A set date of sale or deadline sale may be advertised using the terms ‘set date of sale’’ or ‘deadline sale’. The property advertising may include the words ‘unless sold prior’, which means the property can be sold before the end date. Offers can be made at any point up to the end date. Sellers can choose to accept an offer at any time, so you need to be proactive in registering your interest.
Before you make an offer, learn as much as you can about the property and ask your lawyer or conveyancer to help you understand any reports you get.
Checks you can make include:
● Speak to your broker or bank about the property.
● Request any information the agent has on the property.
● Check out the house, land, and neighbourhood.
● Organise a building inspection report.
● Send Lim report and title to your solicitor for reviewing.
● Ask what settlement dates are on offer.
Confirming your finances
● Make sure your finances are in order before you make an offer. If you are using a lender, you may need to include finance approval as a condition of the offer. Your lender may want specific details about the property before you make an offer, even if you have pre-approved lending.
● You will need to pay a deposit when the agreement is signed or soon after. The deposit is usually around 10% of the purchase price.
Making an offer
If you’re interested in a property being sold by deadline sale, let the agent know straight away. The seller can accept offers at any time. They don’t need to wait for the deadline date.
Deciding what kind of offer to make
You can choose to make an unconditional or conditional offer on the property:
● An unconditional offer means you do not have any conditions to meet before buying the property. This is sometimes known as a cash offer.
● A conditional offer means you have conditions that you want met before you agree to buy the property.
● If you make a conditional offer, the real estate agent will negotiate on behalf of the seller. This means the real estate agent may make suggestions which will benefit the seller. Conditions could include making your offer subject to getting a building inspection or a valuation, confirming your financial arrangements or selling your own property.
● The seller can also attach conditions to the sale such as changing the settlement date or specifying the details of the chattels (for example, stove, fixed floor coverings, blinds, curtains and light fittings) that come with the house.
Checking the sale and purchase agreement
If the agent prepares the sale and purchase agreement, you should get your lawyer or conveyancer to review it before you sign it. When you’re happy with the sale and purchase agreement, the agent will present your offer to the seller to consider. The seller doesn’t have to accept the highest offer. They can accept any or none of the offers and may negotiate with anyone who submits an offer.
