Buying real estate is a serious business. Finding the right property can take a lot of time and when you make the exciting decision to buy, we want the process to unfold smoothly for you.
Securing your property
Your new property may be offered for sale under expressions of interest or private treaty. In both of these circumstances the agent generally acts as an intermediary, presenting the seller with your formal written offer.
In this case, the property is offered for sale without a closing date for offers.
To make a formal offer, you sign a contract for sale. Generally, the agent will prepare a standard form contract adopted by the Real Estate Institute of Queensland and approved by the Queensland Law Society which may also contain special conditions.
The contract will become binding once the sellers communicate their execution of the contract to the buyer. Unless waived or shortened, buyers are entitled to a cooling-off period of five business days. Prior to the cooling-off period, the buyer is able to terminate the contract with notice to the seller.
Bidding at auction
Comparing properties that meet your criteria is a great way to inform yourself about the market. Attending auctions in your preferred area will also broaden your experience.
Preparation is the key.
Building and pest inspections must be completed before the auction, and you may wish to have your finance pre-approved. Poulsen Property has access to mortgage brokers who can present you with the most attractive options.
Please make sure that you have requested a copy of and read the conditions of sale, which usually require buyers to bid on an unconditional basis.
On auction day, the agent will register you as a bidder. You will be required to provide photo identification. If you are unable to attend the auction in person, a nominated person must register to bid on your behalf.
All this preparation will enable you to bid at the auction with confidence.
A buyer is not entitled to a cooling-off period for a contract formed at auction.
REIQ – A Bidder’s Guide for residential property
To ensure that your interests are fully protected, please seek your own independent legal advice.
We can provide you with access to independent loan brokers, ensuring that you receive the right advice on loan structures, product pricing, and your borrowing capacity.
Please contact us on +617 3379 7111 to arrange an appointment.