Making an offer

Considerations when making an offer

When making an offer you should consider the following:- 
* the agent is required by law to submit all offers to the vendor.
* the property remains on the market while 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. gaining bank approval, the sale of an existing property or other conditions such as a getting a pest and / or building inspection.
* you can also make your offer conditional on certain terms (such as a dishwasher or outdoor spa) being included or excluded from the contract. 
* Any agreed special conditions such as these must be written into the contract otherwise they have no meaning.
* be sure to include other important considerations such as settlement terms and the amount of the deposit.
* our recommendation is to always make an offer subject to a pest and building inspection.
* our recommendation is also to put a time limit on the acceptance of an offer.

Cooling-Off Period
In some situations purchasers may be entitled to a cooling-off period of three business days if they change their mind after having signed a contract. This means that a purchaser can withdraw from a contract but there are several situations where a cooling off period is not available such as:- 
- if the property was bought at an auction or within three business days before or after a scheduled auction. 
- if the purchaser is an estate agent or corporate body. 
- if the vendor and purchaser have previously entered into a Contract  of Sale for the same property on substantially the same terms; 
- if the property is used mainly for industrial, commercial or farming purposes and in the case of a farm is not more than 20 hectares in area. 

A contract is cancelled during the cooling off period by providing written notice to the vendor or the vendor`s agent. When a contract is cancelled during the cooling off period, the purchaser is entitled to a full refund of all money paid, except for $100 or 0.2 percent of the purchase price - whichever is greater. For example, a vendor may keep a $300 deposit on a property priced at $150,000.

NB: If you know any person who may be interested in anything contained in this web site, please feel free to pass it on with our compliments.