ANOTHER true story from the Martins.
Several years ago, we were negotiating with a lovely older lady about a cheapie rural block of land.
Rose was thinking of putting a tiny home on it and loved the idea of living in a country environment.
She had driven out and inspected the land and liked it but came back with some questions on what she could and could not do on the land.
So, we left our most recent phone conversation with her saying she was going to do some research and talk to the local council and then come back to us if she was interested in making an offer.
Several weeks went by, and one day I received a call from our office secretary asking if we could come to the office asap as Rose was there waiting for us.
“‘I don’t remember making an appointment with her?” I said
“But happy to come to the office to see her.”
We arrived at the office and sat down with Rose.
“I’m ready to buy that land,” she said and proceeded to open her purse and pull out $67,000 in cash to buy her land.
“Can you get the deed done today? she said.
“And when will the title change?”
Brian and I just sat there with our mouths wide open.
When we recovered, we explained how the real estate sales process happens in Queensland.
We organised the paperwork, took $6700 deposit from her (deposited into the company trust account) and two weeks later she owned her land.
By law, Queensland real estate agents can only accept up to 10 per cent of the sale price as a deposit into their trust accounts.
Now, for those of you who have not been involved in a real estate transaction for a while, or never, here is how it goes.
The owner signs a Form 6 Listing Agreement with the agent, who is responsible for managing the sale of the property, including paperwork, advertising, photography and floorplans, signage, open homes, negotiating, legal requirements and contracts.
Currently, a Form 2 (Seller Disclosure Document) is formalised by the seller’s solicitor and contains all information relating to the property, along with property searches.
This must be done by law and signed by prospective buyers prior to the signing of any contracts.
Now, as if that were not enough, as of July 1 this year, the agent is required to produce an Anti-Money Laundering AML report on all sellers and buyers.
This will include identity verification, Q & As about finance, cash sales, and reasons for buying and selling.
As agents, we hate this invasion of privacy, but it is now the law.
Agents not complying can receive a $28,000 fine on each transaction not adhered to.
Once all that is done, and we have a signed disclosure and contract of sale from a buyer, it is then up to the seller to either knock it back, or accept.
Sometimes there is a bit of negotiating with the buyers to get the right price.
But that is our job.
The average sale takes about 30 days. Less for cash sales.
More for complicated transactions and trusts.
There have also been some serious changes to taxation on trusts and investment properties, along with changes to negative gearing.
If you want to know more, call the Martins on 0419 755 109, or pop in and see us at ONE AGENCY The Martins Real Estate Bayside at Capalaba Park Shopping Centre – right near the Chemist Warehouse.
