Sell Buy Rent

Guidelines for Expressions of Interest


 

Guidelines for Expressions of Interest

 

What is an EOI form?

It is a form that is completed by potential buyers to formally advise an estate agent of their interest in a property offered for sale by EOI.

Things you need to know about an EOI
This is a negotiation process that may lead to the property being sold:

sellbuyrent's EOI form is not a contract;

A person property owner has the final say about whether and to whom they sell, and is under no obligation to a person who submits an EOI

A property is not sold until a formal contract (including a Sale of Land Act 1962, section 32 statement) is signed by the property owner and buyer and exchanged between them 

 

My/our expression of interest is:

 

Date of offer:                      /              /             

 

Submitted by:                                                                                                                                                           

 

Submit my/our expression of interest in the Property on the following basis:

 

·        It is confidential and will only be made available to and discussed with the owner;

 

·        It is not an offer and does not create legal rights or obligation;

 

·        The owner can choose whether or not to consider it;

 

·        The owner/Agent does not have to tell me/us, before negotiating with others;

 

·        The owner/Agent does not have to give me/us the chance to revise my/our expression of interest, before selling the property; and

 

·        I/we understand others may also submit expressions of interest

 

Would like to submit an offer to the vendor/s of the property being sold at:

 

__________________________________________________________________________________

Offer to purchase: $                                                      

Special conditions I/we want to include in a contract of sale are;

 

1.                                                                                                                                                                                

2.                                                                                                                                                                                

3.                                                                                                                                                                                

 

Signed by:                                                                                                                                                                

Printed name:                                                                                                                                                           


Guidelines for making an Offer To Purchase


 

Guidelines for making an Offer To Purchase

 

What is an OTP form?
It is a form that is completed by potential buyers to formally advise an estate agent of their interest in a property offered for sale by submitting an OTP.

 

Things you need to know about an OTP
This is a negotiation process that may lead to a property being sold:

 

·        sellbuyrent's OTP form is not a contract it is only a guideline.

 

·        A property owner/vendor has the final say about whether and to whom they sell, and is under no obligation to a person who submits an OTP.

 

·        A property is not sold until a formal contract (including a Sale of Land Act 1962, section 32 statement) is signed by the property owner and buyer and exchanged between them.

 

My/our Offer to Purchase is:

 

Date of offer:                    /             /            

 

Submitted by:                                                                                                                                                                        ____

 

I/we submit my/our Offer to Purchase the Property on the following basis:

 

·        It is confidential and will only be made available to and discussed with the owner (vendor).

 

·        The owner/vendor can choose whether or not to consider this offer.

 

·        The owner/agent does not have to tell me/us, before negotiating with others.

 

·        The owner/agent does not have to give me/us the chance to revise my/our Offer to Purchase, before selling the property.

 

I/we would like to submit an offer to the owner/vendor/s of the property being sold at:

 

___________________________________________________________________________________

Offer to purchase: $                                                    

Special conditions I/we want to include in a contract of sale are:

 

1.                                                                                                                                                                                

2.                                                                                                                                                                                

3.                                                                                                                                                                                
 

 

Signed by:                                                                                                                                                               

Printed name:                                                                                                                                                                       


Congratulations!


Congratulations!

Congratulations on finding your new home!  

Your offer has been accepted! What's next?

This handbook will help you prepare for what's to come and the team at sellbuyrent will be with you through the entire process.

To get your purchase underway, could you please provide us with the below details, then we can start making arrangements for your purchase documents.

If you could please provide:

  • The FULL names of the parties to be listed as the purchaser (including middle names).
  • Your correspondence address.
  • The name of your conveyancer or solicitor.

Our handy tips will help keep you focused on the important issues–both before you sign a contract and after. Your sale process should be straight forward but for any reason, if you have any questions please feel free to  call me at any time.


Take Your Time


Take Your Time

Never rush or be pressured into making hasty decisions. There is a lot of money at stake and you will be paying your mortgage off over many years. Make sure you are committing to the right property for you.

Finance - Get your finances in order before you start looking for a property. You should spend time deciding exactly what you need and can afford. Finance includes a holding deposit of 5—10% of the purchase price (cash/Bond deposit) and payable within 10 business days, with the balance owing on settlement day.

Choosing a lender - The main types of lenders are banks, building societies and credit unions. Mortgage Brokers act on behalf of lenders, such as Mortgage Finance Solutions in Wodonga. There is intense competition amongst lenders who offer a variety of packages, options and methods of payment. The loan that appears to be the cheapest because it has the lowest interest rate may not necessarily be the cheapest in the long term when fees, ongoing charges and penalties are included.

