Making a bid
It is quick, simple and safe to make a real estate
bid.
In most cases a written
bid is submitted for the vendor's consideration. If the
bid is acceptable, the vendor will make an offer to sell the property to the bidder. If the
bid is not acceptable, the vendor will make a counter-bid.
What is a bid?
A bid is simply an expression of interest. Having inspected the property and worked out the terms on which you would like to buy the property, you just fill in the "Bid to Buy" form, and send it to us.
We inform the vendor of the details of your bid, and the vendor will determine whether or not it is acceptable.
If the bid is acceptable, we prepare a formal written Contract of Sale of Real Estate so that the vendor can make a formal offer of sale to you.
If the bid is not acceptable, we will contact you to discuss your bid, and perhaps negotiate, with you on behalf of the vendor.
TIP: For information on how to make your offer particularly attractive to the vendor, see our section under "Making A 'Knock-out' Bid".
Multiple bids and negotiations
Where more than one bid is received we will commence negotiations with all interested parties, to ensure that the property is sold on the best terms.
See our section on the "Fair Deal Negotiation Process" for more information about real estate negotiations.
Getting a Section 32 Vendor's Statement and "Bid to Buy" form
It is a legal requirement that any purchaser of residential real estate must be given a
section 32 vendor's statement before any contract is signed. This document is on our website, and includes a "
Bid to Buy" form.
The easiest way to obtain a copy of the
section 32 vendor's statement is to download it from our website (
CLICK HERE).
You can also obtain the documents by:
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Calling in at our office in person; |
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Having us post, email or fax the documents; or |
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Requesting us to post, email or fax the documents to their lawyer. |
Legal advice is important
We always advise purchasers to obtain legal advice
from a qualified lawyer before buying real estate, but of course it is up to the purchaser as to whether or not they choose to do so.
In most cases, a purchaser of residential real estate will be entitled to the statutory "cooling off" period.
Obtaining legal advice eliminates the need for a "cooling off" option, allowing the parties to enter into an unconditional contract.
When is the contract prepared?
If your bid is acceptable to the vendor, Lawyers Real Estate will prepare a formal Contract of Sale of Real Estate which both parties sign to complete the sale.
The Contract of Sale of Real Estate is the vendor's formal and legal offer to you as purchaser.
The vendor will sign the contract first, and then it will be forwarded to you, or through your legal representative, for signature.
You will have 3 days to accept the vendor's offer.
Paying the deposit
We do not require payment of the deposit at the time a bid is made. The obligation to pay a deposit only arises when an offer is accepted, resulting in a binding contract. There is provision in the "Bid to Buy" form for you to indicate when the deposit is to be paid.
Legal Notice
All visitors to this website are advised to visit our
Conveyancing Section for real estate consumer information, and to our
Disclaimer regarding the limited use of information provided on this website.
© 2009 Lawyers Real estate
