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Statement of InformationSingle residential property located outside the Melbourne metropolitan area Section 47AF of the Estate Agents Act 1980 Property offered for sale Address Including suburb and

How to fill out comparable property sales

How to fill out comparable property sales

1. Gather information about the property you want to compare. This includes the address, size, age, and condition of the property.
2. Identify the comparable properties that have recently been sold in the same neighborhood or area. These properties should have similar features and characteristics to the property you are trying to value.
3. Obtain the sales data of the comparable properties. This includes the sale price, date of sale, and any additional information or factors that may have affected the sale price.
4. Compare the properties based on their similarities and differences. Consider factors such as location, size, condition, amenities, and any unique features that may affect the value.
5. Adjust the sale prices of the comparable properties to account for any differences. For example, if the comparable property has a larger lot size, you may need to adjust the sale price to reflect this difference.
6. Calculate the average or median price of the adjusted sale prices. This will give you an estimate of the value of the property based on comparable sales.
7. Document your findings and include them in any valuation report or analysis you may be preparing.

Who needs comparable property sales?

1. Real estate agents and brokers who are helping clients determine the listing or purchase price of a property.
2. Appraisers who need to assess the value of a property for loan purposes, insurance purposes, or legal disputes.
3. Homeowners who want to understand the market value of their property for refinancing, sale, or property tax purposes.
4. Investors who need to evaluate the potential market value of a property before making a purchase decision.
5. Government agencies or organizations involved in urban planning, land development, or public infrastructure projects.

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What is comparable property sales?

Comparable property sales refer to the sale of properties that are similar in characteristics, location, and value, used as benchmarks to evaluate the market value of a property.

Who is required to file comparable property sales?

Typically, real estate agents, property owners, and sellers involved in a real estate transaction are required to file comparable property sales.

How to fill out comparable property sales?

To fill out comparable property sales, one should gather relevant property details such as sale price, date of sale, property features, location, and any unique attributes, and then input that information into the designated forms or databases.

What is the purpose of comparable property sales?

The purpose of comparable property sales is to provide a reliable basis for property valuation, helping buyers, sellers, and appraisers determine fair market prices for real estate transactions.

What information must be reported on comparable property sales?

Information that must be reported includes the property's sale price, sale date, property type, square footage, number of bedrooms and bathrooms, and any special features or improvements.