PROPERTY SALES TO COMPLETE AGENCY WORK

Order Description

ACTIVITY ASSESSMENTS

You will need to access and print forms to complete this task.
You can do this by visiting www.consumer.vic.gov.au

Choose “Forms and publications”

Select either “ Estate agents” or “Renting”

Select the appropriate form.

I have also uploaded some Property Sales forms published by the REIV.

Activity 1

You are employed as an agent’s representative by Highway Real Estate Pty Ltd ABN 11 123 222 333 whose principal office is at 322 Lygon Road, Carlton, 3053.

You have listed for sale a property the details of which include:

Vendors: Sally Jane Smith & Peter Allen Jones.

Property address: Unit 7/26 Oakfield Place, Hampton, 3188.

Method of Sale: Private

Authority Period: 60 days (exclusive) with a further 30 days (continuing).

Date of Authority: 01 December 2013

Chattels: Wall to wall carpets, window furnishings, electric light fittings (excluding Chandelier in hallway) and dishwasher.

Vendor’s asking price: $420,000

Terms of sale: 10% deposit on signing and the balance in 60 days

Agent’s estimated price range: $400,000 to $440,000

Agent’s fee: 2.75% (including GST) of the sale price

Marketing expenses including GST: Advertising $2,500.00 and other expenses of $150.00

Commission Sharing: Highway Real Estate Pty Ltd, intend to share 20% of the commission with Roger Wells a local businessman who introduced the agency to Sally and Peter. Roger’s address is 344 Lygon Street Carlton.

Task:

Complete the appropriate agency documentation for the relationship between the agency and the vendors. Also complete the Commission Sharing Form I have uploaded from the Consumer Affairs Victoria website.

(If you require additional information to complete the form, you should create appropriate information).

Activity 2

For the purposes of this assessment activity, assume that the property in the previous activity has now been sold.

You will need to refer to the previous activity.

Task:

You have successfully negotiated a sale of Sally and Peter’s property, details of which are given below:

Purchasers – Roberta Jane Smith & Maury Andrew Smith

Purchaser’s registered address – 132 Cross Street, Melbourne. 3000

Title particulars – Lot 17, Plan of Subdivision 10526, Volume 4436, Folio 527

Purchase price – $ 420,000

Date of Sale – 17th December 2013

Terms of sale – 10% deposit paid on the signing of the Contract and the balance in 90 days from the date of signing. The balance of purchase money to be paid in 90 days.

Purchase subject to: A loan from ABC Bank for the sum of $250,000 to be approved within 14 days of the date of the Contract.

Complete the appropriate Contract of Sale of Real Estate for the transaction. Please make up the details for the Vendor & Purchasers Legal Representatives.

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