Identifying the Right Business
Make your list of “must have’s”, but don’t have too many pre-conceived ideas when you start looking at properties. Keep an open mind and “take your blinkers off”. There are several variables that you come across in your early investigations.
Your first place to look for the right property is on our website. It allows you to search for properties with as little as one criteria or many, including Freehold or Leasehold Motel, Caravan Parks or Hotels for Sale, Price range, by State, a Specific Region or even just one town. For any properties that interest you simply select the ‘Email Me Further Details’ option a full Information Memorandum on the property.
We also offer an extended pictorial feature of the properties with our Property Slideshows. Feel free to telephone our Brokers and “pick their brains” on properties or the Industry in general.
Negotiating to Buy
When you have found the right property and you are confident that your Finance is in order, you will begin negotiations with your Broker to buy the property. Your Broker is experienced in these negotiations and will give you all the assistance you need.
Once you have an Offer to Purchase accepted by the owner, you will enter into a “Heads of Agreement” with the owner for the purchaseof the property. This document is not a legally binding a contract, and is used to draw up the Contracts for Sale. In Queensland transactions, the Broker can draw up the Contracts for Sale and send them through to the respective Lawyers. In other States, the owner’s Lawyer draws up the Contracts.
The process from offer and acceptance through to settlement can be a very prolonged and frustrating one, so you need to be patient. Having industry specialists working for you during this time can be a significant advantage. Financial due diligence can take two to three weeks, legal due diligence can be similar and finance approval these days is usually four to six weeks depending if a valuation is required.