After two inspections on the home at 3 Vansittart Road, Aintree Vic 3336, Mr Rafael Hernandez of 61 The Avenue, Caroline Springs, Vic 3023 has made a formal offer on Mr Richard Cruz's property. There was a $50,000 gap between the vendors asking price of $920,000 and the buyers offer of $870,000.

Mr Hernandez's offer included:

• A 30% deposit
• Unconditional sale (not subject to finance or building inspection)
• Short 4 week settlement

As the listing agent it was your role to facilitate the negotiation.

After a week of negotiation Mr Cruz agreed to:

• Sale price of $895,000
• A 20% deposit
• Conditional sale (subject building inspection)
• 4 week settlement

You must provide details of the property's sale by negotiation including:

• Documenting the negotiation process between the vendor and the buyer
• Preparing the sales contract
• Evaluating vendor/buyer feedback to update the agency's sales records

You will need to submit:

1. A report detailing the negotiation process including:

• An explanation the negotiation process
• Confirmation of deposit requirements
• Its compliance with legislative requirements
• Details of any specialist advise sought
• Planning made for contingencies that may affect the completion of sale