Things to know when consigning real estate

Real estate consignment is a legal form of buying, selling and renting real estate between 3 parties: the homeowner, the broker and the buyer. With this form, the owner will not work directly with the buyer but will completely authorize the intermediary, the broker, to carry out the entire transaction process. After the transaction is successful, the seller will take back the sale amount and pay the intermediary according to the pre-agreed rate.

In many cases, the seller and the intermediary also have terms clearly stated in the contract. Specifically, the intermediary accepts the deposit of the right to appraise the real estate and sell it at a price agreed upon with the owner, as long as after the transaction is successful, it can return the exact amount the owner previously requested.

Things to know when consigning real estate. (Illustration photo)

Benefits of real estate consignment

- The first benefit of real estate consignment will help the owner to quickly sell or rent the property, while all legal procedures are handled by the intermediary, without the need for the owner to handle it.

- Helps sellers save time, instead of sellers having to find buyers themselves, when consigning real estate, the intermediary will find buyers for you.

- The intermediaries are all specialized units, have worked a lot and are familiar with transactions, so sellers can rest assured in many aspects.

- Purchase and sale information is kept confidential.

- Limit unwanted risk factors.

Possible risks

- The seller must pay a consignment fee to be able to hire an intermediary to sell or rent the property quickly.

- Encountering an unreliable intermediary. In fact, there are some real estate consignment units that are unreliable or even fraudulent, causing sellers to face risks such as having their documents swapped, having their prices forced down...

Notes when consigning real estate

- Choose reputable units to consign real estate transactions, to ensure that the consignee will perform correctly in the transaction. Specifically, the time of purchase and sale is in accordance with the contract, the value of the real estate must not differ from the agreement, all transaction procedures must comply with legal regulations, and the commission fee must be clearly agreed upon.

- Carefully research service costs before consigning real estate, consult service cost and commission rates of many parties before signing the contract.

- It is necessary to check all contract information and the validity of the attached documents. If the agreement is accepted, both parties sign and each party keeps a copy of the contract.

Minh Duc (Synthesis)

Source: https://vtcnews.vn/nhung-dieu-can-biet-khi-ky-gui-nha-dat-ar904712.html