheads low by working smart. We do not invest in things which won’t have any benefits for the clients. For instance, we do not have any shopfronts like other traditional agents. Hence we are able to keep our fees low and pass the savings towards our clients.
What are your fees and charges?
There are three categories
1. Fixed Fee:
Upfront setup and marketing $2500 + GST (payable upfront and non-refundable)
Final payment on settlement $5400 + GST (No sell means No final payment)
For Auction extra $800 + GST (payable upfront and non-refundable)
2. Commission:
Upfront setup and marketing $2500 + GST (payable upfront and non-refundable)
Final payment on settlement 0.98% + GST of the selling price (No sell means No final payment)
For Auction extra $800 + GST (payable upfront and non-refundable)
3. No sale No cost:
Upfront setup and marketing $0
If you choose Fixed Fee service: Final payment on settlement $9900 + GST (No sell means No final payment)
If you choose commission-based service:
Final payment on settlement 1.5% + GST of the selling price (No sell means No final payment)
I have to make a choice between an updated home in an older neighborhood or a newer home in a more modern neighborhood. The home in the older neighborhood has almost everything I want and is much larger, but which makes the most sense as an investment?
If your goal is to buy a home for it’s resale value and the one you are thinking of buying in the older neighborhood is at the upper end of values for that neighborhood, then it may not be the wisest choice. If it is similar or lower in price to the others, then there should be no problem, because pricing should be considered in relation to the local neighborhood and not compared to homes in other neighborhoods (for the most part)
Plus, is it a neighborhood on the decline, or are others going to be fixing things up, too, so that it is a neighborhood that is improving? It could turn out to be a very good deal as long as you don’t “overpay” because of the recent improvements.
Remember that you also buy a home for it’s value to you as a “home,” and that is something else you should consider. Which neighborhood would you AND your family feel most comfortable in?
When buying a new home, what upgrades should we go for? What holds the most value? Do we upgrade the lot? Pick more square footage in the house? Add an extra bedroom?, etc.
A lot depends on why you are buying the house. Are you buying it mostly as a home or mostly as an investment? There is a difference.
For the most part, upgrades are high-profit items for builders. They aren’t designed to enhance the value of the house, but make you happier with the house you do buy.
If you are looking at your home as an investment, then you buy from the smaller to medium size in the tract and spend only a minimal amount on upgrades. If you are looking at your purchase as a home, then you select upgrades that will enhance your quality of living.
One rule of thumb is to always upgrade the carpet and padding.