Sales and Purchase Agreements

How do I actually make an offer on a property?

Here’s a Video of an Offer I made to secure an Off the Plans Build recently. 

Do not text the agent your offer. Do not simply email the agent your offer. You need to put pen to paper if you are serious and ask the agent for a copy of the S&P agreement (Video below)

A Sales and Purchase Agreement is a legally binding contract for the purchase or sale of a property between the buyer and the seller.

It contains the Terms and Conditions and all other details of the actual sale including prices, settlement dates, access clauses and any other conditions you may add.

Everything is negotiable. Even the chattels.  

Essentially there are two (2) types of offer. It is up to the buyer and the seller which type they will use in the purchase and sale of the property.

 

Conditional Agreement 

This type of contract is the most common. It requires conditions to be met before the sale of the property such as building inspections, finance being approved and several other clauses that may be of requirement.

 This is essentially your get out of Jail free card.

 

Unconditional Agreement aka ‘Cash Unconditional’

This type of contract, on the other hand, has no conditions attached to the sale. However this also means that when the buyer signs the contract, they can no longer terminate and must proceed to settle the contract based on the terms.

 Since an unconditional contract is also not Subject to Finance Approval, this also means that even if the bank does not approve your loan, your contract cannot be terminated. 

You are required to settle by any means possible… did anyone say ‘non bank lender?  

I’ve had to save a few people who thought they had unconditional finance approval then in turn found out that they did not. The bank changed their mind yet they had already gone unconditional on the agreement!!

 

Check out the Video for a more detailed explanation

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