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Advice And Tips

Buying Advice

So you’ve found the perfect property…now what?

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 is very clear to all parties and there is no confusion.

What does cooling off mean?

If you decide after the vendor has accepted your offer that you simply wish to change your mind you are allowed by law to do so within three (3) 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 puchase. A lender will normally be able to arrange your finance within 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.

Adam Sleight is our Loan Market representative and able to provide you with the most up to date details on the loan that will best suit you. Even if you have pre-approval from a lender, Adam can give you some great advice at no charge to you.

Should you have any queries regarding a loan, call Adam Sleight on 0428 676 168.

Do I leave a deposit?

At Ray White Drysdale 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 2% of the sale price, whatever the 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.

What is a Section 32 (Vendors Statement)?

This is the document prepared by the Vendor’s Solicitor/Conveyancer that spells out the key elements of the property. It will include the Vendors details, a copy of the Title, all 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 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 husband and wife may be buying but only the husband is available to sign the offer, for example if the wife 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 endeavour 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.

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