Here at Billy’s Lookout we have two sales methods, sale via Private Treaty and sale via Openn Negotiation. Talk to our team today, to find out the method for the release of your choice.
STEP 1 – RESEARCH
Do your research and find a suitable legal adviser whether it be a conveyancer or solicitor. Source financing options and a lender that is right for you. Speak to builders and find a home design that suits your budget and lifestyle.
STEP 2 – PURCHASER QUALIFICATION
To ensure you’re ready to secure a homesite purchaser qualification is required. Arrange a suitable time to meet with our friendly Land Sales team either in person or virtually to discuss your options and cover any relevant questions. Potential purchasers are not able to proceed to step 3, holding deposit without completing purchaser qualification step.
SALE VIA PRIVATE TREATY
STEP 3 – HOLDING DEPOSIT
Select your dream homesite and secure it with a $1,500 holding deposit once the Land Sales Consultant issues the sales advice. The deposit will be made by electronic funds transfer or bank cheque. Our Land Sales Consultant will be able to provide you specific details needed for the bank transfer or cheque.
Should a purchaser not proceed, a $500 administration fee will be deducted and $1000 refunded.
STEP 4 – CONTRACTS
Once a sales advice has been completed by the Land Sales Consultant and the holding deposit has been received, the contract will be issued to your legal adviser. Contracts are usually issued within 2-3 days. You will have 21 days from the date the contract is issued to have a look through the sale contract with your legal representation.
STEP 5 – EXCHANGE
Contracts should be exchanged as soon as practically possible within 21 days from the date of issue. If contracts are not exchanged within this period, the lot will be placed back on market and made available to other purchasers.
If the land is not yet registered, you will only need to pay the balance of your 5% deposit less your $1500 holding deposit. If the land is already registered, then a 10% deposit will be payable.
SALE VIA OPENN NEGOTIATION
STEP 3 – REGISTER VIA OPENN NEGOTIATION
Create your account, verify your email address and search for the property you’re interested in. Join as a bidder and enter your pending price. This doesn’t have to be your best price.
After you’ve entered a pending price, you have the then need to input further details, including your solicitor details, purchasing entity and any terms, should you be the winning bidder.
STEP 4 – GET APPROVED & PLACE A PRICE TO SECURE THE PROPERTY
Pressing submit will notify the Agent who will get in touch and help you complete the documentation. The Agent will have McCloy Group approve and sign off on your terms before approving your price and notifying you that you are now qualified.
Once qualified, your pending price will become a live bid and you’ll be assigned a unique paddle number. As a qualified buyer, you’ll see the countdown until the Final Bidding Stage and the current highest bid.
In the Final Bidding Stage, every time a new bid is made, or the bidding increment is changed, the 2-minute clock will restart, giving everyone a chance to bid again.
You’re in complete control and the only way you will miss out is if you choose not to bid any further.
STEP 5 – FALL OF THE HAMMER & EXCHANGE
Sale via Openn Negotiation requires immediate exchange of contracts at the close of the online negotiation. Should you be the successful purchaser your 5% deposit payment is required to be paid the day of exchange, at the close of the auction.
STEP 6 – SETTLEMENT
Once exchanged, contracts should be settled as soon as practically possible:-
• If the land is registered, settlement will be within six (6) weeks of the date of exchange.
• If the land is yet to register settlement will be within six (6) weeks of the date of exchange or 21 days from the date of registration, whichever is the latter.
The balance of your payment will be due upon settlement.
NOTE: This information is for prospective or current purchasers and is of a general nature. For further legal information, please seek the advice of your solicitor or licensed conveyancer.