Choosing the right home
There are several factors you need to consider when choosing the right property.
location - this often depends on the needs of your family, as well as style and size of the type of home you are looking for. You should consider factors such as distance from your place of work, nearby educational facilities, availability of recreational facilities, the local town-planning scheme, and the development potential of the land.
style & size - consider your basic needs and discuss these with the agent. Consider factors such as garage or carport requirements, extensive gardens or easy care surrounds, family living areas such as games/living rooms, inside and outside entertaining areas and the capacity to extend, swimming pools or room for a pool.
Although the agent representing the vendor can provide information to you relevant to the sale, prior to submitting an offer you should ensure you have made your own enquiries to satisfy yourself on the suitability of the property.
The offer & acceptance process
Finally, the moment you have been waiting for it is time to put an offer to the seller (also known as the vendor). If you consider the price to be too high, then discuss with the agent the option of presenting an offer at a lower price. The listing agent can then negotiate in an attempt to reach a price acceptable to both parties.
The agent is under no obligation to advise you if another buyer offers a higher price, nor the value of that offer. The agent must simply present your offer when it is received. If you are genuinely keen on the property you have selected, then it is in your interest to make the offer your best offer. Carefully consider the comments from the agent. For example, if the agent informs you that the seller is not willing to consider offers below a certain price, then by making a low offer, you may lose the perfect property. However, it is your right to make an offer at whatever level you choose.
The offer & acceptance document
The document completed to make an offer to purchase is called a "Contract for Sale of Land/Strata Title by Offer and Acceptance". This document, together with the and the "Joint Form of General Conditions for the Sale of Land" booklet, form the terms and conditions under which the purchase and sale will be completed. Any special conditions you want to form part of the contract must be written into or annexed this document.
After you have signed the offer the real estate agent then forwards the offer to the seller. The seller may not agree to your price and/or your conditions. The seller may make a counter offer or may totally reject your offer.
The contract becomes legally binding once all parties have accepted the terms, and communication of this acceptance is conveyed to all parties who are signatories to the contract.
there is normally a condition in the Offer and Acceptance document which indicated that a deposit is payable upon making the offer, which is usually held by the seller's real estate agent in a trust account until settlement. The seller's real estate agent cannot release a deposit without the agreement of all parties to the contract. If a deposit is required but it is not received by the nominated date, then the seller can terminate the contract and proceed with any other offers.
If you require a loan to enable the purchase of a home, then this needs to be a condition of your contract, and you will have a certain period of time in which to provide written confirmation that your finance has been approved. It is imperative that you speak to a reputable finance consultant and have an finance application submitted as soon as you have signed an offer. You can also submit an application prior to locating a property (known as a "pre-approval") to ensure that you will be able to obtain finance for the proposed purchase.
Pre settlement inspection
It is a requirement of the Joint Form of General Conditions of a sale, that the seller gives the purchaser an opportunity to inspect the property within seven days prior to settlement taking place. The purchaser would use this opportunity to determine if any special conditions have been satisfied and to determine if the property is in the same state and condition as inspected by the purchaser on or immediately before the date the Offer and Acceptnance was signed.