Ways you can sell your property
There are three ways you can buy or sell a property in the Northern Territory (NT).
- private treaty sale
- sale by tender.
You can sell the property yourself or use a real estate agent.
You should seek legal advice if you decide to sell property yourself.
A private treaty sale is when a property is offered for sale at a set price which is usually negotiated with a buyer.
This can include any of the these properties:
- existing home or unit
- house and land package
- a home or unit that is not yet built, or buying off the plan.
Negotiations during a private treaty
The sale is negotiated between the buyer and the seller, usually with the assistance of a real estate agent.
The potential buyers do not know what price other people may be offering for the property, if other offers are made.
A sale occurs when a contract of sale is signed by the buyers and sellers.
An auction is a public sale by a registered auctioneer. It is advertised for a specific date, time and place.
Sellers can run an auction or pay a real estate agent to organise it for them.
The contract to sell a property by auction is unconditional.
That means the buyer cannot make it subject to finance or inspection and there is no cooling off period.
Read more about auctions.
Sale by tender
A sale by tender invites potential buyers to submit an offer and all offers are considered at a specified time.
Last updated: 23 March 2016
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