How to complete Expression of
Interest Reservation Form

How Exciting..

Before you start

  1. For each person on the EOI, you will need to have scanned copies of two types of ID
  2. A scanned copy of a receipt of monies for holding the potential investment property.  Remember this is fully refundable.
  3. Engaged with Conveyancer/Solicitor to help review the contract.
  4. Commence the financing of the property.

Registration Form Completion

  1. If the Developer developers details are available complete
  2. Enter the Address Lot/Unit number you are interested in.
  3. Enter the people who are interested in the property
  4. Enter on the purchasing vehicle you are planning to use for the property investment
  5. Enter all your details, including details of your solicitor and finance broker.
    Notes:

    1. If purchasing in an SMSF and you intend to borrow against the Property, the purchaser
      name should be the Trustee for the Custodian/Bare/Holding Trust, not your SMSF Trustee nor the SMSF itself.
    2. Your local Solicitor or Conveyancer may be unfamiliar with the conveyancing regulations and practices of different States or Territories and may not be able to, or be unwilling to facilitate the settlement of Property in another State or Territory.
    3. Please ask your Solicitor or Conveyancer if they can help in the State or Territory you wish to purchase, or we can provide a contact from our Solicitors panel.
  6. We can also help with finance, or provide a contact from our finance panel.
  7. Pay the Initial or Holding Deposit through a direct deposit to the Trust Account as listed. Please ensure any reference includes Your Surname, the Property Suburb and the Lot/Unit Number if there is room.
  8. After payment please immediately send the EOI to your Property Wealth Partners representative.

 

What is an EOI (Expression of Interest)?

An EOI is a method of sale whereby property is offered during a specified timeframe (more often than not in a very short time frame) prior to formal release or due to other circumstances. The EOI is a “Request for a Contract of Sale”

Why do sellers use EOIs?

Developers that choose the EOI method generally want –

  • Some commitment from the purchaser, and the initial or holding Deposit proves that the purchaser is genuine in their interest.
  • A much quicker sale, as the EOI is usually offered through agents that have clients looking for Property, instead of just listing it on the open market and waiting for people to find the listing.

NOTE: Although an expression of interest initial or holding payment, will halt the marketing of the property to other potential purchasers, it will not secure the Property, as it is not a full contract of sale, and therefore the agent or developer are not obliged under the EOI to sell you the property. Within the EOI there will be a Terms of Sale specifying a period of time when the Contract of sale must be completed.

What to My Initial or Holding Deposit Money?

  1. If you go ahead with the purchase then the Initial or Holding Deposit money becomes part of the total Deposit.
  2. If you do not go ahead with the purchase, then please advise your Strategic Investor Australia’s representative, who will provide a form for you to fill out, and the Initial Reservation Fee Deposit money will be refunded in full within 21 days of lodgement of the form with the Seller.

Special Conditions – Terms of EOI

  1. In this EOI, unless the context otherwise requires:
    1.  “Contract” or “Contract of Sale” means a contract in the form of a recognised Contract for Residential Lots in a Torrens/Freehold/Strata/Community or other recognised Titles Scheme and otherwise on terms and conditions consistent with the details of the EOI Form and any other conditions imposed by the Seller;
    2. “Disclosure Statement” means a disclosure statement in a form compliant with the provisions of the Body Corporate and Strata/Community Management Acts and the Land Sales Acts recognised in Australia or States and Territories of Australia.
    3. “Initial or Holding Deposit” (if any) means the payment made to the Seller under the EOI and deposited into a Solicitor’s recognised trust account.
    4. “Exchange Deposit” (if any) means the payment of the Deposit as dictated under the Contract of Sale.
  2. By lodging, the EOI Form the Buyer confirms its genuine interest to purchase the Property.
  3. As an expression of the Buyer’s genuine intention to purchase the property, the Buyer tenders the Initial or Holding Deposit to be held in the Seller’s Solicitors trust account.
  4. The Buyer requests that once the Seller is in a position to do so, the Seller prepare and deliver to the Buyer a Disclosure Statement and a Contract.
  5. If the Buyer after receiving the Disclosure Statement and the Contract wishes to proceed with the purchase of the property, the Buyer must sign and return the contract and other related documents to the Seller within the period as dictated within the EOI together with the Initial or Holding Deposit (if any).
  6. The Initial or Holding Deposit paid (if any) will become part of or all of the Exchange Deposit payable pursuant to the Contract.
  7. In the event that the Contract and other related documents (if any) are not returned to the Seller within The Terms of the Sale period, the Seller may assume that the Buyer does not wish to proceed with the purchase of the Property and further may offer the Property to other interested parties.
  8. This EOI is not a binding agreement, and until the contract is duly signed by both the Buyer and the Seller, no contract is formed, and the Initial or Holding Deposit (if any) is fully refundable.
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