So, you’ve found the perfect property, the figures add up, and you want to make an offer…. so what happens now? How do you make an offer and what is the process?

In our latest library of e-books and information guides, we’ve put together a helpful step-by-step guide of the purchasing property process in NSW so you know what to expect, what you need to do and what information is required.

From explaining what the benefits of a cooling off period is and how much deposit you need to pay, to what happens when you exchange contracts, our step-by-step guide also includes information such as:

What you need to tell the agent when making an offer

When you make an offer, the vendor’s agent will need some specific details from you, such as the actual purchase price you will be paying for the property, the method by which you choose to pay the 10% deposit. e.g. cheque/bond/other and the settlement period that you require.

At this stage, it is really important you let the agent know of any special conditions (e.g. subject to finance) or requests that you may have.

Your purchasing options

There are two main purchasing options:

• Unconditional exchange

This means the purchasers solicitor has signed a 66W certificate. This certificate will waive any cooling off period and commits both parties to an instant, legally binding relationship. There is no turning back. This option also applies when a purchaser is the successful bidder at auction (where contracts are unconditionally exchanged).

• Exchange of contracts with cooling off

As sales agents, we can only exchange contracts with a 5-day cooling off period. The period for withdrawal lasts for 5 working days and allows the purchaser the right to rescind the Contract of Sale for any reason. This period commences upon exchange, with a payment of 0.25% of the sale price (minimum) and terminates in New South Wales on the 5th working day at 5pm E.S.T.

Remember that Saturday and Sunday, along with public and bank holidays, are not business days.

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.)

Top tips

We believe in sharing some of the tips we’ve picked up in our 40 years plus of experience…. In this section of the guide, we’ve added handy tips such as how to organise yourself, what happens when buying at auction, and more! Our aim is to give you as much knowledge of the process as possible, so your buying experience runs as smooth as possible.

Our guide, “What you need to know when purchasing a property in NSW”, is completely independent advice and is free!

You can get a copy at our office in Cardiff, or to download your copy simply text the word “Purchase” to 0488 884 520.

Whether you are considering purchasing property in the near future, or are currently in the process of buying a home through another agent and in need of advice, please feel free to call any of the Andriessen Property sales team with any questions that you may have. We will be happy to assist you.

Call in and see us in the Cardiff office or give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.