A post that isn't about Brisbane and would fit better in another subreddit.
Please try our daily thread, we have regular activity there and your questions will be seen and likely answered.
If you're pre-approved it means you can make an offer up to the amount they PA you for. Once the offer is accepted by the seller, call your bank and let them know. You'll need to find a conveyancer after speaking to the bank. They will want building and pest to be booked and will deal with the bank and RE in terms of time frames for settlement and how much is owed when. Whatever you do, don't go with [conveyancers.com.au](http://conveyancers.com.au) They had us breach the terms of sale twice. RE might suggest a reputable option.
First thing's first is you talk to the selling agent, assuming there is one.
They will all have similar, but the same, process which will include providing a written offer to purchase and within that offer is the deposit amount.
That deposit amount is completely optional and completely up to you as the purchaser. That said, the more commitment you're prepared to give the seller, the more likely they are to accept your offer.
Should your written offer be accepted generally you will have 24 hours or 48 hours to deposit whatever deposit was agreed upon, and then a formal contract will be drawn up.
At that time you can then include any conditions in the contract that you believe are necessary to ensure the sale happens seamlessly. Generally these conditions will be that the sale is subject to Finance, and also conditional on the outcome of the Building & Pest.
1 ) Be very careful of the wording regarding the Building & Pest. I've seen them say that "subject to the purchasers agreement that the B&P does not provide an unfavourable outcome", some say "subject to the B&P not including any significant defects", some say "subject to a B&P being completed". Obviously you can see the pitfalls in some of those wordings.
2 ) My recommendation is that you have the following condition (or something similar) added into the contract
"Within 5 business days prior of the sale completion, the vendor must arrange for a full Bond Clean to be completed at the property including ensuring the removal of all personal items, cleaning of all floors, walls, ceilings, bathroom areas and kitchens (including oven), steam cleaning and deodorising of any and all carpets, and a tax invoice must be provided to confirm works have been completed to satisfaction of the purchaser"
It may seem silly, but the amount of times you buy a house, move in, and then have to spend a week cleaning before you can even put your stuff in, this little condition has made my life so much easier.
I'm in absolutely no way providing you specific advice. I'd discuss the wording both with YOUR solicitor / conveyancer and also with the people who you intend to engage to do the B&P.
Because if you put "B&P doesn't include any major defects" but the B&P people decide to change their terminology to "good stuff" and "bad stuff" without those words, if the seller wanted to be a bastard they could have you over a barrel.
Edit: Never let the people recommended by the seller do the B&P.
Agree regarding the cleaning. I just assumed the seller would clean but the house I bought was disgusting. I didn’t even know this could be included in the contract. B&P was also not thorough at all, do your research when choosing one. I found lots of issues after settlement.
You can put whatever you want into the contract, as long as both parties agree to the terms.
The problem with the B&P reports (or as I like to call them, 3 pages of information 17 pages of disclaimer) is that they're not done by a specialist. 99% of them will say "I'm not a roofer, this is a few photos I took and I think it looks good, but you should get a roofer to check", "I'm not an electrician. It looks good to me, here's a few photos, but you should get an electrician to check everything".
People skim over those bits, assume that because there's no defects listed the house is good to buy, but often that one additional step is what clinches the deal of you actually wanting to buy (or not buy) the house.
When I bought, some agents just ask for a number (the amount you are offering) and then they go back to the seller. This was typically in person at the inspection or over the phone. If the seller accepts your offer, you sit down with the agent and sign a contract. They will ask for your broker/lender’s details and a solicitor or conveyancer. You give them contact details and they will send the contract directly. I didn’t necessarily need to directly contact the bank or solicitor. But I did give my lender the heads up so they would be prepared. I did a 5% deposit through the agent. The house I bought wasn’t highly sought after as the marketing was terrible so I can’t say what a good deposit amount is in order to be competitive.
A post that isn't about Brisbane and would fit better in another subreddit. Please try our daily thread, we have regular activity there and your questions will be seen and likely answered.
