How bids are made
Receiving bids through Lawyers Real Estate is easy and safe.
In most cases a written
bid
is submitted to Lawyers Real Estate for the vendor's consideration. The bid will be explained to the vendor, who may then choose to accept it or to 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 they would like to buy the property, an intending purchaser fills in the "Bid to Buy" form, and sends it to us.
We inform you of the details of the bid and allow you to 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 you can make your formal offer to the purchaser.
If the bid is not acceptable, we will enter into negotiations with the purchaser on your behalf.
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' Bid".
Multiple bids and negotiations
Where more than one bid is received we will commence negotiations with all interested parties, in order to obtain the "best price".
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
In order to make a formal written offer to buy a property, it is necessary for a purchaser to have been served with a
section 32 vendor's statement.
This document is made available to potential purchasers on our website, and includes a "
Bid to Buy" form for the purchaser's use.
The easiest way for a purchaser to obtain a copy of the
section 32 vendor's statement is to download it from our website (
CLICK HERE).
A purchaser can also obtain the documents by:
 |
Calling in at our office in person; |
| |
Having us post, email or fax the documents; or |
| |
Requesting us to post, email or fax the documents to their lawyer. |
When is the contract prepared?
If a purchaser's bid is acceptable to you, 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 your offer to the purchaser, based on the purchaser's bid, but tailored to ensure that you have maximum protection. You sign the contract first, and then it is forwarded to the purchaser for signature. When the purchaser signs the contract and returns it to us, the property is sold.
Signing of the contract by the vendor
The contract will be forwarded to you by email, fax or post. You can also collect it from our office if this is preferable.
We will provide you with written advice about the contents of the contract, so that you can ensure that you are satisfied with the terms of the sale.
When you return the signed contract to us, we will submit it to the purchaser as your formal and legally binding offer to sell.
Signing of the contract by the purchaser
When we receive the signed contract from you, we will immediately forward it to the purchaser or the purchaser's legal representative.
The purchaser is allowed 3 days to sign the contract and return it to us to confirm the sale.
When the purchaser accepts your offer by signing the contract, both you and the purchaser are legally bound by the signed contract.
Payment of the 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.
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.
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