What happens if a potential buyer wants to make an offer on my property?
When a prospective buyer wishes to make an offer on your property on the Gold Coast, a number of steps are usually taken to facilitate the offer process and negotiation. Here’s what happens:
Offer Presentation
The prospective buyer will make a formal offer to purchase your property to your agent. This offer will outline the proposed purchase price, any special conditions and the desired completion date.
Review and Response
On receiving the offer, you and your agent will carefully consider the terms and conditions. You can then decide whether to accept, reject or negotiate the offer. If the offer meets your expectations, you may decide to proceed with the next steps.
Negotiate
If the initial offer requires adjustments or if you’d like to negotiate specific terms, your agent will contact the buyer’s agent to begin negotiations. The aim is to reach a mutually beneficial agreement.
Counteroffers
In many cases, negotiations involve a series of counteroffers and responses. Each counteroffer presents modified terms, such as adjustments to the purchase price, settlement date or conditions. This process continues until both parties reach a mutually acceptable agreement or decide to terminate negotiations.
Acceptance of an Offer
Once all the terms have been agreed, you and the buyer will sign a contract of sale setting out the terms of the agreement. This contract legally binds both parties to the sale.
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Deposit
On accepting the offer and signing the contract, the buyer will usually pay a deposit, which is held in trust by the buyer’s estate agent until the sale is completed.
Exchange of Contracts
The contracts are exchanged between you (the vendor) and the buyer. During this stage, the buyer may have a period of time to carry out due diligence, such as arranging a Building and Pest inspection and obtaining finance.
Cooling-off Period
In Queensland there is a standard cooling-off period of five working days during which the buyer can cancel the contract without incurring significant penalties. However, this period may not apply in all cases, for example, if the buyer waives the cooling-off period or if the contract is formed at an auction.
Building and Pest Inspection
After both parties have signed the contract, the buyer will typically arrange a building and pest inspection of your property. This usually occurs within 14 days of the contract start date and is stipulated in the contract.
Finance Approval
Finance is usually noted as a special condition within the contract with a time frame, normally 21 days. However, this timeframe can vary depending on a number of factors, such as:
- The complexity of the loan application.
- The lender’s workload.
- The buyer’s financial situation.
- Any outstanding issues with the property.
If the buyer is having trouble getting finance approved within 21 days, they may be able to negotiate an extension with the seller. However, it is important to note that the seller is not obligated to agree to an extension.
Conveyance
The buyer’s solicitor or conveyancer will carry out legal research and due diligence to ensure a smooth transfer of ownership. At the same time, you will need to provide any documents or information required for the sale.
Settlement
The settlement date, as stated in the contract, is when the property is officially transferred to the buyer. On this day, the buyer’s remaining funds are transferred to your account and the buyer takes possession of the property.
It’s important to note that working with an experienced real estate agent throughout the offer and negotiation process is highly recommended. They can provide valuable insight, expert guidance and ensure that all legal and contractual aspects are properly managed.
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.
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