You have fallen in love with a home and so has the new puppy. You want to make an offer.
Every day you successfully negotiate your way through life from pay rises, workplace issues, to your relationships and family matters.
If you can manage to negotiate your way through these, you can manage to negotiate the buying of a property.
Use these three simple steps
- Preparation
- Negotiation
- Agreement
Together: Let's get you moving.
Preparation:
Ask yourself. What price and terms do you want?
Set your price range; be realistic, fair and know why you have set this range.
The first step is to view the Contract of Sale/Vendor Statement. This document is prepared prior to the sale by the owner of any property and must be available for you and your legal representative to review. Once reviewed you are then in a position to make a formal offer.
(a vendor's statement - also known as Section 32 - is a document that tells potential buyers certain things about the property title you need and should know. The contract of sale is the written offer by you to the vendor to buy the property at the agreed price and under the terms you need)
Negotiation:
Negotiation should be a positive experience and is about creating a win /win for both parties.
- Be clear about what you want: your price and terms.
- Communication is vital, be open and confident.
- Know why you want to buy the home: list the benefits of the home and be aware of its negative points.
- Be flexible, friendly and honest in your approach. Stay calm.
Agreement
Your offer and the conditions of sale.
These could range from a long settlement time, to price, finance clause, even a rent first option.
The following are the types of conditions you may wish to include
- Finance Clause - usually 14 days
- Building Inspection
- Pest Inspection
- Length of settlement 30/60/90 days
You can even include other items such as the vendor leaving items such as garden sheds or pool equipment.
The most professional way forward is to outline your offer in a written form. This includes all the conditions you require.
Next Address has an Offer to Purchase document which we highly recommend you use. This clearly outlines what conditions you want to be included in the sale. Please discuss these conditions with your legal representative to ensure you are protecting your interests in the sale.
Copies need to be made and retained by all parties.
Once an agreement is made on the conditions, these are then added to the Contract of Sale. You then sign the contract of sale. The contract is sent to the Sellers legal representatives for them to sign.
Once both parties have signed the sale is complete. Depending on the way you buy the home you may have a three-day cooling-off period. Just in case you change your mind.
- Know what you want to pay for the property and why
- Know the conditions you want to be included in the purchase and
- Get your contract reviewed professionally
Click here to download our Home Inspection Checklist
If you are considering your next move and want to sell your property online, Next Address is an affordable and smart option. Explore how Next Address works by clicking here.
