How To Put Your Best Foot Forward
Purchasing residential real estate can be a very exciting process, however it can also be confusing time for the prospective buyer. As you may already be aware, different agencies usually have different sets of rules and standards, so we would like to inform you of the buying process should you decide to purchase a property through Kho & Lee Property Group.
Should you decide to secure or make an offer on one of our listed properties, we will ask you to confirm the following details, enabling us to help you in the best possible way.
1. The actual purchase price you will be paying for the property.
2. The method by which you choose to pay the 10% deposit. e.g. cheque/ bond /deposit bond.
3. The settlement period that you require.
4. The name of your chosen Solicitor or Conveyancer.
5. The name of your bank or financial lending institution.
6. Any special conditions or requests that you may have so that we can inform the vendor (property owner).
Once we have the above information, we are in a position to arrange a meeting with the vendor.
Tip: Property owners receive all types of interest – some genuine, some not. Some people submit offers to test the possibility of sale, but do not actually stay true with their offer.
This can lead to frustration and concern for the owners as they try to assess who is actually a genuine buyer. The best way to present a strong offer on any property is to utilise your purchasing option of the 5-day Cooling Off Period available in all NSW property Contracts Of Sale.
The cooling-off period is only available to the purchaser and allows for an offer to be submitted to the owner in writing, on the Contract Of Sale. This clearly demonstrates to the vendor that you are serious about your offer.
Once an agreement on price, settlement, conditions, etc has been reached with the vendor, the sale can proceed. An exchange of contracts is the only way to actually buy or sell a property.
The exchange of contracts occurs when the purchaser and vendor each sign an identical copy of the proposed contract for the sale of land, that land having a title. (The property on the land, being houses, townhouses etc., are known as improvements to the subject land).
The exchange of contracts can be made according to terms under unconditional or cooling off options.