When you’re ready to make an offer it’s important to know what to do. Advice from your broker/bank and conveyance will come in handy at this time.
Send a copy of the Sale and Purchase agreement over to your conveyancer and bank/broker before you make an offer. The bank may sometimes need to check the title before they agree to lend to you, so the sooner you send this - the better!
Once the property has been given the green light this is where you can make your offer. If it’s a negotiation or an asking price, it's as simple as you naming your price and signing the SAPA with the real estate agent - now you're ready to go.
Make sure to talk to your lawyer about including your conditions when putting an offer in if you have any. We would recommend including the standard conditions below:
Builders report (5-10 working days)
Get a builder to inspect the property and note any problems with the dwelling
Finance (5-10 working days)
This gives you time to apply for your loan with the bank
LIM report (5-10 working days)
This will inform you of the land the property is built on e.g. a quake zone or a flood plain
Valuation (5-10 working days)
This is a bank requirement if you have less than a 20% deposit - banks will only lend you up to 90% of the total value of the house, not the price you might want to pay for it!
For more information on sale and purchase agreements, click through to some of our tips and tricks on the topic.
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