Q. How do I put an offer on a property I want to buy?
A. According to South Australian Real Estate law all offers must be presented to the seller in writing. If you like a property just simply ask the selling agent to provide you with either an offer form or a contract. Complete the details and return to the selling agent as quicly as possible. Dont forget the early bird catches the worm! It is always recommended to put your highest and best offer forward as in the case of multiple offers the agent may not come back to you with a " counter offer" or offering you a chance to increase your offer.
Q. Do I need to have finance approved before I put in an offer?
A. No you dont, but in our opinion the better prepared and organised you are the better your chances in securing your new home. Vendors look at your terms and conditions of your offer as well at the price. It is a good idea to talk to your bank/lender to get "in principle" finance approval for the property you are wanting to purchase before you put your offer in. Bank finance approval is usually free so appart from a bit of time & effort on your behalf & more so on the bank's it is entirely worth it. Please be aware of different types of "pre-approval" for finance, so speak with your lender or mortgage broker to ensure you have the best informaiton at hand to suit your needs
Q. What are my "cooling off rights"?
A. When you have signed a contract for the purchase of a property (residential) you will be served with a Form 1 - Vendors Statement, which are legally required to be served to you, to put you on notice of particulars concerning the property. You will have 2 clear working days from when you have been served the documents to exercise your cooling off rights. To cool off means to withdraw from the purchase of the property. You do not need to give reason, but you must give advice in writing that you wish to "cool off".
Q. How much deposit do I need?
A. You will need to discuss this with the selling agent at the time the contract is drawn up, or your offer is made. Usually the higher the deposit you are willing to pay the more serious you look to the seller! At an auction it is usually 10% of the purchase price.
Please note that the deposit required to secure the property is different to the deposit you need to secure finance on a property.
Please talk to our friendly staff if you are unsure about any information provided