What do I need to be aware of when making an offer on a property?
I think the first mistake a lot of buyers make is they talk verbally to the agent. The best thing you can do is confirm your offer in writing, remembering that the act requires the agent to pass the offer on in writing to the vendor unless the vendor otherwise instructs them to do so.
In terms of structuring your offer I think there’s three key elements of that. The price is definitely important, so make sure you articulate the price; the deposit, so whether it’s a 10% deposit as called for under the contract, or perhaps it might be a 5% deposit, whether it’s a check or deposit bond; and then your settlement timeframe. They’re the first three key things, and then other conditions that perhaps might be on that offer, whether it’s I’m subject to a building and pest evaluation, whether you have your approval for finance, so the owner can make an informed decision around the structure of your offer.