Navigating the property buying process can feel overwhelming, especially in today’s competitive market, where you’re competing against other buyers.

The pressure to act swiftly to avoid missing out on your desired property can be intense! That’s where we come in, we have put together some of the most common questions asked by property Buyers. Providing you with understanding and knowledge will assist in ensuring a smooth property purchase.

What if the owner is considering multiple offers?

In the current market, it’s common for sellers to receive multiple offers. Remember that the seller isn’t obligated to consider offers in the order they were received.

While you may have the chance to submit a revised offer, it is often advised to present your best offer upfront, to avoid disappointment, in the event that you are not given the opportunity to revise your offer.

Can I retract my Offer during negotiations?

Yes, you have the freedom to withdraw your offer at any time before the seller signs the contract and notifies you of its signing.

If I require finance, do I need to specify a lender and loan amount on the contract?

No, the financial conditions stipulate that if no lender details are provided, any lender can be chosen, and the loan amount will match the purchase price.

When does a Contract of Sale become effective?

A contract of sale becomes effective when all parties involved have signed an agreement to its terms and conditions. At this point, the sales agent representing the parties will confirm that the contract is in effect.

What happens if my lender can’t approve my loan application by the latest date?

The contract is in place and now you have the condition of your finance clause to meet.

If your lender can’t approve your loan application by the date specified, you can attempt to negotiate an extension with the seller for obtaining financing.

If no agreement on an extension is reached, the contract will continue until either:

• The seller terminates the contract, resulting in a refund of your deposit, or

• You, the buyer notify the seller that your finance has been approved.

Is a final/pre-settlement inspection necessary?

The final inspection is a standard contractual provision where the seller represents that the property’s condition will match that of the contract date. It ensures the property’s state remains consistent up to settlement.

Why am I provided a disclosure statement for strata-titled properties?

When purchasing a strata-titled property, before signing the contract of sale, you receive a disclosure statement. This is a requirement under the Strata Titles Act. This document outlines information about the strata lot, including the scheme plan, bylaws, minutes, accounts, and levies for common property upkeep.

Who is responsible for arranging the building and pest inspections?

When building and pest inspections are required and form part of the contract of sale, it is typically the buyer’s responsibility to bear the associated costs. The sales agent assists with providing the contractor access to the property to carry out the inspections.

Are electronic signatures allowed?

Yes, electronic signatures are legally accepted under the Electronic Transactions Act. It’s commonplace for contracts to be signed electronically these days.

If you are on your home-buying journey and have a burning question, reach out to us anytime. We are here to help.

Abode Property Group

08 6111 3518  |  [email protected]