Most lenders will approve a loan in principle ('pre-approval’), allowing you to be confident of your spending limit. Pre-approval is only valid for a limited period and needs to be renewed after this period. Typically there are three areas that lending providers look at when approving your loan: how you will service the loan; what equity you will have in the property; and your credit rating.


Making An Offer


Making An Offer

Once you have decided on the property, your agent will help you in negotiating the Purchase Price-what you are prepared to pay for the property and any other conditions for consideration including satisfactory pest and building inspections. If you want to make an offer to buy a property, do so through the agent managing the sale, who will then communicate it to the seller. Verbal offers are not legally binding until confirmed in a contract of sale signed by both parties.

The agent may require you to pay a deposit, which will be returned if for any reason you can not fulfill the conditions within the contract of sale. The deposit must be paid into the agent's trust account within 10 business days from the acceptance of your offer. An offer becomes binding when both parties sign the contract of sale and all conditions are met.  Please note that the agent is legally obliged to express to the vendor all further expressions of interest to purchase until such time as contracts are signed.

Terms for settlement can be 30, 45, 60 or 90 days, or any date agreeable between yourself and the seller (to coincide with annual leave etc).  This is negotiated with the Seller/Vendor by your agent.


Appoint a Solicitor/Conveyancer


Appoint a Solicitor/Conveyancer


Buyers and sellers should engage their own legal practitioner or conveyancer to carry out the contractural process on their behalf, (if you require recommendations for a Solicitor/Conveyancer, please ask).

A Conveyancer is someone, other than a legal practitioner, who is licensed to undertake property conveyancing work and to do legal work or give legal advice about the transfer of title. Conveyancers can be engaged by a seller to prepare the vendor's statement and other legal documentation, such as the contract of sale.

Legal Practitioners must hold a current practicing certificate and have professional indemnity insurance.

Recommendations

Steven Hopper

Principal Lawyer, First Point Legal & Conveyancing

Email: steven@firstpointlegal.com.au

Phone: (02) 6023 1563

Fax: (02) 6023 1590

Wodonga Office: 84 High Street, Wodonga VIC 3690

Wodonga Mailing: PO Box 61, Wodonga VIC 3689

Adam Koster: 

Lawyer, McHargs Solicitors  

BA LLB (UOW) GDLP (QUT)

 

Address: 81 High Street, Wodonga, VIC 3690

Phone: 02 6024 1677

Fax: 02 6024 7853

Email: akoster@mchargs.com.au

Mailing: PO Box 145, Wodonga Vic 3689

Peter O'Connell

Conveyancer, Sargeant's Conveyancing Wodonga

Address: 85 High Street, Wodonga VIC 3690

Phone: 02 6056 9873

Fax: 02 6056 4677

Email: office@sargeantswodonga.com.au

Website: www.sargeantswodonga.com.au

Northey Legal & Conveyancing

Address: 8 Stanley Street Wodonga

Phone: 02 6055 7200

Fax: 02 6024 7200

Email: reception@northeylegal.com.au 

Website: www.northeylegal.com.au

Michelle House

Michelle House Conveyancing 

Address: 119 Hume Street, Wodonga VIC 3690

Phone: 02 6024 4169

Mobile: 0417 372 902

Email: mhouse@conveyancingwodonga.com.au


Contract of Sale


Contract of Sale

Before the contract is signed the purchaser must be provided with a copy of the vendor statement.  This is generally attached to the contract. The vendor’s statement contains information about the property’s title, including mortgages, covenants, easements, zoning and outgoings such as rates. It does not include any information about the condition of building, whether they comply with building regulations or if measurements on the certificate of title (or similar documents evidencing title) are accurate. It is the buyer’s responsibility to find out about anything not covered in the vendor’s statement.

Buyers generally sign a contract of sale when making an offer. The contract contains details of the property, names of the seller and buyer, seller’s agent, price, the deposit payable, balance owing at settlement and any special conditions such as a ‘subject to finance’, conditional upon satisfactory pest and building inspections which offer protection to you, the purchaser. Any special conditions contained within the contract of sale are generally required to be fulfilled within 10 business days.

You will need to provide your Agent with the following information for the Contract of Sale to be prepared:

  • The name of your conveyancer / solicitor.
  • Your full name(s) including middle names.
  • Your correspondence address.
  • Any special conditions including formal finance approval and satisfactory pest and building inspection.

Contracts are prepared and delivered to your solicitor, who will contact you to sign. You will also need to sign copies of the Section 32—Vendor Statement. Please sign the Contract of Sale as soon as possible, as until a Contract of Sale is entered into, the property is available for purchase. It also allows the Seller/Vendor to sign quickly, as some banks require an exchanged copy of the Contract of Sale to approve finance.

