Useful information for purchasers

• Following acceptance of an offer to purchase a property the purchaser is required to pay a 10% deposit. If access to 10% is not immediately available, then a minimum of $1,000 is acceptable with the balance due upon exchange of contracts.
  
  
• Please note that payment of the deposit DOES NOT SECURE THE PROPERTY for the buyer. It is simply a sign of good faith and intent to purchase.
  
  
• The purchase is not effected until both purchaser and seller signs their copy of the contract and exchange takes place. If the owner sells the property to a 2nd buyer prior to exchange any deposit paid is fully refundable.
  
  
• Upon exchange of contracts the buyer has the benefit of a 5 (business) day cooling off period, but the seller is totally committed.
  
  
• During the cooling off period, the purchaser should authorise a pest inspection, a building inspection and arrange suitable finance for the purchase.
  
  
• If the buyer exercises the right to withdraw from the purchase within the cooling off period a penalty of 0.25% of the purchase price is forfeited to the seller (equates to $250 per $100,000).
  
  
• The agent may have authority to organise the signing and exchanging of the contracts, if this is the case, THE PROPERTY CAN BE SECURED BY THE PURCHASER WITHOUT DELAY.
  
  
• After signing the contract, the buyer should contact their solicitor……….