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How to make an offer to purchase
Of course, like most buyers, you may want to feel you are getting a 'good deal' and want to put in an offer below the asking price. There is no golden rule here. Take advice from the agent that knows the property, the seller and their circumstances well. Many factors can influence a seller's position – they may be relocating overseas, or they may have financial pressures and need to sell urgently. If the agent indicates the seller is willing to negotiate, then you can put in a lower offer based on their advice.
Whatever your offer, the seller usually has three options – to accept your offer, unchanged, including the occupation and transfer dates you have included. Secondly, they may reject it outright as being too low or having too many unattractive conditions. The third possibility is that they 'counter' your offer, with an amended one. This is usually on price, with the seller asking for a price higher than you offer, but often lower than the original asking price. They may also change some of the conditions. When the agent re-presents the changed offer to you then you also have an opportunity to accept or otherwise. All of this process can take place in just a couple of days and involve some negotiation between both yourself and the seller, brokered by the agent.
Once both parties (ie you, as the purchaser, and the seller) have signed up to the final contract with all its changes countersigned by both parties and are happy with it, the contract get passed to a conveyancing attorney (usually nominated by the seller), who handles the legal process to 'transfer', when the property legally transfers to you from the seller. For apartments (or 'sectional title'), you can expect this process to take approximately 10 to 12 weeks. It may seem like a long time to wait for your 'new home', but it will pass quickly. The key throughout this period is that everyone communicates clearly: the conveyancer, agent, seller, you, as the buyer, and the institution that is providing you with finance. It is important to fulfil your duties to the purchaser on time, when requested by the conveyancer, so as not to delay the process. And remember, always ask questions when you are not sure. After all, it is your property that you are purchasing. Good luck!
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Posted on Wednesday, January 23, 2008 (Archive on Thursday, January 31, 2008)
Posted by hayleym Contributed by hayleym
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