When your finance is approved a 5—10% deposit is due and payable based on the purchase price. Your deposit is held in our sellbuyrent Trust Account until such time that the property settles and is not disbursed early unless instructed by your Solicitor/Conveyancer. If for any reason your bank requires any additional time to have your finance approved, we’ll arrange an extension for you with the relevant Solicitors/Conveyancers.

 


Building and Pest Inspections


Building and Pest Inspections

Consider engaging an independent qualified building inspector, surveyor or architect to provide a building inspection report. Also consider engaging a qualified pest inspector. Use an inspection service with full professional indemnity insurance. This will protect you if the inspection misses a problem that must be fixed. These need to be completed within 10 business days (if you require a recommendation for either a building or pest inspector, please ask).

Recommendations

Albury Regional Inspection Specialists (ARIS)

Colin Lowe

0455 664 350

(Can do both pest and building inspections)

John O’Connell and Associates

Bill Vost

0417 990 010

(Building inspection only)

Hume Pest Control

Noel Crossman

0412 576 541

(Pest inspection only)

Andrew Bounader 

(Can do both pest & builsing inspections)

02 6043 3751


Pre-Auction Offers and Inspections


Pre-Auction Offers and Inspections

Offers may be made through an agent before the auction date, if the seller agrees. The purchaser, if buying pre-auction may be asked to sign an unconditional contract, thus no allowances for special conditions will be accepted.

If an offer is accepted less than three clear business days before the auction date, then no cooling-off period applies. On the day of the auction the property may be open for inspection, generally half an hour before the bidding starts. This allows prospective buyers to have a final look at the property, the relevant paper work and the auction rules.

On the market

During an auction the auctioneer can pause proceedings and say they are 'going inside' or 'seeking advice or instructions; from the seller. Generally, if the seller is satisfied the reserve has been reached, or is prepared to sell at the bid offered, the agent will then announce that the property is 'on the market'. This means that the property will then be knocked down to the highest bidder. If the reserve has not been met, the auctioneer will seek further bids. If the reserve is still not met, then the property may be 'passed in'.

 


Sold - Unconditional


Sold - Unconditional

Once finance, pest and building inspections have been approved, and your deposit has been paid, the sale is then referred to as 'Unconditional'. This begins your countdown to Settlement day. Start packing!

If the property is tenanted, and you are taking occupancy, a 60 day 'Notice to Vacate' will be issued at this point to the tenant ending their tenancy.

Cooling-off period

A cooling-off period of three clear business days applies to private sales. To end the contract within that period, the buyer must give written notice to the seller or the seller's agent.

The buyer will be entitled to a full refund of monies paid, less $100 or 0.2 percent of the purchase price, whichever is the greater.

The cooling-off period does not apply where the:

  • property was purchased within three clear business days before or after a public auction,
  • property is more than 20 hectares and used mainly for farming,
  • buyer has previously signed a contract for the same property with the same terms.

When is it sold?

The property is sold when both parties have signed the contract of sale and all specific conditions have been satisfied. All parties who sign the contract must be given a copy. The sale is finalised at settlement when all checks have been made, the title and transfer documents exchanged, and the balance of the purchase price paid.


Pre-Settlement Inspection


Pre-Settlement Inspection

The purpose of the pre-settlement inspection is to ensure the property is in the same condition as first inspected.

This can take place one to two days prior to the Settlement date. Your agent will meet you at the property to show you through. As your agent, we will always take you through the property at the pre-settlement inspection. If there are any outstanding issues to be dealt with your agent will discuss these with the seller on your behalf.


Settlement Period


Settlement Period

Settlement is the date in which the balance of the purchase price is paid to the seller, and the property title is handed over to the buyer. The seller and buyer generally negotiate the date, agreeable to both parties. Settlement is usually between 30 and 90 days but a buyer may be able to negotiate an alternative settlement period with the seller before signing the contract.


Settlement Day


Settlement Day

On the day of Settlement, your Solicitor/Conveyancer will advise you when this has taken place, usually between 10am-3pm. They will then advise your agent to release the keys.

This is the exciting moment when you can call into our Office and collect your keys.


Contact Us



Contact Us

If you have any further questions please do not hesitate to contact your agent.

Phone: 02 6056 9877

Email: frontdesk@sbrrealestate.com.au

Address: 1/103 Hume Street, Wodonga VIC 3690

Postal Address: PO Box 581, Wodonga VIC 3689

Opening Hours: Monday to Friday, 9am - 5:30pm


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