Duke of Cornwall Inn

Our agency has been instructed to market The Duke of Cornwall Inn. We are selling the property as vacant possession with freehold title. The new purchaser can either operate the property as a Bed and Breakfast or purchase and change the usage ie House/ Full time Rental (Boarding)/ Commercial Enterprise. The two storey property was constructed in 1886 and is steeped in history, providing multiple room accommodation, ensuites, lounge/ dine and so on. Please click on the Duke of Cornwall"s web site for full details about the property http://www.dukeofcornwallinn.com

A $150,000 investment was made by way of installing a new roof, this investment has paid off giving the property a street appeal many will envy. There is approx 200 sqm of land behind the building and this is currently utilised for visitor parking but can be further
developed.

Please note depending on usage the property may attract GST on top of purchase price.

Agents Note:

1. It is highly recommended that all purchasers have pre-approved finance before booking inspections. This is a requirement for all inspections.
2. All offers are to be in writing with the terms and conditions of the offer.
3. All properties will stay on the market and all offers will be presented to vendors right up until an exchange of contract.
4. The agent is obliged to submit all offers to a vendor even though there might be an offer and acceptance between buyer and seller. This is known as gazumping and it is legal in NSW.
5. It is the responsibility of the purchaser to efficiently exchange a contract of sale, otherwise gazumping can occur.

Gazumping

Gazumping occurs when you have a verbal agreement with an agent or seller to buy a property at an agreed price but the property is not sold to you in the end. This usually happens when the vendor (the person selling the property) has decided to sell the property to someone else, usually for a higher amount or better sale conditions. The agent is legally obliged to pass on to the vendor any further offers received for the property up until the exchange of contracts.
If you are gazumped, neither the agent nor the vendor is obliged to compensate you for any money you may have spent on legal advice, inspection reports, finance application costs or inquiries.
In NSW, a property sale is generally only binding on the vendor and buyer when contracts are exchanged between the two parties. Exchange occurs when the vendor signs their copy of the sale contract; the purchaser signs their copy, and the two parties ‘exchange' their signed contracts. It is usual at this time for the purchaser to pay a deposit, usually 10% of the purchase price.
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/gazumping

Property Code: 851