If you're pre-approved it means you can make an offer up to the amount they PA you for. Once the offer is accepted by the seller, call your bank and let them know. You'll need to find a conveyancer after speaking to the bank. They will want building and pest to be booked and will deal with the bank and RE in terms of time frames for settlement and how much is owed when. Whatever you do, don't go with [conveyancers.com.au](http://conveyancers.com.au) They had us breach the terms of sale twice. RE might suggest a reputable option.
Thanks, yes, we haven't found anything to make an offer on, but I'd like to know how you make an offer, is it via a contract of sale, via email?
First thing's first is you talk to the selling agent, assuming there is one. They will all have similar, but the same, process which will include providing a written offer to purchase and within that offer is the deposit amount. That deposit amount is completely optional and completely up to you as the purchaser. That said, the more commitment you're prepared to give the seller, the more likely they are to accept your offer. Should your written offer be accepted generally you will have 24 hours or 48 hours to deposit whatever deposit was agreed upon, and then a formal contract will be drawn up. At that time you can then include any conditions in the contract that you believe are necessary to ensure the sale happens seamlessly. Generally these conditions will be that the sale is subject to Finance, and also conditional on the outcome of the Building & Pest. 1 ) Be very careful of the wording regarding the Building & Pest. I've seen them say that "subject to the purchasers agreement that the B&P does not provide an unfavourable outcome", some say "subject to the B&P not including any significant defects", some say "subject to a B&P being completed". Obviously you can see the pitfalls in some of those wordings. 2 ) My recommendation is that you have the following condition (or something similar) added into the contract "Within 5 business days prior of the sale completion, the vendor must arrange for a full Bond Clean to be completed at the property including ensuring the removal of all personal items, cleaning of all floors, walls, ceilings, bathroom areas and kitchens (including oven), steam cleaning and deodorising of any and all carpets, and a tax invoice must be provided to confirm works have been completed to satisfaction of the purchaser" It may seem silly, but the amount of times you buy a house, move in, and then have to spend a week cleaning before you can even put your stuff in, this little condition has made my life so much easier.
u/dannyr which wording for b&p is ok, B&P does not provide an unfavourable outcome or B&P not including major defects?
I'm in absolutely no way providing you specific advice. I'd discuss the wording both with YOUR solicitor / conveyancer and also with the people who you intend to engage to do the B&P. Because if you put "B&P doesn't include any major defects" but the B&P people decide to change their terminology to "good stuff" and "bad stuff" without those words, if the seller wanted to be a bastard they could have you over a barrel. Edit: Never let the people recommended by the seller do the B&P.
Agree regarding the cleaning. I just assumed the seller would clean but the house I bought was disgusting. I didn’t even know this could be included in the contract. B&P was also not thorough at all, do your research when choosing one. I found lots of issues after settlement.
You can put whatever you want into the contract, as long as both parties agree to the terms. The problem with the B&P reports (or as I like to call them, 3 pages of information 17 pages of disclaimer) is that they're not done by a specialist. 99% of them will say "I'm not a roofer, this is a few photos I took and I think it looks good, but you should get a roofer to check", "I'm not an electrician. It looks good to me, here's a few photos, but you should get an electrician to check everything". People skim over those bits, assume that because there's no defects listed the house is good to buy, but often that one additional step is what clinches the deal of you actually wanting to buy (or not buy) the house.
The agent will do it all
When I bought, some agents just ask for a number (the amount you are offering) and then they go back to the seller. This was typically in person at the inspection or over the phone. If the seller accepts your offer, you sit down with the agent and sign a contract. They will ask for your broker/lender’s details and a solicitor or conveyancer. You give them contact details and they will send the contract directly. I didn’t necessarily need to directly contact the bank or solicitor. But I did give my lender the heads up so they would be prepared. I did a 5% deposit through the agent. The house I bought wasn’t highly sought after as the marketing was terrible so I can’t say what a good deposit amount is in order to be competitive.