Auction Preparation For Property At 30 Augustus Road, Glen Oak NSW 2320

Task 1: Review Contract

1. Access and read the contract for 30 Augustus Road. Determine the following and provide a small explanation of each.

2. Access the prescribed documents of the contract and identify the following:

3. Identify any problems/matters with the contracts and explain why this information should be disclosed to potential bidders. How could you address/rectify the situation if you found a problem? 

The restriction on rights of purchaser’s clause bars the purchaser from making any claim in respect of any change in the property due to fair wear and tear before completion. The provision could be basis of confrontation if it is not disclosed to potential bidders. Thus, to rectify the situation ifa problem was found, I would define the extent of fair wear and tear.

1. Using the documents provided, identify the key features of the property you will refer to during the auction.

The key features of this property that I would refere to are the aspects of the property, namely: its location adjascent to the town, the ambient environment surrounding, the 1.04 Ha it harobors and the lifestyle. Other references to be made on features include the 3 phase power, air conditioning, build in wardrobes, formal lounge, secure parking,separate dining, terrace-balcony and town water.

2. Analyse the local area features, facilities and characteristics you will refer to during the auction.

The property is allocated  in 2. 53 ha of land all faced by town water phase power.

It is also nestled in a wonderful Glen Oak Acres near Williams river, with social features like schools, market and health facilities. The surrounding environment is also very condusive.

3. Identify any matters which should be disclosed to potential purchasers (Material facts?).

Disclose any charges or mortgage on the property, easements, carveat, restriction, inhibition, priority notice or write.

1. Liaise with the Sales Agent (send them an email) to confirm the following:

1. 1. your role in the Auction process
   2. Agents role at the aution
   3. What you would like the agent to do during the auction
   4. The price expectations of the vendor.

28/3/2021

Wallace Morgan

98 High Street

Maitland NSW 2320

Dear Wallace,

This is in respect of roles partaining to the sale of property 30 Augustus Road, Glen Oak NSW 2320 1.04 Ha.

As the auctioneer, I hold a fiduciary responsibility to the vendor, and must turn over proceeds of the auction sale in full. I have the obligation to assess legal procedures and compliance with legal provisions, present the property and to ensure that it is sold at a reasonable price for the vendor. I will draft the sales agreement, and have the terms of sale in place to ensure the vendor’s rights are duly chartered for.

As the agent, you have a more instrumental role in the auctioning and sale process (things that I would also like you to do). These responsibilities include:

1. Marketing or advertising the property in the build up to the auctioning date.
2. Ensure that the property is in proper stature and in compliance with the description given to potential purchasers.

• Nurture relations with potential buyers to generate the best deal in the auctioning.

1. Oversee the entire bidding process till the completion, for a seemless real estate transaction.
2. Ensure that the only bid taken achieves the minimum value set by the vendor.
3. Have local knowledge of the community and market conditions to answer questions that could be asked on the property, and the surrounding neighborhood

During the auction, the houses should be opened every Wednesday and Saturday. Private inspection shoud also be done by appointment only but in your company as the agent. Further, the vendor’s price expectation is $800,000: so every leads should be geared to achieving this feat.  

Task 2: Property Details

In case of more clarifications please feel free to reach out.

Yours faithfully, 

Solicitor, Auctioneer and Licenced Real Estate Agent.

2. Using the documents supplied and your own research, analyse market indicator data to determine:

1. 1. interest levels
   2. expected price range

The property interest levels and expected price range may vary due to the features of the property, location, accessibility and demand depending the number of the properties that are allocated in the area. Excellent size and the condition of the property. Availabilities of social eminities like schools and health facilities will also be . The place should be accessible and private (should be atleast near town or major markets).

The Augustus Road Glen Oak NSW 2320 property is located in 1.04 ha and, as per the Agent’s estimations, the property is valued between $ 750,000 and $ 80000.

3. Evaluate market conditions and pre-auction offers to identify likely interest levels at auction. How do these compare to the vendors expectations?

The vendor has set an auction value of $800,000. Market conditions and pre-auction offers reveal factors such as interest rate, demand due to number of comparable of the property in this location, excellent size and the condition of the property, size of bedrooms etc.

Notably, the market value of the property is between $75000-80000; which is within the vendor’s estimates. The realizations should tell the vendor that the bidders have an interest in the features of the property, and its location

This task requires you to plan and prepare the auction day script for your auction property.  The script will be used for your auction.

1. Plan the content and gather the information you will put in your script to formally open the auction. Make notes in the space below for the information you will put under each heading. Your plan includes at least 50% of the points you use to develop your final script.

Welcome             

Good communication would be vital for the potential purchaser as this keeps them informed of what is happening in their market place. A typical example of welcoming is as follows:

At the commencement of auctioning, the following have to be performed by the auctioneer.

1. The auctioneer has to introduce themselves, welcome all persons in the gathering, thank the vendor and the agencies, and thank vendor and agencies.
2. They should make an introduction of the company representatives and advise bidders to call them for assistance.
3. They should additionally recognize the presence of solicitors
4. They should refer to contract being in display and special conditions.

The conveyancer or solitor should be present at the auction to explain should the contract have complex conditions and requirements.

Legislative Requirements are:

1. certificate which should not be more than six months old.

2. Check the search date on the title search document.

3. Swimming pool certificate of compliance.

These features are:

i) Property details

ii) Title and prescribed documentations

iii) Agents

iv) Conveyancers

v) Inclusions

vi) Settlement period

vii) Warranty

Key Features of the Property

These are inclutions which include clothes lines, buid ins, dishwashers, floor coverings, insect screens,light fittings, range hoods, stoves and TV antenna.

 The auctioneer should ask for the pening bid.

Finalise your auction opening script. Use your notes to produce a typed script that you will use when conducting the auction. Attach this document to this assessment. Your assessor will use the checklist below to assess your script:

Welcome

Good evening every one? I am realy honoured to join you for this festival and  I know that you are too excited to be here. Your presence here shows how much you care for the auction of Augustus Glen Oak  property. I know that the reason why we are here is to be able to achieve our dreams of owning excellent homes.

My name is Isaac Jinda. I stand here on behalf of the agents and the whole team of our auction company. Welcome to the auction. I would like to take this chance to recognize the presence of company representatives and solicitors in this auction. 

I would like to inform you that today’s presence of solicitors is very important in this auction for their role is to give more explanations should there arise any complex conditions or requirement.

During auction, legislative requirements are very as they abide by the law of the country. These are;

i) 10.7 certificate which should not be more than six months old.

ii) Check the search date on the title search document.

iii) Swimming pool certificate of compliance.

The contract which have been in display is the standard forms approved by the Real Estate institution and the law society of NSW. The features of contract are; Property details, titles  and  prescribed  documentation,  agents  etc.

I think that interested parties have made their own enqueries and about the property to be auctioned and they are satisfied.

The bid that we are going to use during this auction is the vendor’s bid. He had made a range of the selling price of the property to be $: 75000-80000. This can be compared with the prices of properties in the local market.

I would like to wish the parties interested good luck because this property. For the person who is going to winner, we willnot have any option but just be happy for you because you are going to be the owner of the best home ever.

Who among us would like to be the owner of home?

Your assessor will use the check list bellow to to asses your script.

1. Identify two issues that may arise during the auction and develop contingency measures to mitigate the issue/risk of so the auction can proceed according to legal requirements.

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