Selling by Private Treaty
The majority of properties in South Australia are sold by private treaty. This means that you offer the property to the market and invite offers from interested purchasers.
Sales by private treaty generally allow greater flexibility for negotiation. For instance, a contract can be signed ‘subject to' certain conditions such as a building inspection or finance approval. There is also a two day ‘cooling off' period applicable to properties sold by private treaty which commences after the contract is signed by both parties and a Form 1 has been served on the purchaser. This type of negotiation is often important for purchasers so do consider this when deciding whether to sell by auction or private treaty.
When offering a property for sale by private treaty you have the ability to vary the price whilst it is on the market and you will also have the opportunity to consider each individual offer from potential purchasers.
Your real estate salesperson will be able to offer advice on realistic selling prices and you can amend the details in your signed Sales Agency Agreement if required, by variations which must be in writing and signed and dated by both you and the sales representative.
For further information regarding the process involved for selling by private treaty, you may care to view 'Steps in the Selling Process'. Click here to view this section.
To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. This service is staffed by knowledgeable real estate professionals with many years of practical experience.