Terms of Expression of Interest to Purchase

  1. In this Expression of Interest unless the context otherwise requires:
  2. “Contract” means a contract in the form of an REIQ Contract for Residential Property and otherwise on terms and conditions consistent with the details of this Expression of Interest and any other conditions imposed by the Seller;
  3. “Disclosure Statement” means a disclosure statement in a form compliant with the provisions of the Body Corporate and Community Management Act 1997 and the Land Sales Act 1984.
  4. By signing this Expression of Interest the Buyer confirms its genuine interest to purchase the Property.
  5. As an expression of the Buyer’s genuine intention to purchase the Property, the Buyer tenders the Initial Deposit to be held in the Seller’s Solicitors trust account.
  6. 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.
  7. 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 fourteen (14) days of receiving them together with the Initial Deposit (if any).
  8. The Initial Deposit paid (if any) will become part of or all of the Deposit payable pursuant with the Contract.
  9. In the event that the Contract and other related documents (if any) are not returned to the Seller within the fourteen (14) day 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.
  10. I/we agree that on receipt of the purchase contract from the Seller (and its agent or solicitor) I/we will be required to within 7 business days:-
    1. Sign and return the purchase contract to the Seller (and its agent or solicitor);
    2. Pay the deposit under the purchase contract equal to the amount specified in the Purchase Details by either cash or bank guarantee (the terms of which are acceptable to the Seller)
  11. I/we acknowledge that if I/we fail to return the purchase contract to the Seller (and its agent or solicitor) in the manner described in the paragraph 3 above, the Seller may at its discretion refund the Initial Deposit to me/us and may proceed to sell the Property to another party without any notice to me/us.
  12. This Expression of Interest 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 Deposit (if any) is fully refundable.