The offer and acceptance process is quite formalised, so it is important to understand the process before making an offer.
For a property that is for private treaty sale at a price:
- The agent will submit all offers to the seller
- The property remains on the market until an offer is accepted
- Your offer may include a finite date
- Your offer can be made subject to finance
- Your offer can be made with specific items being omitted or included in the contract e.g. to
exclude a water pump. These special conditions must be written into the contract. - You can make an offer containing a deposit, prior to acceptance, to demonstrate your
intention to purchase. (The balance of the deposit is paid after acceptance). Should your offer
be declined, your deposit will be refunded. - An offer is not legally binding to both parties until both the buyer and the seller have signed
the contract.
For some more useful tips when making an offer when buying, download our free E book here[
Once your offer has been accepted, you are required to pay the deposit as specified in the contract. The seller will then sign the offer document, making a “contract”, legally binding you to the sale.
In Queensland the agent is able to draw up the offer by way of a contract of sale. In some states such as New South Wales the contract is drawn up by the solicitors.
Young Property Group use a REIQ contract that has been approved by the Queensland Law Society so in signing the contract and checking that nothing in the conditions has been crossed out or added then you are signing a contract that has been approved by your Queensland solicitor.
You may still want to contact your solicitor to ensure that everything is in order.
In Queensland the buyer has a cooling off period for a period of 5 business days where by you can pull out of the contract and recover your deposit. Under these circumstances the owner may elect to keep 5% of the deposit to cover his costs.
If you are unsure of what is involved then feel free to contact Greg Young who can put you in contact with various firms of solicitors that Greg has dealt with for many years and who Greg is confident that they have the skills and reputation to protect your interests.
Today many vendors select to sell their property by auction so if you don’t want to miss out on a property you can be forced to attend an auction and bid. If you find yourself in this situation then don’t be alarmed as it is not a difficult procedure although it can be a little stressful. If you are unsure what you should do then contact someone who is very familiar with the auction process and can help you through the process – Phone Greg Young on 0488 238 988
For some useful tips when buying at an auction download our free E book here
