Putting in an offer for a property can be stressful. Here's what to know if you're looking to buy.
When Melbourne couple Alex Ellis Friedl and Emily Pickett bought their first home, they didn't expect the process to be so stressful.
The home they ended up buying had a different issue: after the contracts were signed, the vendor got cold feet. "Our job is to manage the legal process of transferring the process. We also support the buyer with the contract documents," Ms Burns says. In Alex and Emily's case, the property they didn't buy was found to have evidence of termites, water damage and drainage issues. This was grounds for them to exit the contract without losing their deposit.
"That can be something you can make your offer subject to — compliance certificates being provided before settlement," Ms Burns says."There were a lot of forms to send to the broker, as the bank needed all our information. But as soon as that was done, it was quite simple," Alex says.
Buyers are then entitled to a full refund of any money paid, less $100 or 0.2 per cent of the purchase price, whichever is greater. The rules will be different in other states and territories.The rules around cooling-off periods vary, so it's a good idea to check your state or territory's fair trading or real estate institute websites.For most of us, our home will be the largest purchase of our lives. With so much on the line, it's understandable that it can be an emotional time.
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