Selling an IP

Discussion in 'The Buying & Selling Process' started by Investaa, 4th May, 2022.

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  1. Investaa

    Investaa Well-Known Member

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    20th Mar, 2017
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    Location:
    Melbourne
    We are thinking about selling an IP and we will contact a solicitor to prepare contract of sale and section 32 for us.
    However, I am not sure if we need another contract with the real estate agent and if this needs to be reviewed by our solicitor.
    The real estate agency is one of the major real estate agencies in Victoria with a branch in almost every suburb and the agent himself is a well known agent in the area with multiple sales and good results.

    Also, do you know if stadard sale agreement between vendor and real estate allows vendor to have reserve price even higher than appraisal provided by real estate agent?
    We do not want to sell under our reserve price.

    Thanks in advance.
     
    Investaa, 4th May, 2022
    #1
  2. Marg4000

    Marg4000 Well-Known Member

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    Always consider the length of time the RE agreement covers. The agent will go for the maximum, but you can change this. If happy, the agreement can always be extended.
     
    Marg4000, 4th May, 2022
    #2
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  3. The Y-man

    The Y-man Moderator Staff Member

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    There is a contract with the agent, but unlikely needed to be reviewed by a soli.
    It should be pretty plain language (like any other service provider).

    There is no such thing as a standard sales agreement AFAIK.

    Ask the agent before taking them on, along with charges, fees, commissions, advertising campaign etc.

    Remember they will be working for you (your are paying for their services).

    The Y-man
     
    The Y-man, 4th May, 2022
    #3
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  4. momentum26

    momentum26 Well-Known Member

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    You are the boss, and it should always be your call whether or not you would accept a particular price/offer.

    If you tell the agent your expected price during your initial consultation the agent is then legally the agent is expected to advertise at that price. It is funny how most agents would conveniently ignore and behave like that never happened so that they can underquote (to some extent offcourse) when advertising.
     
    momentum26, 5th May, 2022
    #4
  5. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

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    Would it be better to choose a different or separate Selling Agent than the current Renting Agent?
    or it will be a conflict of interest?
     
    [d4rk-fr3d], 17th May, 2022
    #5