Things to Know When Selling a House Privately in Tasmania

No agent sale in Tasmania

Talking with Leon Compton on ABC Radio, our licensee Andrew Blachut discusses the options for selling your home in Tasmania. Can owners negotiate a better deal on commissions? In fact, Mr Blachut argues that homeowners can sell without paying a commission at all! Play the audio to hear more.

How selling a house in Tasmania works

In Tasmania, the common way to buy real estate is by signing a formal contract offer that outlines the important terms of the transaction.

A ‘pro-forma’ Contract For Sale of Real Estate is commonly used by real estate agents, conveyancers, and solicitors.

This contract has two parts:

1. Standard Conditions of Sale
2. Particulars of Sale.

Using this form of contract isn’t mandatory and it can be adapted by agreement between vendor and purchaser.

The purchaser’s formal offer to purchase the property will include details such as:

1.     The purchase price being offered
2.      Details of the deposit offered
3.     A description of the property and details of chattels (e.g. stove, curtains, heaters) sold with it
4.    The timeframe proposed by the purchaser for settlement
5.     ‘Conditions precedent’ required by the purchaser, which may commonly include:

•  A finance condition – that the Purchaser can get the money they need to buy
•  A building inspection report condition – the Purchaser has had the property independently inspected
•  A condition that the offer is subject to the sale of the purchaser’s home – if the purchaser can’t buy without selling their current house
•  A condition that there are no legal restrictions on the use of the property that may hinder or prevent its use for the purpose proposed by the purchaser (e.g. the Purchaser may only wish to purchase the property if they can secure council approval for development for units, for example).

At the time of writing, changes to existing state legislation is being discussed that may introduce requirement of a Vendor Statement. Unlike other states (except WA), there is no mandatory cooling-off period for a property transaction within Tasmania.

Tasmanian private seller review

Michael sold his property in Lenah Valley in April 2018. “Very good website, with good functionality and very easy to use. Great brochures, and For Sale sign. Would recommend to anyone as the best way to sell your home,” he said.  View the sold listing

Cooling Off Period

No cooling-off periods apply to the sale of any property in Tasmania.

Want to know more? Read 4 things you should know about the cooling off period

Selling your home during coronavirus

Tasmania’s property market felt the repercussions of coronavirus and the heavy restrictions that were put in place in the first half of 2020. As a direct result, properties for sale plummeted as sellers withdrew their homes from the market while isolation and changed inspection protocols took hold and property prices dropped. 

However, as restrictions relaxed in June 2020, the property market returned to pre-coronavirus conditions. Experts predict Tasmania’s property market will hold its ground as consumer confidence returns.