Sale

Approach banks and / or brokers to get accurate information regarding your borrowing position, together with details of anticipated bank fees, potential stamp duty and transfer fees that may apply to your purchase so that you can calculate any shortfall that you will need to cover.

Open homes are great for introducing you to the property and the neighborhood; however, they are not always the best setting for a thorough inspection, you can make arrangements with the real estate agent for further and private inspections (which you can film). During your inspection In addition to viewing the property for its suitability for your lifestyle, it’s important to confirm goods and fixtures are in working order. Common items to test: heating and cooling; kitchen appliances, including: dishwasher, oven; and roller door/s. As Is, Where Is If you are successful in purchasing the property you buy ‘as is’ at the date of sale, which means You buy the property in its current condition, there is no obligation for the vendor to make repairs or restorations on the property unless specifically included in the contract, by way of a Special Condition. If goods are not in working order, and you sign to buy the property you have bought the item broken, as it is on the day you sign the contract. You are not able to use your final inspection before settlement to raise problems with goods, fixtures, or the condition of the property if you have not inspected them prior to signing and verified them working.

Before you make an offer on the property, request the Contract of Sale and Vendor’s Statement (aka Section 32 Statement) from the real estate agent for us to review. The Contract of Sale (Contract) sets out the commercial terms and conditions of the sale. The Vendor’s Statement sets out the information a vendor must disclose about the property. This includes any restrictions on title, easements, which services are connected, the cost of outgoings each year for the property, details of zoning and details of any recent building permits. We provide a verbal summary of the Contract of Sale and Vendor’s Statement, which identifies any ‘red flag’. We will also suggest if you need to including a requirement for amendments to the Contract of Sale, whether introducing or removing a special condition, as a part of your offer. If you have any concerns about goods, fixtures or the condition of the property, get advice from our team during this review. We may be able to resolve your concerns through drafting a Special Condition. You may want to negotiate other Special Conditions such as: Making your offer subject to finance; or Making your offer subject to a building and pest inspection.

Offers are typically made to the Vendor via the real estate agent. We recommend you make any offer contingent on you actually signing a Contract of Sale and submit the offer in writing via email – the offer would include: The total price you will pay for the property; The deposit you will pay (ie: 5% or 10% of the purchase price); When you will pay the deposit (ie: on signing or on finance approval); Conditions you require included in the Contract of Sale (as discussed with us); and The date you nominate for settlement (ie: usually 30, 60 or 90 days from signing). The agent may want you to make an offer by completing and signing a Contract of Sale– you can do this so long as the Contract of Sale reflects your complete offer.

The real estate agent will arrange for you to sign the Contract of Sale and Vendor’s Statement. Before you sign, you should: Carefully review the Contract of Sale to make sure it reflects your offer. If not already completed, arrange an inspection and verify the goods and fixtures are in a satisfactory condition. If you have any questions – talk to us. We act for you and want you to be informed before you sign. Once you and the Vendor have signed the Contract of Sale, your offer is accepted and is binding.