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Saving commission when selling property

Apr 17 2015 17:03

A Fin24 user wants to know how he can save on paying commission when selling a property. He writes:

I have a buyer for a property. How can I sell it without involving an estate agent?

This would be to save on the commission.

READ: Sales commission for an estate agent

Ruark Ferreira, co-founder and COO of the property company Ekaya.com, which focuses on bringing private landlords and tenants together, responds:

You are perfectly within your rights to sell privately, but remember you need to do much more work yourself such as market research in determining a realistic selling price and handling viewings.

Once you have found an interested buyer you need to assign a conveyancing attorney to handle the legal matters. You may have to collect and drop off documents as well as arrange all required compliance certificates - like beetle and electrical.

The conveyancing attorney will also be able to supply you with an offer to purchase or sale agreement to use.

READ: My estate agent horror

It is extremely important, especially for the potential home-owners out there, to be aware of the fact that the terms within the Consumer Protection Act (CPA) are not applicable in the purchase of a property from a private seller. That being said, you still cannot knowingly deceive the buyer about the property.

The above is not definitive legal or tax advice on how to sell property. I recommend you get advice from your conveyancing attorney.

There is a wealth of information on the subject for you to read on the website of the Estate Agency Affairs Board of SA, but you should also speak with your conveyancing attorney as they will be able to assist you with queries unique to your buyer.

ALSO READ: Who protects the property buyer?

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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property  |  money  |  money clinic
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