FAQ
SELLERS
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HOME SELLERS UNDERSTANDING OF LISTING & SELLING PROCEDURES
Good morning to my current and future clients, you may find this information will help you understand the Sales Process of Selling an over 50s Resort Resale home. Over the last (24) years of selling manufactured homes, I have observed the problems many Home Sellers have with Park Owners and Village Managers terminologies of Authorities, Contracts and Terms and Sale Conditions, hopefully this will assist you.
1/. SELLING AUTHORITY FORM 9 & FORM 6
· Form 9 Qld Manufactured Homes Form, which is deemed as an Open Listing.
· Form 6 Qld Real Estate Form can be Open or Exclusive Listing.
It is illegal for a Park Owner to have a Home Seller sign an Exclusive Agreement unless, they hold a Full Real Estate Licence and only then they must use a Form 6 Property Occupations Authority which they can have you sign up for an (90) Exclusive Period. The only other is the Form 9 MHIA Selling Authority, which states, “the person who brings about the Sale is deemed to be the Seller” therefore the Park Owner cannot claim a commission, unless their sales person conducted the inspection and affected the sale. As stated in your Form 2 Site Agreement and MHIA act 2003, the Park Owner “Cannot Hinder a Sale of a Homeowner”!
“Refer QMHOA menu for further clarification”.
2/. RESALE FORMS REQUIRED FOR SELLING MANUFACTURED HOMES
· Form 1a Initial Disclosure Document!
· Form 1b Supplementary Disclosure Document!
· Form 1c Precontractual Disclosure Document!
· Form 2 Site Agreement & Park Rules! (Most Important Transfer Document).
· Form 7 Home Seller Notifying Park Owner of Selling Their Home!
· Form 8 Form of Assignment (Transfer of Site Agreement! (If Applicable).
· Form 8a Notice of Variation to Site Agreement! (If Applicable)
Please Note: To formulate a Contract, the above Forms are required to be provided to the Buyer prior to Signing of a Contract. It is your responsibility when listing your home for sale, with an Agent or selling yourself that you organise a copy of the above forms, which you signed and dated when you first moved in and took up occupancy of your home. The Form 2 Site Agreement is what you can assign to the Buyer or if applicable a new Form 2 maybe a requirement of the Park Owner.
3/. CONTRACT SPECIAL TERMS AND CONDITIONS
· Subject To Contract on The Buyer’s Home Becoming Unconditional.
· Subject To Sale of The Buyers Home Contract Completing at Settlement.
· Subject To Pest & Building Inspection.
· Subject To Release of Sufficient Monies to Complete the Sale.
· Subject To Buyers Legal Representation Approval of Sale Contract& Form 2.
The above conditions are mainly used in Contracts for Resale homes in Over 50s Resorts-Villages. Note: Today’s market 80% of Buyers have a home to sell first!
4/. CONDITIONAL AND UNCONDITIONAL MEANINGS
· Conditional: (Subject to one of the above Conditions).
· Unconditional: (The Buyer’s Contract is now proceeding to settlement).
5/. DEPOSITS
· An initial Deposit on a “Conditional Contract) is normally $1,000 and a further Deposit (being an amount normally to cover agents commission) to be paid within (7) days of the Contract becoming “Unconditional).
6/. LINKED TO A CHAIN OF BUYERS
NOTE: Many home sales often fall over because they are linked to a chain of buyers.
· Buyer A/. Is Buying Your Home.
· Buyer B/. Is Buying Buyer A’s Home.
· Buyer C/. is Buying Buyer B’s Home and so on it goes until its resolved.
· Buyer C/. Pulls out then every other Sellers sale falls over.
So, when you have a Sale Contract affected by the above, don’t panic or cancel Buyer A/. Contract, give them a further extension as they may be your only buyer!
