Deposit Taken and Under Offer

Property Sales

This procedure details the actions taken when a deposit is taken and the property is under offer.

Consultants have a legal obligation to submit all offers received to each vendor via the listing consultant.
After advice of acceptable offer or deposit taken the sale must be negotiated within two (2) full days. If negotiations fail to be completed within the two (2) day period, then property must be written up in the daybook (red pen) as on the market, unless further time has been requested from the Manager and advised in the daybook.
A property cannot be put under offer or deposit taken a second time by the same purchaser unless offer is higher and vendor is prepared to accept a lower price than previously.
Any subsequent under offer or deposit taken by another purchaser must be at a higher price than offered by previous purchasers unless vendor has indicated he will accept a lower price.
All acceptable offers written in the daybook must disclose preferred settlement of vendor or any variations.
Deposit Bonds are not to be accepted unless approved by Directors and Vendor. Each application pertaining to such a bond will be reviewed on a case by case basis.