What is the sequence in making an offer

1. Am I supposed to get all inspections done prior to making an offer. If an offer is accepted, don’t I have to put some money down which is non refundable? Conversely, if I don’t and someone else does, then I’ve just spent the money on inspections for nothing? Given how quickly properties are sold nowadays, which way do I go?

2. How about the solicitor/conveyancer? Are they supposed to look over the contract first?

3. what inspections do I need to do besides building ? Is pest necessary?

4. if all the above is done during cooling off period, can this be turned around before period is over?

thanks

 

Depends on which state you're looking at.

 

Based on the post I would rate them this way

1. Find potential property. Obtain a copy of the contract
2. Seek legal advice prior to any offer

Pest AND Building are usually the same inspection. A defective report if you went conditional isnt affected by cooling off periods. It is a conditional issue. You just need to be prompt. Yes pest is necessary other than a brand new build. For a newer build you may make enquiries about what termite system is used and when it has been maintained. You want to buy a termite ridden property ?

 

1. no, you don’t have to do the building and pest inspection prior to making an offer. You simply go to the open home and if you decide you like it you put an offer. The building and pest can be placed as a condition of contract later

2. yes, after you place an offer, get them to look at it. Have one selected early on so no time is wasted.

3. just those basically

 

In a word, nope.

It's a negoiation. You can add as many caveats as you like. 'offer is dependent on...'

In some states, third party building and pest reports are the sellers responsability.

In most cases, the contract will be a standard realestate one. You only need to become familiar with the areas where they can fill in the blank bits. And honestly, this is back to the negoiation part. You can negoiate for as many changes as you like.

The cooling off period is a standard clause. If you need more time, include it in your negoiation.

they can negoiate too though, they may want to pick an offer without caveats. Chat with the real estate agent. At the end of the day, they are a third party who wants a sale.

 

The order in which things are done changes state by state and also varies with market conditions. In NSW you generally get B&P done prior to making offers as there is no standard B&P clause.

One of the easiest states to buy property is Qld as there are inherent protections built into the contract. It doesn't work that way in most other states.

- Andrew

 

So the lawyer reviews contract before I should make an offer? The turnaround time for this I would think is at least a week isn't it?

Why do you say its not affected by a cooling off period? Doesn't the report bounded by the cooling off period. There is no point doing it after since you can't decide not to buy anymore?

 

Can you please clarify what you mean by place as a condition of contract? So if it comes back bad, I can pull out without penalty regardless of cooling off period?

I was also of the impression that when you make an offer, you have to pay a small % as a in good faith gesture, which is none refundable regardless of the outcome of your reports.

 

NSW