2 Comments Self-managed super funds, superannuation, wealth management
I should think that you would want to get an agent to help you manage the sale and even the property management after you've found a willing buyer. Chances are that they should be able to help absorb the legal aspect of things into their job scope too so that you have less to worry about. As long as you get a reputable and licensed agent in your area, I don't see why you wouldn't be able to benefit from passing the responsibility off to a nice realtor!
If it was me I'd be selling the place to the purchaser with a contract that specifies a mortgage to myself, the conditions for repayments including interest rate and movements of that rate and the requirement for insurance would be included in the mortgage document. I'd have a solicitor draw this up for me. Done properly now will save a fortune in legal fees later on if anything goes wrong.
You could set an initial interest rate, base it on a typical bank rate, perhaps discounted a little to make the loan attractive and have it move with the CPI annually.
You need to pay attention to the default conditions and what happens to allow you to reclaim the property should the purchaser default on payments. Care here will stop you having to go back to court numerous times to reclaim the property.