Putting an offer on house-Legally Binding?

Discussion in 'Legal Issues' started by newtoinvest4, 3rd Jul, 2020.

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  1. newtoinvest4

    newtoinvest4 Well-Known Member

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    If I put an offer in on a property I'm interested in purchasing, does this become legally binding? And what conditions should I set? Subject to building and pest inspection? anything else?

    Thanks
     
    newtoinvest4, 3rd Jul, 2020
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Generally a sale contract signed by buyer and seller and a deposit paid commences a contract but it may have a cooling off period (this doesnt mean its penalty free). Seek legal advice before making a offer based on the contract !! (Take it with you). The best offer is made by handing back a signed contract with the price altered and conditions evident (if any) eg subject to finance, Satisfactory B&P and so on. many people may make a verbal offer and worry about paperwork later esp where the offer is low and prone to refusal BUT get legal advice.

    The process for offers and signing etc can be intimidating the first time so prior legal advice can set your mind at ease. A real estate agent doesnt care if you are harmed. So before you engage with them be armed.
     
    Paul@PAS, 3rd Jul, 2020
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  3. newtoinvest4

    newtoinvest4 Well-Known Member

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    Thanks for the advice paul!
     
    newtoinvest4, 3rd Jul, 2020
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  4. D.T.

    D.T. Specialist Property Manager Business Member

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    Varies in every state, eg SA has a cooling off period
     
    D.T., 3rd Jul, 2020
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    A contract is an offer and its acceptance. With land it has to be in writing to be legally enforceable.

    Doesn't necessarily need to be in a 'contract' form
     
    Terry_w, 3rd Jul, 2020
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  6. Morgs

    Morgs Well-Known Member Business Member

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    You should definitely get yourself a good conveyencer at this point who can help you through the specifics for your scenario
     
    Morgs, 3rd Jul, 2020
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  7. newtoinvest4

    newtoinvest4 Well-Known Member

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    Thanks Morgs :)
     
    newtoinvest4, 4th Jul, 2020
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  8. newtoinvest4

    newtoinvest4 Well-Known Member

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    Ok, useful info. Thanks Terry
     
    newtoinvest4, 4th Jul, 2020
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  9. Trainee

    Trainee Well-Known Member

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    Assuming this is NSW, there are a lot more things you need to understand besides whether something is a contract.
    0.25. Cooling off. S66W. to begin with.
     
    Trainee, 4th Jul, 2020
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