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Statement of InformationSingle residential property located outside the Melbourne metropolitan area Sections 47AF of the Estate Agents Act 1980 Instructions: The instructions in this box do not form

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How to fill out comparable property sales

01

Step 1: Gather information about the subject property

02

Step 2: Research recently sold properties in the same location as the subject property

03

Step 3: Select comparable properties that have similar characteristics to the subject property

04

Step 4: Obtain details of the comparable properties, including sale price, square footage, number of bedrooms and bathrooms, lot size, etc.

05

Step 5: Analyze the comparable properties to determine adjustments for any differences in features or condition

06

Step 6: Make adjustments to the sale prices of the comparable properties based on market trends and differences in features

07

Step 7: Calculate the average adjusted sale price of the comparable properties

08

Step 8: Use the average adjusted sale price as an estimate of the fair market value for the subject property

Who needs comparable property sales?

01

Real estate appraisers

02

Real estate agents

03

Homebuyers

04

Sellers

05

Financial institutions for mortgage purposes

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What is comparable property sales?

Comparable property sales refer to the sale of properties that are similar in characteristics, such as location, size, and features, used to determine the market value of a specific property.

Who is required to file comparable property sales?

Typically, individuals or entities involved in real estate transactions, such as property owners, real estate agents, or appraisers, are required to file comparable property sales.

How to fill out comparable property sales?

To fill out comparable property sales, gather details of comparable properties, including sale prices, date of sale, property characteristics, and any adjustments made for differences.

What is the purpose of comparable property sales?

The purpose of comparable property sales is to assess property values accurately, facilitate fair taxation, and guide buyers and sellers in the real estate market.

What information must be reported on comparable property sales?

Reported information typically includes the addresses of the properties, sale prices, dates of sales, descriptions of the properties, and details on any significant differences between compared properties.

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