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Buying and selling real estate
Buying or selling your home is probably one of the biggest financial
transactions you will ever undertake. Real Estate: A guide for buyers
and sellers provides an overview of the basic steps involved in a
real estate transaction and tips on how to avoid some of the common
pitfalls. It also highlights new rules and regulations that provide you
with greater protection when buying or selling real estate in Victoria.
Real Estate Agents and the Lies They Tell
Before setting out on any campaign of real estate investment, be sure
to read the book Confessions of a Real Estate Agent by Terry Ryder.
Although Ryder isn't actually an agent, he is a long time journalist and
researcher in real estate, and wrote this book based on his own
professional experiences, and from his discussions with the
few truly ethical agents.
The Cost of buying Real Estate
As the buyer of real estate you may incur costs including the sale price
of the property itself, stamp duty payable to the State Government,
conveyancing costs and other legal fees, building and pest inspection
reports, a valuation report, and costs payable to a financial institution.
As a buyer who terminates a Contract under the 5-business day cooling
off provision, you may have to pay a cost to the seller. The REIQ suggests
the following as the main costs of buying real estate -
Listed Property Trusts
LPTs allow investors to buy an interest in a professionally managed portfolio
of real estate. Investors in Listed Property Trusts gain exposure to both the
value of the real estate the trust owns, and the regular rental income
generated from the properties.
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