There are several common ways to buy and sell real estate. Your agent will recommend a selling method based on the property´s type and location, the nature of the market and how quickly you need the property sold.
Ensure you understand all the pros and cons before deciding on a method of sale.
Private sale treaty
The most common method is where the seller advertises the property and invites offers from prospective buyers. The buyer and seller negotiate the sale, usually with the assistance of an agent. The sale is concluded with a written contract.
An auction is a public sale conducted at a specific date, time and place. Prospective buyers bid and the property is sold to the highest bidder
Sale by tender
A sale by tender invites competitive tenders from potential buyers where all the offers are considered at a specified time. This is becoming increasingly common.
Last reviewed 22/11/2011