Do your research and know what is a reasonable price for the property. Get an independant valuation (N.B. Real Estate Agents are not registered valuers).
Understand that the Real Estate Agent has an obligation to submit all offers to the Seller under the POA Act 2014 unless the Seller has given clear instructions to the contrary e.g. The Seller does not want offers below a certain price.
The Seller will consider all terms and conditions of an offer and may make a counter offer. In a multiple offer situation each Buyer will be given the opportunity to put their best offer forward. This may be a higher price or better conditions in the offer.
Typical Conditions that may be included in an offer could be;-
- Subject to Finance
- Subject to Pest Inspection
- Subject to Building Inspection
- Subject to the Sale of another property
Special Conditions should be drafted by a qualified Solicitor and not the sales agent.
Advise your Agent of your Solicitor's details and have them read over the offer prior to you signing.
You will be asked to put down a deposit on the Contract. Whilst paying a deposit isn't legally required it does give some indication to the Seller that your offer is serious.
When your offer is accepted ensure you document the relevant dates and provide your Solicitor with the required updates on or before the due date. Satisfaction of each condition must be communicated clearly. Pay all deposits be the due date also.