Forums / Property Investing / General Property / Rezoning in Hornsby

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  • Profile photo of sam2011sam2011
    Member
    @sam2011
    Join Date: 2010
    Post Count: 123

    My parents have a property in carlingford nsw and recently hornsby council has approved the area to be rezoned for 3 story apartments.

    We have been talking with a realestate agent about selling our house and potentially selling it along with a neighbour to increase land and hopefully get a developer to buy and build apartments. I have a few questions about what the realestate has told us

    – do we have to sign an exclusivity agreement? We have been told that we need to sign this and its for 6months but they can put a clause in there so we can cancel this after 7 days….not sure how dodgy this sounds, might not be

    – he also told us that developers usually give a deposit of 1% and pay remainder after 12-18months depending on council approval and they can choose to go with the purchase or cancel, in which case we get 1%

    I guess we dont have any experience in this and dont even know how much we should be asking for, their neighbour is hesitant in signing anything and wants to get an offer first, but dont know if that is possible

    thoughts? suggestions?

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099

    Hi,

    Yes most agent will have an exclusivity agreement for 3-6 month, nobody wants to work for free and then when they do FIND you a buyer, you say no and go with a different agent or the buyer directly..

    Regarding the 1%, this is up to you and the agent to decide…the % and terms are not “standard” ….12-18 month seems like along time just for approval, it looks like the builders are including ” pre-sales “time line as well.

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Profile photo of sam2011sam2011
    Member
    @sam2011
    Join Date: 2010
    Post Count: 123

    thanks michael

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