Buying a property can be daunting. We get it. And we have all the answers to your home-buying questions.
Read our property buying FAQs or contact our property sales team if you have a query about our properties for sale.
- How do I put an offer in on a property? Can I do it online ?
For an offer to be binding, it needs to be made in writing, then signed off by the seller. It’s possible to complete online using Docusign, but you’ll need verified ID to accompany any offer made this way.
- How long does the seller have to respond to my offer?
There is no set time. The offer remains ‘in play’ until the seller accepts or the buyer withdraws. If you’ve submitted an offer on a property and it hasn’t been accepted, but then you see another home you prefer, make sure you withdraw the first offer in writing, via email or SMS before signing up for the next property.
- How long do I have to obtain finance approval if my offer is accepted?
As a general rule of thumb, banks will take anywhere from 21-28 days, but on average 21 days is the most common timeframe. Check with your bank or broker before making an offer.
- How soon can settlement be arranged?
It depends on whether or not you need finance and whether or not the seller has a mortgage against the property. If you require finance, your bank will require a minimum of 21 days from your finance approval date. If the seller has a mortgage, their bank can generally meet your bank’s timeframe, but if your offer is uncondtional they should be able to do it within 21 days of acceptance of the contract. Again, check before making an offer.
- If there are other offers on a property, do we get to know what the other offers are?
This depends on the method of sale. The answer is ‘Yes’ for properties being sold by open negotiation and auction. The answer is ‘No’ for properties being sold by private treaty (i.e. if the property is being marketed at a fixed price, with a price range, or with a ‘From’ or Offers over’ price etc).
- Do I have to pay a deposit?
A deposit is required for most transcations, but isn’t compulsory. However, a deposit demonstrates to the seller that you’re serious – they may refuse to accept an offer without a deposit. The deposit amount can be negotiated with the selling agent. It’s also important to note that the deposit is refundable if any of your conditions are not met, but is non-refundable once the contract becomes unconditional.
- Do I need a settlement agent or conveyancer?
You can process the settlement yourself, if you wish, but a good licensed settlement agent will save you a lot of time and potential stress. We recommend that you use a settlement agent or conveyancer to avoid unforeseeable issues that could result in penalties.
Want to know more about how the buying process unfolds? Take a look at our step-by-step guide for buyers.