SELLING PROPERTY, DIY Selling Tips & Information Click here for Glossary of Terms

Commission, See if you can negotiate the commission amount with the agent, compare costs from different agents, and watch out for additional fees and charges, particularly advertising.

Real estate Agents commission rates deregulated on 1 December 2014

You now need to negotiate a Commission Rate with the agent

Beware, agents are now able to legally charge higher commissions, previously for non commercial property which were set at a maximum of 5% on the first $18k then 2.5% thereafter.

Also some agents no longer include the cost listing of your property on realestate.com but charge for this and things such as a title search, advertising, photography etc, so read the Form 6 carefully to ensure you are agreeable to everything they propose to charge on top of their commission.

Appointment Period
The maximum term of appointment for sole or exclusive agency will change from 60 days to 90 days. However appointments that are for 90 days may be terminated after 60 days. The law will be clarified so that either party may end an open listing at any time by giving written notice.

New Forms
Form 6 replaces the Form 27C Appointment of an Agent
Form 7 Disclosure by the Agent to the Seller
Form 8 Disclosure by the Agent to the Buyer (agents commission from the seller no longer shown)

Disclosure of Commission to Buyer

Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller.

The Agents agreement has number of ways to list with the agent;

- Open Listing allows you and or other agents to advertise and sell

- Sole Listing allows you or the one agent you appointed to sell the property

- Exclusive Listing can result in the Agent obtaining commission, regardless of who sells the property, including yourself. Most Agents push for an Exclusive Listing so only they can sell your property.

The Agents Commission as of 1 December 2014

Prior to 1 December 2014 the maximum an agent could charge for a non commercial contract was 5% on the first $18,000.00 and then 2.5% on the price the property is sold for.

Seller Beware! Ensure you check the agents commission rates before signing the PAMD Form 6 which accommodates all agency appointments - for both letting and sales regardless of the property type.

The Deposit for the Seller should where possible be enough to cover

1. The 0.25% Penalty should termination be via the Cooling off Period

2. The agents commission to reduce the number of cheques required
Note: The Buyer/s may wish to negotiate a lesser deposit, and the deposit can be what ever is agreeable to both the Seller and Buyer.

Special Conditions, as it says these are special and are not standard, therefore you should read these carefully to ensure you understand their meaning, if not do not sign until you do, otherwise try to have them removed. Beware of conditions that are only for the benefit of the agent that may not be acceptable to a prospective buyer.

A Sustainability declaration From 27 June 2012, a sustainability declaration is no longer required when selling a house, townhouse or unit in Queensland.

Pool Safety Certificates. Pool safety certificates are required when selling or leasing a property with a pool. Pool safety certificates must be obtained from a licensed pool safety inspector. The seller can (if no safety certificate has been issued) opt to supply (prior to the contract being signed) a Notice of "no pool safety certificate" thereby placing the responsibility and cost to obtain a safety certificate including repairs or upgrades to fencing etc on the Buyer. You can also check the the Pool Safety Register on line via this link from 28 Feb 2011.

Tree Trimming and Fence Disputes
The Neighbourhood Disputes Resolution Act 2011 (NDRA) says that a tree-keeper is responsible for the proper care and maintenance of the tree-keepers tree i.e. are responsible for cutting and removing any branches of the tree that overhang a neighbours land.
NDRA s 83 mandates as from November 1 that a person selling land affected by an application or order must give to the buyer a copy of the application or order before the buyer enters into a contract of sale of land. If the necessary documents are not given, in cases where the seller was aware of the QCAT application or order, the buyer may terminate the contract at any time before the contract settles by giving a signed dated notice of termination to the seller or the sellers agent. If the seller was not so aware or had a reasonable excuse, the buyers only remedy is to sue the seller after completion for the cost of the necessary tree or shrub lopping.
Where the Seller does give a copy of any NDRA application or order to the buyer, the buyer automatically becomes party to the QCAT dispute with the neighbour.

Some Links to check for Selling your own property

www.domain.com.au www.diysell.com.au/

www.propertynow.com.au/Default.aspx www.buymyplace.com.au

www.agentinabox.com.au/home www.mypropertydirect.com.au/

www.noagentproperty.com.au www.smartvendor.com.au/

On the House.com Real Estate Institute of Queensland

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