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How to Prepare a Winning Contract Offer

Affinity Property are experts at contract negotiation. Read our expert tips for preparing a winning contract offer when you buy. 

Or, call us now on 07 3293 9100

Damian Ramage

Property Sales Consultant

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When buying a property, getting the contract right is essential for a successful sale. 

Affinity Property are expert sales agents with over 100 years of collective experience in real estate dealing with all sorts of property. Many first home buyers have bought properties. 

Get the benefit of our years of experience and read these essential tips for your contract offer

Five-Star Reviews From Over 100 Happy First Home Buyers

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Deciding on Your Contract Offer

Put your offer in writing.  This shows the seller that you are serious and avoids the confusion that can occur with verbal negotiations. Professional real estate agents will present buyers with a number of documents. 

Also, the law requires that your agents go through these documents with you, to avoid any confusion. Afterward, you should get independent legal advice if you have any further questions or queries. 

The REIQ Contract of Sale (approved by the Queensland Law Society) has a provision in the schedule for the contract to be subject to finance, a building inspection, and/or a pest inspection if these are required. However, parties may also agree to vary the standard conditions in the contract.

The best way to prepare a winning contract offer on any property is to follow the steps below. Furthermore, the owner must get all offers in writing.  Buyer details need to be 100% correct so the contract can be counter-signed by the vendor.

Presenting Your Contract Offer

Put your offer in writing.  This shows the seller that you are serious and avoids the confusion that can occur with verbal negotiations. Professional real estate agents will present buyers with a number of documents.

Also, the law requires that your agents go through these documents with you, to avoid any confusion. Afterward, you should get independent legal advice if you have any further questions or queries.

The REIQ Contract of Sale (approved by the Queensland Law Society) has a provision in the schedule for the contract to be subject to finance, a building inspection, and/or a pest inspection if these are required. However, parties may also agree to vary the standard conditions in the contract.

The best way to prepare a winning contract offer on any property is to follow the steps below. Furthermore, the owner must get all offers in writing.  Buyer details need to be 100% correct so the contract can be counter-signed by the vendor.

Provide the Agent with Your Full Details:

  • The actual purchase price you will be paying for the property
  • Method by which you choose to pay the deposit eg: cheque/electronic transfer
  • Settlement period that you require or the vendor has stipulated
  • Name of your chosen Solicitor or Conveyancer 
  • Details of your bank or financial lending institution
  • Any special conditions or requests that you may have so the agent can inform the vendor ( property owner)

Or, call us now on 07 3293 9100

Confirm Your Timeframe to do Any Investigations/ Checks/ Searches

Allowing pets with responsible tenants may result in a longer term tenancy with fixed rental increases.  This gives peace of mind to both the tenant and the landlord. To ensure your property is protected if you do allow pets, you can have the tenants sign a “Pet Agreement” whereby the tenant takes all responsibility for their pets. The correct Landlord Protection Insurance is also important when it comes to approving pets

Decide if You Are Going to Obtain a Pest & Building Report

Before you purchase any property - in particular a new home - it is important that you receive a copy of a Pest & Building Report from a qualified inspector.

Pay A Deposit

Generally, the buyer will be encouraged to pay a deposit. If the deposit is greater than 10 percent of the price, the contract becomes an ‘Installment Contract’. 

There is no legal requirement to pay a deposit. However, doing so proves to the seller that you are making a serious offer in good faith.

Deposits can be paid by way of cash, cheque, or electronic transfer of funds. Deposit bonds or bank guarantees are also valid forms of payment. 

Buyers should seek advice from their financier as to any associated costs with deposit bonds or bank guarantees before paying a deposit in this form.

Contract Conditions

If a buyer terminates the contract under the cooling-off period or in another legitimate way, the deposit is refundable. This excludes the termination penalty of the cooling-off if the seller elects to charge it.

It is important for a buyer to ensure building and pest inspections (if applicable) are carried out within the time frame set out in the contract conditions. With regards to finance, if an independent valuation is required as part of the finance process, buyers should ensure their financier has this arranged within the time frame of the condition.

If a buyer feels that any conditions may not be finalised by the applicable end date, they should seek legal advice from their solicitor as soon as possible. Commonly, a solicitor may suggest a buyer request from the seller an extension to the condition date. It is the seller’s discretion to grant, or not grant, the request.

The Contract

The Real Estate Institute of Queensland and Queensland Law Society created a standard contract for the conveyancing of residential property.

When you have expressed your interest in purchasing a property, the real estate agent will prepare a standard contract for you to sign. 

Seek advice before you sign – send a draft contract to your solicitor to make sure it is correct and meets your needs. A standard contract cannot deal with the individual circumstances of every transaction. 

If necessary your solicitor can add special clauses to the contract, for example:

  • the purchase may depend on the sale of your existing property
  • the property is not subject to flooding and the sellers have obtained all necessary statutory approvals and complied with those approvals.

You should also obtain an independent valuation of the property before you sign the contract. 

You must also complete the Warning and Disclosure Statements. These are virtually important to making sure the contract is valid.  You should ask your solicitor to ensure that these are correct before you sign. 

Warning:  This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.

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See the properties available for purchase on Affinity’s website. Alternatively, call us and we can discuss your plan for buying your first home. 

Buying your first home can be stressful, but an experienced property manager like Affinity can make it easy for you. 

Or, call us now on 07 3293 9100

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