How offers are made
Receiving offers through Lawyers Real Estate is easy and safe.
In most cases a formal written
offer
is submitted to Lawyers Real Estate for the vendor's consideration. The offer will be explained to the vendor, who may then choose to accept it or to make a counter-offer.
What is an offer?
The term
offer
can have a number of meanings, but when we use the term
offer
we are referring to the making of a "formal written offer".
A formal written offer is made when a purchaser submits a completed and signed
contract of sale
through our office, for the vendor's consideration. When the vendor signs the contract, and the
purchaser or the purchaser's representative is informed of this, the sale has been effected.
Getting a contract
In order to make a formal written offer to buy a property, it is necessary for a purchaser to obtain a
contract of sale.
The standard
contract
prepared by Lawyers Real Estate contains the
section 32 vendor's statement.
This is bound into the
contract, and forms part of the complete
contract document.
The easiest way for a purchaser to obtain a copy of the
contract
is to download an
e-contract
from our website.
A purchaser can also obtain a contract by:
 |
Calling in at our office in person; |
| |
Having us post, email or fax a contract; or |
| |
Requesting us to post, email or fax a contract to their lawyer. |
Who prepares the contract?
Those who have bought or sold real estate in the past will have noticed that
estate agents often prepare and execute the contract of sale. This procedure is quite improper, as an
estate agent
acts for the vendor, and as a result
conflict of interest issues arise. There is also a
conflict of interests
where the lawyer who acts for the vendor is asked to complete the contract on behalf of a purchaser.
While it is not difficult for a purchaser to complete the contract and to submit it as a formal offer, all purchasers are strongly advised to obtain
independent legal advice,
and to have their lawyer assist them in this task.
We do acknowledge that some purchasers would prefer to submit their offer without involving a lawyer. For this reason we have provided some
basic information in our "Buying" section titled "
Using a DIY contract".
Submitting the offer
An offer is submitted by delivering the completed
contract of sale
to our office. A purchaser can do this by:
| |
Delivering it to our office in person; |
| |
Sending it to us by post, email or fax; or |
| |
Having their lawyer send it to us by post, email or fax. |
Purchasers are also advised about making their offer particularly attractive to the vendor. See what we tell purchasers in our "Buying" section under "
Making A 'Knock-out' Offer".
Legal advice is important
Before accepting an offer a vendor needs to know the meaning of any terms or conditions that the purchaser may have added, and how these may impact on the vendor. Lawyers Real Estate takes pride in ensuring that vendors know exactly what they are agreeing to when they accept an offer.
If added terms or conditions render an offer unacceptable, we will continue to negotiate in an effort to reach an acceptable outcome.
Payment of deposit
We do not require payment of the deposit at the time an offer is submitted. The obligation to pay a deposit only arises when an offer is accepted, resulting in a binding contract.
Ordinarily, the contract will stipulate that the deposit (usually 10% of the purchase price) is payable between 3 and 5 days from the day of sale. Lawyers Real Estate operates an audited trust account in accordance with the provisions of the
Legal Profession Act and is entitled to act as "stakeholder" on behalf of the parties.
Counter-offers
The
counter-offer is an important part of the sale negotiation process (see "Negotiations" below).
We again emphasis the importance our role in negotiations when dealing with
counter-offers, as a simple handwritten note may constitute a
counter-offer which, if accepted, can immediately bind the party that makes it.
Negotiations
Real estate
negotiations
should always be conducted by a qualified lawyer - never by a so-called
buyer's agent
or an
estate agent.
See our section on the "
Fair Deal Negotiation Process" for more information about real estate negotiations.
Confirmation of acceptance
The final stage of the sale is the "communication of acceptance" to the purchaser. The vendor may accept a purchaser's offer by signing the contract document, but the sale is not complete unless and until the purchaser has been advised of the acceptance.
Notification of acceptance is usually when a signed copy of the contract is delivered, however it may also take the form of a fax or, in some cases, a telephone call. When a purchaser is represented by a lawyer, the purchaser will be notified through their lawyer.
Legal Notice
All visitors to this website are advised to visit our
Disclaimer regarding the limited use of information provided on this website, and our Conveyancing Section for conveyancing consumer information.
