FAQs Private Sale
What is Private Sale?
Private Sale is a digital residential property sales platform provided by RightCost where buyers can make offers on a property and complete the property sales transaction digitally.
Who can list their property for a Private Sale?
Any property seller can list their property for Private Sale on RightCost. This includes private sellers who wish to sell their own property, real estate agents or agencies who would like to use an alternative and a digital avenue for selling their clients’ properties and property developers who want to sell single or a number of off-the-plan properties.
What is the duration of Private Sale?
Properties listed for Private Sale can stay on the website for as long as required by the Seller. The campaign period is selected by the Seller at time of listing and can be from 2 to 12 weeks. At any time, during the campaign, can buyers make digital offers on properties they have inspected and are interested in purchasing.
What is the Estimated Selling Price?
This is either a single price or a price range, based on recent sales around the same area of the property listed for Private Sale. RightCost is required by law to provide this estimate for every property advertised on the portal for sale. Providing an estimated selling price ensures there is no under-quoting done and also encourages a purchase price that is fair and reasonable for all parties involved.
Is there a cooling off period in Private Sale?
There is a cooling off period of 3 business days for properties purchased via Private Sale. However, please note that the deposit of 0.2% of purchase price digitally paid by the Buyer at time of acceptance of offer and digitally signing the contract of sale will be forfeited if the cooling off period is invoked and contract of sale cancelled.
What are the costs involved in purchasing a property via Private Sale?
If your offer has been accepted by the Seller or Seller’s Agent, you will be responsible for making a digital deposit payment of 0.2% of purchase price at the time of digitally signing the contract of sale. You will then receive an invoice and are then required to pay the outstanding balance of 10% deposit to RightCost Trust Account within 24 hours. There are a number of ways you can make this payment and instructions will be on your invoice.
Can I have a mortgage for this transaction?
Yes, but you must make sure your mortgage is in place before making an offer for a property in Private Sale or ensure you set the condition “Subject to finance” on any offers you make.
Do I have to have inspect the property before making an offer?
In Victoria, you or a nominated agent must have inspected the property before making an offer on a property. This is part of RightCost Terms and Conditions for making offers. We highly recommend you only make an unconditional offer on a property you have inspected and are satisfied with the condition of the property. You are able to set conditions on your offer, such as, finance, pest and building inspection, and other conditions available to you at the time of making an offer.
How do I inspect a property?
You must be a fully registered User in RightCost and have registered your interest in a property before being able to view address and Open For Inspection (OFI) times for a property.
You then need to register for a listed OFI time and ensure you view the property at the nominated time only.
Please refer to “How it works” for details on OFI times and requirements.
Are there fees associated with registering or participating in a Private Sale?
There are no fees associated with registering on RightCost. As a Buyer, you may use the portal at no cost. You are only required to make payment if your offer is accepted by the Seller and you are the successful purchaser of a property. In this case, you are responsible for the purchase price and required to make digital payment of 0.2% of purchase price immediately upon acceptance of your offer and digitally signing the contract of sale. You will then be sent and invoice and are required to make payment for the outstanding balance of 10% of purchase price and this payment can be made in a number of ways. Instructions on how to make this payment will be outlined on your invoice.
Can I make offers on multiple properties at the same time?
You may make offers on more than one property, however, you are responsible for purchase price of all properties where your offer has been accepted and you are the successful purchaser. RightCost highly recommends you wait for Seller's response on one offer before making another offer on a different property, unless you are certain you will be able to purchase both or all properties if your offers are accepted.