When it comes to listings, it’s important to quickly seize upon opportunities when they arise. And in a competitive market, where so many agents are vying to secure listings, it can be tempting to jump the gun.
But starting to market a property before you have all the prescribed documentation in place is a big no-no.
“Section 63(2) of the Property, Stock and Business Agents Act 2002 (NSW), states that a real estate agent must not offer residential property for sale unless the required documents are available for inspection by prospective purchasers,” Mark Morgan, Consultant at Colin Biggers & Paisley, explained.
“Put simply, a marketing contract attaching certain prescribed documents must be available. These are title documents from the Land Titles Office, a zoning certificate from the local council and a sewer diagram from the water authority.
“Unfortunately, it can take time to compile these documents, which slows down the sales process.
“REI QuiContract sharply reduces any delay with a simple two-step online process, so you can obtain the documents you need and start marketing a property sooner.”
STEP 1: Title search
“The first step is to order a title search. All you need to do is enter a few details about the property for sale and pay a small fee of $10,” Mark said. “The results will be emailed to you immediately.
“Importantly, this search doesn’t just confirm the property owner’s name. It also indicates the existence of affectations, such as easements and caveats.”
Mark recommended that sales agents carry out this search prior to attending a listing presentation.
“Having the title documents on hand arms you with useful information,” he said. “As well as confirming the property owner’s name, it often shows things that even the owners don’t know about their property. So sharing this information is a great way to demonstrate your value to the client.”
STEP 2: Order contract and other documents
A quote for the full set of contract for sale documents is generated at the same time as the title search, so when it’s time to move forward you can quickly place an order.
“When you place this order, you’ll receive a Contract for Sale and Purchase of Land with the front page completed, and attaching a title search and copies of all title dealings.,” Mark explained. “We call this the preliminary document.
“Then, a few days later, the zoning certificate and sewer diagram will come through. They’re attached to the previous documents, so you don’t have to navigate through past emails and compile the document yourself. We call this the final document.
“Usually, the final document will constitute a full ‘marketing contract’ that’s compliant with the law and allows you to start advertising the property for sale. Sometimes though this is not the case. For example, REI QuiContract doesn’t supply swimming pool certificates.
“REI QuiContract makes the entire sales process simpler, faster and more transparent for everyone involved in the transaction.”
Mark said that by providing clearer information about the sales process before it commences, agents can demonstrate value to their clients.
“Also, having this information in hand, clients are in a better position to request firm conveyancing costs and timeframes from their solicitor or conveyancer.”
“REI QuiContract makes the entire sales process simpler, faster and more transparent for everyone involved in the transaction.”
– Mark Morgan, Consultant at Colin Biggers & Paisley