George and Madeline, an elderly couple, who had owned their family home for many years were approached with a private offer to purchase the property by their new neighbours.

They had been thinking of down-sizing for a while, so signed the Agreement for Sale and Purchase that had been placed in front of them without any legal or other advice.

After they had signed the agreement they discovered they had sold for well under market value. There was nothing they could do about that as it was an unconditional agreement.

This problem could have been avoided if they had:

  1. Obtained a valuation from a valuer before agreeing to the price, or;
  2. Engaged an agent to sell the property for them and carry out an appraisal and the marketing of the property;
  3. Consulted their lawyer before they signed the agreement.

The comparatively modest investment in appropriate advice and services when selling their property could have avoided what turned out to be a significant loss for the couple.