How do I make an offer?
The best way to make an offer is to do so in writing. This means filling out your full name, address and the price you are offering as well as the deposit date, settlement date, any clauses and signing of the offer. By doing this it makes it very clear to all parties so there is no confusion.
There is also a better chance of your offer being accepted if it is in writing as the Vendor will know it is serious rather than a verbal offer which seems less genuine.
What does cooling off mean?
If you decide after the Vendor has accepted your offer that simply wish to change your mind you are allowed by law to do so within three working days of the offer being signed by yourself. If you do so you may incur an amount equivalent to 0.2% of the purchase price.
If the offer is subject to finance and you are not able to obtain finance there is no cost to you for the offer not proceeding.
Can I make an offer subject to finance?
A finance clause is put in place for those who need to borrow to fund their purchase. A lender will normally be able to arrange your finance in 14 days (10 business days).
An offer that is unconditional will carry more weight with the vendor so it is worth considering this if you are in a multiple offer situation and a position of not needing finance or only a small amount.
Do I leave a deposit?
At Ray White Doreen we like to ensure your offer has the very best chance of being accepted, it is for this reason that we require all offers to be made in writing (thereby ensuring there is no confusion about the details) and that an initial deposit of a minimum of $1000 or 0.2% of the sale price, whatever is greater is to be submitted when the offer is made.
If the offer is accepted the deposit will be deducted from the balance of deposit (which is usually 10% of the sale price), if the offer is not accepted this amount will be refunded in full.
Please note that all refunded deposits by law must be made by cheque or direct deposit no matter what form it was paid to Ray White Doreen.
What is a Section 32 (Vendors Statement)?
This is the document prepared by the Vendors Solicitor/ Conveyancer that spells out the key elements of the property. It will include the vendors details, a copy of the title, all the services (water, gas, sewerage, telephone) that are available and connected to the property. By law all buyers who make an offer must view a Section 32 (Vendors Statement) before making an offer in writing and signing a contract note.
What does a Nominee Clause mean?
Some buyers may wish to purchase a property and then at a later time (prior to settlement) substitute another buyers name or add an extra buyer to the contract note (please be aware that there may be stamp duty implications when doing this). This may be used when a couple are buying but only one partner is available to sign the offer, for example if one of the partners is overseas or interstate.
How long does it take to get an answer?
We understand how nerve racking a time it is once you have found the home you want to buy and how nervous you might be making an offer. We will make an effort to present your offer as soon as possible but this may be influenced by the availability of the vendor and other offers being taken on the property. Generally we will have an answer for you within 24 – 72 hours, however we will keep you informed throughout the process so you are not left wondering.
What is a multiple offer situation?
In many instances more than one buyer may have interest in the same property at any one time. We find from past experience and working in the vendors best interest, that taking more than one offer at a time and giving everyone the same opportunity is the fairest way.
If this situation arises you must make your best offer as you may not get a chance to increase your offer or change your conditions and we wont disclose your offer to anyone else.