So you are excited to start the process of purchasing your new home, investment or development and you have been introduced to the clear and transparent buying process of Openn Negotiation. Below you will find some videos and information on how the process works and how to make your first bid. We at First National Real Estate Style wish you the best of luck.
Getting Registered
Simply head to Openn.com.au or find the Openn Negotiation App in the App store or Google Store and sign up with a valid email. Once this has been complete you are ready to find your next property and make a bid.
Making the First Bid
Once you have signed up and found a property you want to make an offer on, simply open the property up in the app or on the webpage and select join as bidder. Once you have joined as a bidder, you are then able to enter a bid based on other current bids or if no bids are present, based on where you think you would like to start the negotiation. Once the amount has been selected click 'Submit' and your bid will be confirmed. Once your bid has been submitted, it is advised that you contact the Agent who is looking after this sale and they can provide you with the small amount of paperwork that is required including any terms and conditions you wish to include (e.g. finance clause, building and pest clause etc.) and they will then submit this to the owner for approval.
Once your terms and conditions have been approved and the Agent has approved your bid, you will receive text, email and app notifications of this so you are always in the know. You will also get notifications when other bids have been made so you dont miss out.
Thats it! It's that simple, you are now in the running to purchase your next property!
Please see the bidders registration form below and download via the link above.
Rules for Purchasing by way of Openn Negotiation
Queensland Auction Rules are a guide and are not prescribed under the act; Property Occupations Act 2016 (QLD). Furthermore with an Openn Negotiation, the owner and vendor may choose to allow buyers to participate with more flexible terms. These Queensland Auction Rules rules are to be used in conjunction with the Openn Negotiation Terms of Use (which can be found at the end of the bidders Registration Form) with any contradictions being resolved by taking the stance represented in the Openn Negotiation Terms of Use.
Conditions of Sale by Public Auction
The highest approved bidder will be the buyer subject to: the reserve price; and, the seller’s approval
Finance, buyer inspection and cooling off provisions do not apply.
The highest bidder is the purchaser, subject to any reserve price.
The vendor's reserve price must be given in writing to the auctioneer before the auction commences.
The seller may not bid, either personally or by a representative.
The bidder warrants their ability to enter and complete the contract of sale in accordance with its terms.
Any person bidding must be registered in accordance with the legislation and the Openn Negotiation requirements.
The Auctioneer has the discretion to refuse to accept any bid from any person. A bid will be taken to be accepted and irrevocable unless the Auctioneer, immediately after it is made, refuses it.
In the event of a disputed bid, the decision of the Auctioneer is final in all matters relating to the auction and no bidder has any right of recourse against the Auctioneer or seller.
Without affecting condition 6 or condition 9, if there is any dispute over a bid, the Auctioneer may: — re-open bidding and resubmit the property for sale starting with the highest bid previously accepted; or — determine the dispute in any other way the Auctioneer considers appropriate in his/her absolute discretion.
A bid cannot be made or accepted after the fall of the hammer.
Immediately on the fall of the hammer, the bidder of the highest bid accepted must sign, as buyer, the Contract of Sale in the form displayed or circulated with these conditions of sale and pay the deposit to the nominated stakeholder.
The deposit payable under the Contract of Sale is 10% of the successful bid or any other percentage or figure nominated in the Contract of Sale.
The seller and the buyer agree to sign all documents and do everything else necessary to transfer the property to the buyer. The seller and the buyer each appoint the Auctioneer agent to sign the Contract of Sale on their behalf. The appointment is non-revocable.
If the buyer does not pay the deposit, at the seller’s option: — the result of the auction will be treated as invalid and the property may be resubmitted to public auction at the risk and expense of that buyer; or — the seller may affirm the Contract of Sale and pursue their legal and other remedies against the buyer as they see fit.
