Forum Replies Created
- Intrigue wrote:I would like to submit a contractual offer for the sum of x for property located x
The contract must include the chattels currently within the home (fridge, washing machine, air conditioning units, water tank, …………….) The contract must be subject to a 30day due diligence period in order to ensure the buyers complete satisfaction of the results from the following;– Building and pest inspection– Structural integrity inspection– Roof integrity inspection– Council approval checks– Title search The buyer will advise the seller of complete satisfaction prior to 5pm on the 30th day from contract date. If complete satisfaction is not obtained the buyer reserves the right to terminate this contract with a full refund of deposit payable. The contract is subject to finance 30 days. (to co-inside with the due diligence period) Settlement to be 30 days post the expiry of due diligence period I.e. 60days from contract date. Offer expires at ….I would note the brand of the items to be included.
A couple of other suggestions which may simplify the clauses and make it easier for them to say yes:
Take the due diligence bit out – having a 30 day finance clause gives you an out within 30 days anyway – make sure it's worded correctly and you name the financial institution
Building and pest inspection to the satisfaction of the purchaser within x days – would cover structural and roof.
In Tasmania my solicitor as part of the process will do title searches and council searches. If recent building works are found we ask the vendor to provide the certificate of completion issued by the council
If you wish to access the property to check it out further – For the purchaser to have access to property from time of acceptance of this offer for the purpose of obtaining quotes for repairs, by giving 24 hours notice to the vendor.Hope this helps
What an interesting topic – maybe if the book was called 0 to financial freedom in 3.5 years it would take the focus away from the number of properties and look at the outcome achieved (but may not have sold as many copies!). I too believe that it's not the number of properties you own or trade but about achieving your end goal, whatever that might be.
For me a 15-20 year blue-print is not one that I'd like to use. Once I got serious about property my goal was to be financially free within 5 years and at the moment it's looking more like 3. Do I have proof? Yep….
We are Mum and Dad investors, under 100K p.a household income, he works full-time, I work part-time, have two young kids and don't come from a family of builders or accountants or anything related to property. (In fact my parents lost their home to the bank during the high interest rates of the late 1980s.)
In the past 18 months we have purchased a property and built 2 units and sold them, bought two properties in Australia, in regional areas but not remote, both way under market value and both returning way over 10%. Currently in negotiations on a third and expect to finalise negotiations on Monday. After these deals I'll just need to find another one or two and we'll be there..so..my answer is YES it can be done in today's market, in Australia.
I think Dianna put it really well when considering the 'average' Australian – that there's not one size fits all and we all need to do it in a way that works for us….BUT……once you put you mind to it, you can achieve anything. It's just up to you whether you choose to do it over 3, 5, 10, 15 or 20 years!
Thanks Mike for your very prompt report for the property at Turners Beach in Tasmania. It was most helpful and we now have the property under contract.Best wishes to you for 2011,
Cheers, Tracey
