Making An Offer

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Missing out on a property that you have your heart set on can be a very disappointing experience. Quite often this happens because the offer process is misunderstood. When making an offer to purchase a property, it is important to be aware of the following:

  • The agent must submit all offers in writing to the vendor. Therefore your best chance to secure a home you love is to put your offer in writing with a holding deposit. Be wary of agents who deal in verbal offers.
  • The property remains on the market whilst the vendor considers all offers. Just because your offer is the first one submitted, does not necessarily mean that it will be accepted.
  • Your offer may be made subject to a finance clause i.e. bank approval, sale of an existing property or another condition such as a builders inspection.

You can make your offer conditional on certain terms (such as a dishwasher) being included or excluded from the contract. Any special conditions such as these must be written into the contract.

An offer is not legally binding on both parties until the buyer and the seller have signed a Contract of Sale and Section 32 with a deposit paid. A contract must contain details of the property, the price, deposit and settlement terms. Once the offer is made in writing, it is then up to the vendor whether or not to accept it.

Most importantly seek advice from someone who is not getting a financial benefit from your purchase.

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