You’re all pre-approved and have found an amazing property…so what now? Here are the steps to take to make your dream home purchase a reality.
Request a copy of the Sale & Purchase (S&P) agreement from the real estate agent to give to your solicitor (note: ideally you should have engaged already with one before now) and discuss with them what you are thinking of offering for the property.
The solicitor will check the S&P for any red flags and discuss with you what conditions they recommend should be in the offer. These can range from LIM (Land Information Memorandum), Builders Report and, unless you are a true cash buyer, a Finance condition! You can also set the deposit you would like to pay and your preferred settlement date.
Armed with this information you instruct the real estate agent selling the home to draft the offer with the terms, purchase price offer, deposit and settlement date etc that you discussed with your solicitor. It is worth noting that having more conditions in an offer can make it less attractive to the vendor, especially if they are also looking at multiple offers.
The Real Estate Agent will either visit or send the S&P for you to sign. But before you do, double check it to make sure everything you requested has been included
Once the offer is presented to the vendor then the fun begins. The vendor either agrees, and signs your offer, or counter signs at a higher price, or a change of conditions, or both. If it is countersigned then the ball is back in your court and you have a choice to agree and sign, or countersign the vendors offer. This goes on until agreement is reached and you have yourself a conditional offer to buy the home - happy days!
Next step is to get the S&P to us and tick off all the conditions you agreed to – a topic for another day 😊!
Auctions have to be managed differently and also a topic for another day.
Feel free to reach out here or below to learn more of if you have any questions
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