Another one of my very green questions!
Is there a difference between an offer and a contract? Tomorrow I’m planning to send an offer for my very first property ever *gulp* and my head is swimming.
Here’s what i think is going to happen – can someone tell me if I’m way off track with anything?
I’ll fax off the offer to the agent (based on Steve’s offer template) with the appropriate escape clauses (subject to building & pest inspection, finance approval, as well as a due diligence clause that relates to the fact that I need to get estimates on some renovations). I’d like to attach a cheque to teh offer to show that I am serious but I am interstate for work without my cheque book. That shouldn’t be the end of the world, will it?
I’ve also heard that it’s handy to specify that all that needs to take place within 14 business days, rather than 14 days. Particularly with Xmas looming.
So if they accept the offer, does the 14 days starts from the date of acceptance?
Then I will go and get all my reports done and find out that the renovations won’t cost anywhere near as much as I thought (I can dream, can’t I?). Then I’ll try and negotiate the price down a bit further based on all the stuff I learned in the reports.
And ocne we’ve agreed on a final price the agent will supply me with a contract? I’ll get my solicitor to look at it and then sign it, and then it all goes ahead.
Does this sound right?
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