Selling a Lifestyle Village house privately.

I want to sell my Lifestyle Village home in WA privately.I have previously sold several titled properties this way but don't know what documents I need to sell when I own the house but have a 60 year lease on the land. There is no title transfer involved but buyer must sign a lease with the village. Can anyone help with a template for a suitable contract form or point me in the right direction to find one. Can I use the non REIWA O&A form?

 

Fair enough if you want to do it without a real estate agent, but you'd be insane to do this without a lawyer handling the paperwork for you.

So hire one and don't try and DIY this.

 

So far I've been unable to find one who is familiar with this type of transaction and my maun reason for selling privately is, after allowung for exit fees, I can't afford agent commission.

 

So that's probably because it's quite complicated then? Are you going to keep looking?

 

Yes! I need to sell my home. A reputable RE agent had it for 3 mths achieving 1 enquiry, and a similar result with a village listing. It's a village in developement and they're too busy signing people up to build to bother selling my house.

 

So is it actually worth anything? I haven't heard of a such a long term land lease in a lifestyle village before. What are the lease terms?

 

Yes it's worth considerably more than I paid for it 1 year ago when compared to the huge price rise to build the same house here now. 60 yr lease is common for Lifestyle Village buy/lease model, not to be confused with a Retirement Village where it is usually 'lease for life' and you don't buy the dwelling but pay a premium similar to it's value from which a surrender fee is deducted upon vacating. The Lifestyle Village industry is relatively new in
WA which is why nobody knows how to sell. Even the agents who had it were scratching their heads until they decided to use the REIWA form which they would amend to suit.

 

then why do you say you cant afford the selling agents fees?

 

It's the sale of a leasehold interest, you are the tenant and the developer is the owner - nothing too complex on that side of things.

Lifestyle villages may be a new thing or rehashed terminology - a local solicitor will know very little about these, so find out whoich the solicitor handling the transfer of the new sales for the developer - there is no conflict of interest if the firm is sufficiently large if they are acting for the developer on different matters.

Alternatively, you may need a tier 1 law firm.

 

Do you still have the contact details of the conveyancer/lawyer who handled your transaction when you bought it? They might be a good place to start