How to Make an Offer on a Property in Queensland: A Step-by-Step Guide
Making an offer on a property in Queensland is a significant step in the home-buying process. Whether you’re purchasing through a private sale or at auction, understanding how to make an offer effectively is essential. Here’s a comprehensive guide to help you navigate the process, along with some key considerations to ensure you’re making an informed decision.
Making an Offer in a Queensland Private Sale
1. How to Make an Offer on a Property in Queensland?
If the property is listed with a real estate agent, you will need to communicate your offer directly to the selling agent. Typically, the agent will relay your offer to the seller in writing. They are responsible for presenting your offer unless the seller has specifically instructed them not to, such as declining to consider pre-auction offers.
To formalise your offer, the selling agent will often ask you to sign a contract of sale. This is a crucial step in the process, as it outlines the terms and conditions of your offer.
2. Can I Add or Negotiate Conditions?
Yes, when making an offer on a private sale property in Queensland, you can request certain conditions to be included in the contract. Common conditions include:
- Unconditional loan approval
- Building and pest inspections
- The sale of your current property
It is your offer and you should make it suitable to you. Make sure any conditions you want to be part of the contract are explicitly stated before signing. If these conditions are not included in the contract, they won’t be part of the contract.
3. Do I Need Legal Advice Before Signing?
It is highly advisable to seek legal advice before signing any contract. A lawyer can review the contract and conditions to ensure you fully understand the implications of your offer. They can also clarify any terms and limitations, giving you peace of mind throughout the process.
For more information on contract reviews and legal advice, contact River City Conveyancing 07 3013 2300 or email your contract to reception@rivercityconveyancing.com.au
4. How Will I Know if the Seller Accepts My Offer?
Once you make an offer, the selling agent will typically notify you of the seller’s response, which may be communicated verbally. However, the deal is not finalised until both parties have signed the contract. Until this happens, the seller can still negotiate with other potential buyers and may even accept a higher offer. if the seller signs the contract you are locked in to the terms of the contract.
Your cooling-off period (that is provided you have not waived the cooling off period) will start once the contract is signed by both you and the seller. During this period, you may have the option to change your mind, depending on the terms of the agreement.
To learn more about the cooling-off period, click here.
5. What Happens if the Seller is Managing the Sale Privately?
If the seller is managing the sale without an agent, all negotiations and offers will be made directly with them. This means there is no intermediary, and you’ll need to work out the terms and conditions directly with the seller.
In such cases, the deposit should be paid into a trust account managed by the seller’s solicitor and not to the seller themselves.
Making an Offer at Auction in Queensland & Understanding the Auction Process
Before attending an auction in Queensland, it’s crucial to conduct due diligence on the property. You should:
- Have the contract reviewed by a lawyer
- Secure suitable and 100% guaranteed financing for both the deposit and full funds for the settlement
- Be prepared for additional costs such as legal fees, stamp duty, and other conveyancing costs
Can I Include Conditions in my Auction Offer?
Unlike private sales, properties sold at auction generally do not allow for conditional offers. If you want to request changes to the contract, such as a longer settlement period or a reduced deposit, these terms must be negotiated before the auction begins. The seller is not obliged to accept any post-auction changes to the contract.
3. Cooling-Off Period for Auction Properties
It’s important to know that the cooling-off period does not apply to properties purchased at auction. Once the hammer falls, the sale is final, and you are committed to completing the transaction as per the contract terms. You will be unable to change your mind and terminate the contract.
Final Considerations When Making an Offer on a Property in Queensland
Making an offer on a property, whether through private sale or at auction, requires careful attention to detail. Always ensure that you:
- Review the contract thoroughly with legal assistance
- Understand the terms and conditions before committing
- Know your financial capabilities, including additional costs such as stamp duty and legal fees
- Be able to afford the deposit from your own funds
- All offers and conditions must be in writing in the contract before you sign
For more expert advice and resources on how to make an offer on a property in Queensland, be sure to reach out to the River City Conveyancing team today.
This optimised guide will help you understand how to make an offer on a property in Queensland, ensuring you have the knowledge to navigate the process with confidence. By following these steps and seeking the right advice, you’ll be better prepared for a successful property transaction in Queensland.
