The estate agent’s responsibilities to the buyer

The estate agent’s responsibilities to the buyer

As a buyer, you will not pay an agent for services provided in selling the property.
Buyers may deal with several agents or agent’s representatives, depending on who is handling the sale of the property they are interested in.
You can leave details with one or more agents indicating the type of property you are seeking and an approximate price range. The agent may contact you when suitable properties become available.
As a buyer, you can expect an agent to:
•    take your details and provide advice about relevant properties for sale
•    answer your questions about listed properties
•    arrange inspections
•    provide you with a copy of the vendor’s statement and contract of sale when available
•    communicate genuine offers from you to the seller
•    organise the signing of the contract of sale.

Buyer’s advocates

A buyer’s advocate is a licensed estate agent who, for a fee or commission, acts for a buyer instead of a seller. They can source properties, bid at auction and generally represent a buyer throughout the buying process.

Advertising

An estate agent must not misrepresent the price of a property for sale or lease. The advertised price must be fair and reasonable and reflect the instructions of the seller and the opinion of the agent of the property’s selling price.
Any changes to the seller’s instructions or agent’s opinion during a marketing campaign likely to affect the selling price must be reflected in the advertised price. For example, if a higher offer is made for a property and rejected, the advertised price must be updated unless the seller changes their mind.

The agent-principal relationship

The relationship a seller has with an agent is different to the relationship the agent has with a buyer. Agents must act responsibly and ethically when dealing with both buyers and sellers. But buyers should be aware that the main responsibility of the agent selling the home is to the seller.
Conveyancing, vendor’s statement (section 32), owners corporations and buying off the plan
The transfer of ownership of land from the seller to the buyer is called a conveyance of land. This is usually undertaken with the help of a legal practitioner or conveyancer. Buyers and sellers should engage their own legal practitioner or conveyancer.
Conveyancers
A conveyancer is someone, other than a legal practitioner, who is licensed to undertake property conveyancing work and to do legal work or give legal advice about the transfer of title.
Conveyancers can be engaged by a seller to prepare the vendor’s statement and other legal documentation, such as the contract of sale. They can be engaged by a buyer to check the vendor’s statement, advise on the terms and conditions in the contract of sale and conduct searches.
Licensed conveyancers must have professional indemnity insurance.
Get written quotes before choosing a legal practitioner or conveyancer.


Buyer’s tip

Before you make an offer on a property or bid at an auction, have a legal practitioner or conveyancer carefully check the vendor’s statement. You should also consider getting a building inspection from a qualified building inspector.
Owners corporations
If you buy a unit, flat or apartment, you will be provided with your own certificate of title. However, you are not just purchasing the individual property but also the shared ownership of, and the right to use, common property as set out by the plan of subdivision.
Where a plan of subdivision creates common property, there must be an owners corporation. The owners are referred to as lot owners or members.
As a member of an owners corporation, you have the right to vote on decisions about its operation. You will be required to contribute to costs for repairs, maintenance and insurance for the common property shared with the other lot owners.

Before buying, make sure you carefully check:

•    the cost of being a member of an owners corporation
•    how the owners corporation operates, including whether it uses an owners corporation manager
•    the vendor’s statement
•    the owners corporation certificate, attached to the vendor’s statement, which states whether there are any proposed works, fee increases or potential or existing legal claims affecting the property
•    the plan of subdivision, to determine lot boundaries and common property
•    the contents and conditions of the contract of sale
•    the owners corporation rules
•    any leases or licences of common property
•    minutes of previous annual general meetings.
Buyer’s tip
Buying in an owners corporation means living with common property– and certain rights and responsibilities apply.
Lokasi: Amerika Serikat

Komentar

Posting Komentar

Postingan populer dari blog ini

Thinking About Buying Your First Home?

Thinking About Buying Your First Home? With interest rates low, many renters are starting to think about purchasing a home of their own. While simple rental cost vs. mortgage cost comparisons can be very attractive, buying a home is a serious commitment, and there are many factors to consider: How long you plan to live in the home. Selling a home costs money.  If you potentially may have to move in the short term, the value of your home may not have appreciated enough to cover the costs of buying and selling. The length of time that it will take to cover those costs depends on various economic factors. Average appreciation tends to sit at around 5% per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs.  The real estate market can be particularly volatile, however, and dramatic swings up and down are not uncommon. How long the home will meet your needs. What features do you require in a home to satisfy your lifest...
Baca selengkapnya

How to Buy Your First Home....the Easy Way!

How to Buy Your First Home....the Easy Way! Avoid the 10 Most Common, Painful, Mistakes First-Time Home Buyers Make Buying a residence can be a hair raising experience. You will experience a roller coaster of emotions while finding the right place, securing the loan and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment. Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first home? This special report is designed to help you avoid 10 common and crucial mistakes. The right real estate professional can help you make good sound business decisions based on your personal situation. Inspect, Inspect and Inspect - Go over the inspection report with a fine tooth comb. Make sure the report was done by a profe...
Baca selengkapnya

Dealing with an estate agent

Dealing with an estate agent Although you can buy and sell property directly, most people will deal with an agent. Laws govern the licensing and conduct of agents. These laws prohibit unethical practices such as misrepresentations about property including the price, location, size and dummy bidding at auctions. Licensed estate agents and agents’ representatives A person or company acting as an estate agent, advertising that they are carrying on the business of an estate agent or who holds themselves out as being ready to act as an estate agent for payment must be licensed as an estate agent in Victoria. An agent’s representative must meet prescribed eligibility requirements and be employed by a licensed estate agent who is responsible for the conduct of the agent’s representative. Only deal with a licensed agent or an authorised agent’s representative. To check whether someone is a licensed agent or an agent’s representative, contact the Business Licensing Authority on 1300 135 452 o...
Baca selengkapnya