The Modern Law of Real Property - Term Paper Example

Reflection on Selling the House Introduction Putting a ‘for sale’ notice in front of my house appears to be the start to the process ofselling my house. However, it only entails one of the steps on a long journey that begins many weeks before suitors (potential buyers) visit my house. Other features include preparing the house for sale, setting a price, negotiating with potential buyers, and hosting open houses shows. All these steps are essential in the process of selling my house. The first step becomes the most important of all the steps. The step constitutes making clear the goals and making a decision to sell my house. The decision made in the process of selling my house will base on two models. First, the rational model specifically, the subjective expected reality. The importance of this model lies in the desire for me to make personal judgment. The second model will be the bounded rational model. In this framework, I consider the reality of other external factors influencing my decision making process. The greatest influence of this model comes while making important decisions such as setting the price and choosing an agent. Getting ready to sell my house The first decision required of me is deciding how I will sell my house. The best way available to me sell my house to one of the largest real estate audience in Australia is the Trade Me Property. The company also offers excellent value for promotion. However, making a decision to sell my house privately will increase the control I exert on the selling process. It offers a chance to deal directly with potential buyers. Furthermore, selling my house privately makes avoid remitting a commission fee to agencies. The process of selling my house by private means requires that I have adequate information during, before, and after the entire house selling process (Goff & Jones 1998). The law also stipulates that I can only sell my house. Taking responsibility to sell the house for someone else will require that I process a license that allows me to do so. Preparing my house for sale I need to carry out major renovations to make my house sale quickly. Improvements in the house are necessary before putting it on sale. Experts warn that renovating the house makes it sale quickly and not necessarily attracting a higher price. Improvements should be of quality but at low costs (Heydon, & Austin 1993). Experts recommend renovations that add value to the house. Examples of renovations are tidying the pantry and cupboards, having the knobs for your appliances and that they work and getting rid of clutter. Additionally, others are sweeping, or water blasting the path and driveway, replacing any light bulbs that do not work (Megarry & Wade 2000), and cleaning your oven and kitchen thoroughly. Removing stickiness on doors, washing and polishing the floors, washing the walls inside and out, and weeding and tidying the garden add to the list. Repairing dripping taps, ensuring gate and door handles work properly, cleaning the windows inside and out complete the list. Application of theories Choosing a method of selling the house and price To set the price of my house, I need to make a decision on non-fixed assets also called chattels and fixtures that will along with the house. Standard items to remain in the house are dishwasher, stove, light fixtures, curtains, as well as flooring and carpets (Hayton & Marshall 1996). The next step involves determining the selling price of my house. In making this decision, I have two considerations namely, the prevailing market price and the desired price. Two types of a formal valuation are available in the market. The methods are registered valuation and rateable valuation (RV).It appears under the bounded rational model. I can access rateable valuations freely from the local councils (Waters 2007). However, the method receives the least approval from market players and experts. Failure to re-evaluate the rates regularly is the main reason why it receives the least approval. Evaluations are more accurate and come from the registered valuations. The method offer current information about market movements. The method entails the utilization of a professional at a fee. Assessing the current price for property in the market and comparing with the offer price in the neighbourhood is another way of setting the price of the house. Analysing prices of similar houses for sale besides visiting the open shows is essential. Onsite property reports provided by Trade Me Property have samples of current sales in all the areas in Australia. Clear cases appear in the rational model with specific considerations of the subjective reality. Choosing the sales method Methods of selling the house are many and diverse including negotiation tenders, auctions, as well as buyer enquiry over (Ferguson 1993). Deciding to sell the house privately requires considerations an asking price that offers the fastest and easiest way of selling the house. Market experts suggest quoting a price slightly above the selling price, which allows a window for negotiation. Marketing the house The decision to dispose the house privately provides an excellent opportunity for me to market it by applying first-hand knowledge. The process shows off the value of the house as well as benefits enjoyed by acquiring the house. Description of the neighbourhood environment spices up the marketing process to the seller. In doing this, I need to have a better selection of images and photos of the house both from outside and inside. I have the responsibility of ensuring that the images and photos are span and spick illuminated with the most flattering light. Leaving the house before selling it adds another responsibility to the seller that entails cleaning uncluttered pictures in the house (Adams 1997). It makes the house appear a potential home to potential buyers as opposed to being just the house. After this exercise, Trade Me Property offers the opportunity to upload the images and pictures to their website with a brief description. Viewing descriptions of other properties available on the website helps in designing the type of description to attach to the house. Holding an open home show for the house as part of the selling exercise is the most recommended method as opposed to individual appointments. Players provide the following tip