What is an Off-Market Sale?
AN off-market sale refers to the sale of a property that occurs without traditional public marketing.
This type of sale often arises through personal networks, buyer’s agents, or direct negotiations. Selling property off-market can offer privacy, flexibility and cost savings.
While off-market sales can be quicker and more discreet, sellers need to be aware that an off-market sale does not automatically exempt them from the legal framework that governs property transactions in Queensland.
This includes the seller’s disclosure regime that began on August 1.
KEY LEGISLATIVE REQUIREMENTS
The agent appointed to sell a property off-market must still comply with all standard legal obligations, including:
- entering into a valid Property Occupations Form 6 Appointment of Property Agent (PO Form 6) with the seller/s;
- preparing a valid and legally binding contract of sale;
- giving a buyer a Queensland Government statutory Form 2 Seller Disclosure Statement and prescribed certificates for the property, before the buyer signs the contract;
- disclosing any other material facts about the property; and
- ensuring compliance with safety regulations (e.g., smoke alarms).
It is important to be clear with the seller from the outset that if they want to sell their property, a Form 2 will be needed and that this will incur some costs to them.
