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AIRBNB AUSTRALIA

TASMANIA - HOBART
WATERFRONTAGE PROPERTY
3 DOUBLE BEDROOMS
2 BATHROOMS
INDOOR SWIMMING POOL
SAUNA, HOT TUB, LARGE SNOOKER TABLE ETC








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VENDOR FINANCING / DEPOSIT INSTALMENT TERMS AGREEMENTS

Deposit or equity Instalment Agreements of Sale offer vendors a solution if the conventional method of sale has so far not been successful. This particular method of sale may well apply to Fee Simple Properties which, because of the area, may be traditionally slow sellers or perhaps have been on the market for some time. There is also the opportunity for a landlord to sell to tenant. This method of sale provides a purchaser with the opportunity to build up a deposit, or any deposit/equity deficiency which is required to comply with the bank's lending criteria.

Some of the important factors are:

(a) The purchase price is fixed as at the date the contract is signed.
(b) The Vendor retains the title until settlement takes place.
(c) The Vendor has the property sold and knows when the balance of purchase money is due and payable and has an unconditional contract.
(d) The Purchaser pays rates, land tax, insurance, body corporate fees (where required), and is responsible for maintenance.
(e) The Purchaser will show pride in both maintaining and improving the property as they are the ultimate owner.

The Agreements are prepared upon terms agreed between both parties subject to a fee simple property valuation and are completed on standard forms of agreement which are prepared by a firm of solicitors who specialize in these types of Agreements. The Agreements importantly make provision for the Purchaser to build an equity base which is then used as a deposit when applying for finance. The time frame of the agreements will be determined by the purchasers financial capacity. For example, the improved financial position of the Purchaser will result in a quicker settlement.

The Purchaser must have some financial capacity to cover conveyancing, insurance, rates, etc. The deposit requirement is part of the negotiation and is paid upon signing of the contract. It is important for both Vendors and Purchasers to understand that in principle approvals* can be provided by some financiers in writing when application is made for a specific property. Lenders are generally "Security driven" therefore selling leasehold businesses are considered higher risk and may require Vendor financing terms with security over assets of the Business or any other personal security which can be offered by the purchaser.

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