if I choose to hold an open homes show. They are ensuring both the garden and house are looking their best (Cheshire & Burn 2000), putting together a fact sheet with details of the house, it may include an aerial photo generated from rateable valuation, Google Maps, land size, floor size, property age, and information about rates. Seeking legal assistance While selling the house, I will invoke the services of a solicitor or a lawyer to ensure that the whole process is within the legal framework. The lawyer or the solicitor should have adequate experience in handling the transfer of legal titles also referred to as property conveyance. I have the opportunity to check with few solicitors to get various quotes for necessary work requirements (Craig 2002). Negotiating the selling of the house Drawing a sale and purchase agreement is the first step in the negotiating phase of selling the house. I can buy the agreement from District Law Society or ask my solicitor to draw a copy. I have a few issue to ponder while negotiating the house including hiring the services of a lawyer to negotiate the house price on my behalf if I feel I lack enough confidence to do so. Selling the house level has opened up my mind greatly. The studies at the degree level are very advanced as to begin with, I interact with people from across the world. It is very educative to share knowledge with other people in the world. These people have different cultures, and it sounds good to be able to understand them albeit through grapevine. I have concluded through firsthand experience that concepts in the house are delivered in a more mature way. It becomes a good way taught as duties including assignments accomplished without follow-ups. Use of an agent Choosing an agent I am comfortable working with is the most important of the considerations after deciding to choose to sell the house through a real estate agent. Real estate agents will always be in my house, I will work closely with them. Therefore, comfort is necessary (Schimmoller 2001). Agents have additional responsibilities of taking care of my possessions and representing me in negotiations involving the sale of the house. I have the responsibility of carrying out research on available agents to ensure that I arrive at the most reliable. These two factors contribute a lot because they generate income, and it becomes easy for one to be easily swayed especially because of the fact that education is tiresome and therefore needs a person to be disciplined and dedicated. Matters get complicated if one has to be working while at the same time finding time for studies. The best example would be for one to work during the day but go to classes in the evening. Family members, friends, workmates, my solicitor, and financial advisors are significant people who can help in getting the best agent in town. General vs. Exclusive marketing Giving my house to a single agency for a specific time defines exclusive marketing. Recommended time is a minimum of ninety days. Going exclusive sometimes includes some form of marketing (Butterworths & Stockwell 2002). Using several agencies at the same time entails general listing. The listings are less effective because most of the agents focus on individual exclusive listings. Experts prefer starting with general listings before narrowing down to exclusive listings. The broad perspective through which issues are articulated teaches me to be completely reliant. I am always encouraged to be either in the library or in the internet extracting information that I need either for my assignments or for daily classes. This concentration ha trained me on how to separate crab from truth, and now I can easily identify whether an information posted on the internet is true or false. I learn with people whose ages cut across the divide. There are young people, middle aged, and the elderly. The mixture gives an opportunity to learn how I am supposed to treat the different categories. Assessing the agent Interviewing the agent takes place after determining the agent with the highest potential to deliver success. The skills learnt in the strategic management unit set me apart by putting me a cut above the other people who may not have had the privilege to be students of strategic management. The unit is full of the best management ideas that include decision-making under uncertain conditions. This knowledge is very crucial in the sense that decisions made under circumstances that not clear economically is the difference between wisdom seen through the right decisions and projections made and doomed management that manifest itself through companies going into receivership or begging for bailouts. Discussing with an agent on my requirements entails an interview in all ways. Fee negotiation Sometimes, it is very expensive to use the services of a real estate agent. The expense covers both the commission fee and those accrued from marketing in the process of selling the house. Negotiating the fee upfront is the best way to handle the exercise. It is necessary to keep money save during negotiation considering the ever-increasing GST. The world economic crisis of 2007 is the best example to use in demonstrating this differences that may only be because of a slight change of direction (Ashburner 2013). References Adams, J., (1997). Principles of Project Management. By the Project Management Institute. Ashburner, W. (2013). Principles of Equity 2nd Edition, London, Butterworths. Butterworths Edwards, R. & N. Stockwell (2002). Trusts and Equity, Harlow England, Longman Cheshire & Burn (2000). The Modern Law of Real Property 16th Edition London Craig, H., (2002). Assess Your Aptitude, Mindset, and Potential. Contractor. Vol. 49(9). Ferguson, P. (1993). Constructive Trusts - a Note of Caution, 109 LQR 530 Goff & Jones (1998). The Law of Restitution 5th Edition, London, Sweet & Maxwell Hayton & Marshall (1996). Commentary and Cases on the Law of Trusts and Equitable Remedies 10th Edition, London, Sweet & Maxwell Heydon, Gummow & Austin (1993). Cases and Materials on Equity & Trusts 4th Edition, London, Butterworths Megarry & Wade (2000). The Law of Real Property 6th Edition, London, Sweet & Maxwell Schimmoller, B., (2001). The Changing Face of Project Management. Power Engineering. Vol. 105(5). Pp. 28-30. Waters, d., (2007). The Nature of Trust Beneficiarys Interest, 45 CBR 219-283 Read More