On behalf of the Vendors and First National Real Estate Burnie thank you for your interest in , . 

Purchasing business real estate can be a very exciting process, however it can also be confusing time for the prospective buyer. This eBook has been prepared to supply you with as much information as possible to help with your buying decision. With days on market of less than 30 days it is imperative that you inform us of your interest to allow us to keep you constantly informed of the progress of the sale - so you do not miss out.

We look forward to solving your housing needs soon.

With thanks
First National Burnie Sales Team

Purchasing residential real estate can be a very exciting process, however it can also be confusing time for the prospective buyer. As you may already be aware, different agencies usually have different sets of rules and standards, so we would like to inform you of the buying process should you decide to purchase a property through First National Burnie.

With technology integrated in our website, making an offer on one of our listed properties is now quick and easy.

• Click on ‘Buying’ in the menu and the ‘Sales Listings’ tab
• Select the property you’re interested in and follow ‘Make an Offer’
• You can either Make an Offer immediately or go through the ‘Prepare to Buy’ resource that’ll act as a checklist for everything you need to get ready (organising your finances and legal representation). When you’re ready to submit your offer, you’ll confirm your mobile number with a verification code that’s sent through our secure system.
• Next, it’s time to put in your offer for the property. Enter the amount, followed by your settlement date preference. Select a timeframe between 30 to 90 days or a specific date.
• Add optional conditions if you have any
• The next page will present your information, like a checklist to keep track of everything you need.
• Fill in your finance and legal details under ‘Getting Organised’
• Add any information about other buyers, such as a partner
• To confirm your identity, you’ll be asked to fill in your address, date of birth, and license number
• Check the ‘I agree to online identity verification’ box
• Agree to the Terms and Conditions
• Click ‘Ready to Send Your Offer?’
• And congratulations!

And it’s as simple as that. The great part about this system? You can update or make changes to your offer at any point. Just log back in to increase your offer, add a family member or adjust the T&Cs. It’s a nimble, streamlined process for submitting an offer for a house, so you can improve your chances of success.

Tip

Property owners receive all types of interest – some genuine, some not. Some people submit verbal offers to test the possibility of a sale, but do not actually stay true with their offer.

This can lead to frustration and concern for the owners as they try to assess who is actually a genuine buyer. The best way to present a strong offer for the purchase of property is to make it on a formal contract document. A verbal offer is not legally binding and should not be relied upon by either party.  This clearly demonstrates to the vendor that you are serious about your offer. 

Also be aware that if making an offer, never assume that your agent or the property owner will come back and forth to you – and you should take the approach that your first offer may be the only opportunity you get to obtain the property.

A willing seller may not wish to wait around and may accept a reasonable offer from another buyer.

Once an agreement on price, settlement, conditions, etc has been reached and signed by all parties, the sale can proceed.

Option 1: conditional contract

A conditional offer is when you offer to buy the property only if certain conditions are accepted by the vendor. These must be listed on the Contract of Sale. For example, your offer may be conditional on arranging finance. If finance cannot be arranged within a certain period of time or the amount you require to complete the purchase, the offer becomes void. For your own protection, you should nominate a specific lender as your source of finance. Leaving out a nominated lender or having open-ended finance conditions on the contract may force you to take up finance at substantially higher rates, perhaps shorter terms, and from a lender you would not prefer to deal with.

If you are wishing to seal a deal, it is important that you understand the commitment level required by both the purchaser and vendor.

Option 2: unconditional contract

An unconditional offer is when you offer an amount to buy the house as listed (with or without drapes, fixtures, etc) without adding or negotiating any other conditions and makes both parties committed to an instant, legally binding relationship. There is no turning back.

General Tips

If you want to make an offer, be certain that you can follow through by having the following items confirmed:

• A pre-approval of finance from your bank or lending institution
• Your own property sold, or at least assessed for value and possible sale time
• You have a solicitor or conveyancer selected
• Determine how you will be paying the deposit and associated costs eg stamp duty
• An idea of settlement times required before you take possession.

Building reports

Before you purchase any property it is important that you consider organizing a building report from a qualified building inspector so you know if there are any structural defects with the property and what they might cost to fix. This will be at your expense and can vary anywhere from $500-$800. We recommend if you proceed with a building inspection that you make it a condition in the contract. Most people are shocked with the report they receive on the home, and most times misinterpret the report, e.g. the home is 24 years old and … is in need of new roof tiles. Roof tiles last approximately 25 years and need replacing on every home at that age. The point to remember here is that all homes at one time or another require maintenance, and that this is known as a capital improvement on the property.

Summary

Preparation is the key. Understand your rights and have everything in place. If you follow the advice in this document and First National Real Estate’s Home Buying Guide, along with that of your solicitor/conveyancer and your First National Burnie agent, you will be on your way to securing the right property for you. Whether you are considering purchasing property in the near future, or are currently in the process of buying a property through another company and in need of advice, please feel free to call any of the First National Burnie sales team with any questions that you may have. We will be happy to assist you.

(Please keep this information on file, you will find it helpful during the sales process as a reference guide).

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