7/. SUNSET CLAUSE
- The Purchaser/s acknowledge that they have been advised by the Sellers Agent that they are buying the home with a Sunset Clause, stating the home will remain on the market and in the event that another Purchaser wishes to buy the said home at an agreed Sale Price with the Seller, the Purchaser/s will then be given so many days written notice by the Sellers Agent to make the Contract Unconditional. If the first Purchaser chooses not to do so, the Seller then reserves the right to terminate the contract, in which all Deposit Monies paid by the Purchaser shall be refunded in full.
This clause allows your property to remain on the market, allowing other Buyers to inspect your home. The Sunset Period can be either 7, 14 or 21 days, which is at the Sellers option, and often depends on the Buyers circumstances.
8/. SETTLEMENT DATE AND FUNDS
Is the date that is stated on the Sale Contract, and it can be extended, provided all parties agree and the alteration date is initialled on the Sale Contract. As most Buyers are selling out of general real estate, their solicitor would be advised by your agent to deposit the balance of the settlement funds, directly into your nominated bank account. All settlement funds are paid by now by PEXA and sometimes by Bank Cheque, or if the Purchaser has the funds, they can be directly paid by electronic transfer into Seller’s bank account.
9/. SOLICITORS
Home Sellers in a manufactured home park do not require solicitor’s services, as your home is deemed as a Chattel, the Buyer has the right to employ a solicitor to seek legal advice, before entering into a Sale Contract or Site Agreement.
IN CONCLUSION
Please Note: Your home is not SOLD until the contract is deemed unconditional!
I hope this information will alleviate any concerns or issues you have had in understanding the procedures of selling your home in a Qld Manufactured Land Lease Resort-Home Park or Village. Should you have any issues in selling please feel free to contact me as your Freelance Q.L.R.E.A Advocate on 0417 616 318.
Yours personally
Over50sresorts.com.au
Dennis Ring a Freelance Q.L.R.E.A
Expert Purveyor of Selling & Marketing Over 50s Lifestyle Resort Homes
BUYERS
SITE RENT FEES
Buyers, All Qld Resort-Homepark-Villages are Government regulated under the MHIA Land Lease Communities that the Site Rent Fee is adjusted annually by either CPI or 3.5%, whichever the highest. The Site Fee covers General Council Rates, upkeep and maintenance of Recreational Facilities, Communal Grounds and On-Site Managers Renumeration. However, water rates, homeowners site lawn mowing may or may not be included. Homeowners pay for utility charges for power, phone and home insurances.
LIVE ON-SITE MANAGERS
Buyers, Live In On-Site Managers are a special bonus benefit and security for homeowners, as they are employed by the Park Owner to maintain the general upkeep of the resort grounds and recreational facilities ensuring the homeowners, their guests, tradespersons etc abide by the Park Rules for the peaceful enjoyment of the community.
PETS ARE WELCOME
Buyers, most Over 50s Resorts Park Owners invite homeowners to have their favorite pet reside in the home, however pet rules to size, weight and breed may apply in some circumstances.
PARK-VILLAGE RULES
Buyers, prior to entering a contract to purchase, should first ask for a copy of “The Park Rules” so as to have a complete understanding of “Rules & Regulations” homeowners are required to adhere to whilst residing in the resort.
Rent Assistance subsidies may be available through Centerlink to individuals who require financial assistance
due to low income and rent in the private market.
Rent Assistance is designed to help pay for rent and fees on your principal home and may apply to people living in caravans,
boats, mobile or manufactured homes. All cases may vary in terms of eligibility, however we have provided some information on
requirements and some resources for obtaining more information on Rent Assistance.
Financial Benefits Of Living in a Over 50s Resort Community
Whilst living in a Over 50s Resort Community home you may be eligible for Rental Assistance which will subsidise the site rental you pay to live
in the community. Whilst the site rent will vary by community, the subsidy is determined by two factors:
* The rent you pay
* Your eligibility with Centerlink
What do you need to provide to Centerlink?
You will need to provide Centerlink with evidence that you are residing in a Over 50s Resort Community plus the level of rental payable.
* A copy of the contract for sale ownership documents in your name.
* A copy of the residential site agreement.
The following information is a guide only and we recommend that you make your own enquiries.
Click here to visit the appropriate Centerlink Department.
