REIWA TrainingWestern australia

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CPPREP4104 Establish buyer relationships

CPPREP4105 Sell property

Scenario

You are working as a sales representative at Phantom Realty. You have six current listings.

Property	List Price	Seller/s	Details of property
9/8 Fairy Dust Mews

\f\f\f\f\f\fPHANTOM PROCEDURE REALTY SALE TO SETTLEMENT OVERVIEW The following procedure ensures the process of the sale to settlement of a property meets the agency's Policies and documentation are met. Our procedures and forms ensure the company meets all legislative requirements. METHOD OF SALE This will be decided during the listing process, there are a number of options available depending upon the niche industry you are operating within. Within the residential sector we will use the private treaty or the auction methods Private Treaty involves marketing a property with a price, negotiating a written offer from a buyer and presenting it to the seller who will either accept, reject or counter offer the buyers offer The auction process involves marketing the property without a price allowing buyers to make their own decision on price then on a given day allowing the buyers to bid there price up to their acceptable levels. PROCESS/NEGOTIATIONS/PRIVATE TREATY Ensure all negotiations are ethical with all parties. Remember, you are negotiating with the Buyer, for the Seller. The best outcome is a win/win for all parties. The Buyer . Provide the buyer with all property details and material facts. Answer all questions/queries honestly and ethically.PROCESS/NEGOTIATIONS/PRIVATE TREATY Ensure all negotiations are ethical with all parties. Remember, you are negotiating with the Buyer, for the Seller. The best outcome is a win/win for all parties. The Buyer Provide the buyer with all property details and material facts. Answer all questions/queries honestly and ethically. Suggest inexperienced buyers seek independent advice. Explain all documentation and the sale to settlement process. Do not put the Buyer under duress or undue pressure. They must "own" their decision. Provide the Buyer with a true copy of all the required documentation at the time of signing, including; - Offer & Acceptance - Annexures to the Offer - Joint Form of General Conditions - Certificate of Title and any Limitations/Encumbrances - If Strata - Form 28 Disclosure, Form 29, Strata Plan and any Notifications/Management Statements/Encumbrances - Most recent AGM minutes.ITOM PROCEDURE ALTY If Buyer is an investor, offer introduction to Property Management Team. If Buyer is referred to any other parties, ensure all necessary disclosures are made in writing as required. The Seller Remember, the Seller is your client. You must be working in their best interests at all times. You are negotiating with the Buyer, for the Seller. Ensure you meet your fiduciary obligations at all times. Provide them with all the necessary information to enable them to make informed decisions. Follow their instructions and provide advice where required. Ensure their privacy is adhered to. Provide the Seller with a true copy of all the required documentation at the time of signing, including; - Offer & Acceptance - Annexures to the Offer - Joint Form of General Conditions - If Strata - Form 29.PROCESS/AUCTION The auction process involves a concentrated 6 week marketing campaign culminating in the auction day. The above processes for Buyer & Seller must be followed plus the following; * On the designated day a licensed auctioneer calls for people to bid for the property in increasing increments until a final figure is established. The auctioneer may sell at that figure if the reserve price has been met or exceeded. If the reserve price has not been met the auctioneer may at his discretion hold the auction and negotiate with the seller in private and then recommence the auction with further written instructions. When a successful sale has been negotiated the auctioneer or designated person has the authority to sign on behalf of the seller the binding contract Form 115 which will then proceed to settlement Buyers to be provided true copies of the following at the time of signing; - Current Joint Form General Conditions - Form 115 Auction Particulars and conditions of sale of freehold property - Form 117 Disclosure to a client and consent to conflict of interest in real estate or business transactions - Form 306 If Strata - All strata documentation as above.POST SALE After the offer has been accepted by all parties, the sales representative shall immediately: Review the document. Note all conditions and any actions needed. Diarise the relevant dates of conditions in your calendar for follow up, including; Deposit due. - Finance. - Any Special Conditions/inspections required. - Pre-Settlement inspection. - Attain Access Devices from Seller. Settlement Date. Settlement Instruction sheet to be completed. Write a letter of congratulations and thanks to both buyer and seller outlining their responsibilities in the contract and their due dates eg; finance approval. The letter shall contain a complete copy of the contract together with all annexures Provide the document in triplicate (including the original) to the Sales Administrator (SA) together with the deposit. The SA will take the Listing file and insert it as a sub file within a newly opened Sales file. Listing file is closed after ensuring all documentation has been filed in date order; all subsequent documentation is filed in date order within the sales file. SA will send the original to the Buyer's settlement agency who will raise the Transfer Document with a letter of instructions. Copy of the document to go to the Seller's settlement agency with letter of instructions and our GST invoice for commission. Update both the Buyer and Seller details in the CRM. Set future contact dates. Licensee to check and sign off file. Both Buyer and Seller to be updated/informed of progress from sale to settlement at least twice weekly