First Time Buyer Need Help Submitting Offer (QLD)

Discussion in 'The Buying & Selling Process' started by Mashi, 17th Jan, 2022.

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  1. Mashi

    Mashi New Member

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    17th Jan, 2022
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    Queensland
    Hi everyone,
    I am acting on behalf of a friend, this is the first time either of us to submit an Offer To Purchase (QLD). We have a few questions we need help with and any suggestions will be greatly appreciated. Forgive me if I don't know the correct terms.

    1. Deposit amount. We have 25%+ cash for deposit. Should we just put 10% deposit on the offer?

    2. Finance. We have pre-approval with ANZ, would 21 days be okay for Full Approval?

    3. Building & Pest Inspection. I have contacted 2 local inspectors and they both said 14 to 15 days before 1st available time. Should I put 21 days on the offer?

    4. Settlement date. We are ready to settle asap. Would 42 days (21 BPI + 21 Finance) after the day we submit the offer be okay? Should we ask the agent?

    5. Special Conditions. Wording will be helpful and any other recommended conditions. Do I put subject to Finance Full Approval (we have pre-approval)?
    So far I have:
    *Subject to Satisfactory Building and Pest Inspection by a registered/qualified building inspector.

    Thanks for taking the time to read and help.
     
    Mashi, 17th Jan, 2022
    #1
  2. Trainee

    Trainee Well-Known Member

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    Are you buying jointly?
     
    Trainee, 17th Jan, 2022
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  3. Mashi

    Mashi New Member

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    No. I'm just doing all the research for the buyer and helping to find a property. I get all the joy and headaches for free. I should not have used the word 'We'.
     
    Mashi, 17th Jan, 2022
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

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    To whose satisfaction eg to the vendor's satisfaction? Yours?

    What is considered "satisfactory"? eg Some dry rot on timber work might be satisfactory for some but not for others.

    The Y-man
     
    The Y-man, 18th Jan, 2022
    #4
  5. Mashi

    Mashi New Member

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    Since my friend is the purchaser, obviously it would be to my friends satisfaction.

    What is Satisfactory, I guess that's what the report is for, only then would it be possible to make a judgment.

    I don't know how to word the Conditions for the purchase offer. That's why I am asking for help.
     
    Mashi, 18th Jan, 2022
    #5
    Voldy2022 likes this.
  6. The Y-man

    The Y-man Moderator Staff Member

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    I suggest talking to the conveyancing lawyer for the wording. We've had a few people on this forum end up in bad situations because the wording and interpretation was disputed.

    The Y-man
     
    The Y-man, 18th Jan, 2022
    #6
  7. Trainee

    Trainee Well-Known Member

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    Where is your friend's solicitor in all of this? Isn't that who you should be getting legal advice from?
     
    Trainee, 18th Jan, 2022
    #7
    The Y-man likes this.