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Buying Tips

  1. Speak with your bank manager or financier to arrange the best loan to suit your needs.
  2. Prepare a short list of preferred locations that suit your business. Keep in mind affordability and Suitability
  3. Research sales in those preferred areas using the “deals and deeds” information advertised in the Business section of Sydney Morning Herald or the “track record” section of www.commercial.net.au .
  4. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area.
  5. Develop a relationship with a Commercial Property group Sales Agent specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
  6. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor.
  7. We recommend that you arrange a strata report for strata title purchasers.
  8. Following your solicitors advice on the sale contract, you are now able to make an informed decision to proceed with an offer on the property through the agent.
  9. If you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf
  10. Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. When instructed by your solicitor Your deposit will be held in trust in an interest bearing account until settlement.
    Interest is normally equally divided between you and the vendor. The vendor will sign their sale contract and the solicitor or agent will exchange the contracts.
  11. On settlement day, your solicitor may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.