Tips when Buying
Purchasing real estate can be a very exciting process, however it can also be a 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 Danny Edebohls Property Sales.
Generally, offers are made verbally and negotiated verbally before going to contract. A fully signed contract of sale is the only legally binding agreement between vendor and purchaser therefore the sooner you as a purchaser have a contract of sale signed by the vendor the sooner the property is yours. Should you decide to make an offer to secure one of our listed properties, I will ask you questions along the following lines.
- YOUR OFFER – The actual purchase price you would be prepared to pay for the property.
- CONTRACT CONDITIONS – Whether you need to secure finance approval, would like to obtain Building/Pest Inspections or any other conditions relevant to your offer being put to the vendor.
- DEPOSIT – The amount being paid and the method of payment Bank Cheque/Deposit Bond, Bank Guarantee/Cash/Direct Deposit.
- The settlement period that you require, usually 30/45/60/90 days depending on your circumstances.
- The name of your Solicitor or Conveyancer.
- The name of your bank or lending institution and if you have pre-approval from them.
It is important that buyers seek independent legal advice – a solicitor/conveyancer will be able to advise you on any conditions of the sale and/or take the appropriate steps to include conditions that you want made.
Once a verbal agreement has been made between both parties we then take steps to have the contract of sale prepared and executed by both parties to form a legally binding agreement.
SECTION 32 – VENDOR STATEMENT
The Section 32 – Vendor Statement is required under the Sale of Land Act for any property sale in Victoria. The Section 32 discloses all details regarding the land being purchased. Things like restrictions, planning, outgoings, services, building approvals, title details and plan of subdivision are disclosed in the Section 32.
A contract of sale cannot be signed without the section 32.