If you are intending to make an offer there are a few things to keep in mind. For example, the seller does not have to accept your offer. He or she may want to wait to see what other offers are made, or may want different settlement terms.
This may result in a negotiation between you and the seller. The agent will act as a go between. When negotiating, keep in mind the agent acts for the seller, not the buyer.
Many buyers use a buyer’s agent to assist with the negotiation process.
As the negotiations continue, ensure your offer is in writing and must be accepted by a fixed date and time. You can also make it subject to obtaining finance, or the sale of an existing property.
Offers must be in writing and in the form of a contract signed by you. If the seller accepts your offer and countersigns the contract before your offer expires, there is a binding contract.
The contract sets out the terms of the sale, including the names of the buyer, seller and the estate agent, the title details, price, deposit, the balance owing and the date on which settlement will occur, at which time you can move into the property.
With residential property, cooling-off rights apply for a period of 3 clear business days from the time you sign it, unless the property is being auctioned or you have obtained legal advice beforehand.
If you are unsure about the contents of anything you are asked to sign, obtain legal advice before signing any documents.
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Tags: binding contract, contract, date, legal advice, negotiation process, offer, property, settlement, settlement terms, title details
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