10 Step MLR Purchase

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1. Find a Property

After consultation and identifing your requirement we locate suitable property.

2. Negotiate a Deal

When negotiating the purchase price use comparative properties you have inspected to make an informed decision of what you consider the property to be worth.

3.  Offer and Acceptance

To formalise the negotiations we have both parties sign an Offer and Acceptance document to show their intentions to commit to a formalised contract.

4. Contracts

The contracts for sale are prepared and delivered to the purchaser's solicitor.

5. Deposits

The deposit can be between 5% and 10%

6. Financial Verification

The buyer has their accountant verify the financial records of the business once the contracts have been signed.

7. Legal Due Diligence

The buyer has their solicitor undertake a thorough search and check the Caretaking and Letting Agreements, the PAMDA Form 20A Letting Appointments and check the Body Corporate records and contract conditions.

8. Finance Approval

The Bank will begin the process of approving the finance only upon satisfaction of the financial verification and legal due diligence.

9. Body Corporate Approval

The incoming manager requirers consent from the body corporate and to approve the assignment of the Caretaking and Letting Agreements. 

10. Settlement

Upon Settlement the manager would have completed onsite training with the vendor usually 7 days prior to settlement and 7 days after.