What you need to know when purchasing a residential property in Western Australia. Purchasing a property: Thank you for viewing or enquiring about one of Majestic Central Agents properties. This document is designed to help Buyers understand how things work locally and what to do in the real estate buying process. Purchasing residential real estate can be a very exciting process; however, it can also be a confusing time for a prospective Buyer. We will show you as a Buyer what you will need to know about the process and your rights so you can secure a property that is right for you with minimum fuss and stress. When purchasing a property, the Agent will ask the Buyer to confirm the following details, enabling them to help in the best possible way. 1. The actual purchase price the Buyer will be paying for the property. 2. How the Buyer will settle on the property (Cash, finance or subject to sale). 3. The method by which the Buyer chooses to pay the agreed deposit. E.g. cheque/ online transfer etc. 4. The settlement period that the Buyer requires. 5. The name of the Buyer’s chosen Settlement Agent. 6. The name of the bank or financial lending institution (If ‘Subject to Finance’) with the amount the Buyer will be borrowing. 7. Any special conditions or requests that the Buyer may have so that the Agent can inform the Seller. 8. Acknowledgement and explanation of any covenants, easements or Strata details on the title relevant to the sale. Once the Agent has the above information, which is placed into a written document proforma, they are in a position to arrange a meeting with the Seller. The Buying Process: Property owners receive all types of interest –Some genuine, some not, and some in between. 1) Viewings There are two main types of viewings. i. Home Open- The property is advertised for viewing by the public at a certain time. ii. Private ‘By appointment’ viewing– A Buyer requests a separate viewing at an agreed time other than a scheduled home open e.g. Weekday, after-hours etc. Please allow a bit of prior notice for private viewing requests so that the Seller can make sure the home is ready and available to show. Both types of viewings require the Buyer to leave a name and a contact number with the Agent. This is so the Agent can follow up on behalf of the Seller. That is the Agent’s job. Please remember that the property is someone else’s private residence. As the Sellers appointed representative, the Agent has the right to refuse entry if the behaviour of a Buyer is contrary to the purpose of the inspection and not in the Seller’s best interest. Home Opens should be relaxed and nonthreatening for the Buyer. The Agent will ask a few questions about the needs and views of the Buyer relating both specifically to the home and in general. The Seller expects this and indeed this is the reason the home is open for viewing. Please don’t be offended as it is quite normal. As for private viewings, as many Sellers go to considerable effort to present a property in its best light for a Buyer, it is normal and should be expected that a Buyer provides some information or “qualify” themselves before the appointment with the Agent. Please expect a good Agent to do this. To not do this is unprofessional of the Agent. At the very least the Agent will ask what the Buyer is looking for, the price range, and timing. They will ask for a full name, contact number and maybe even an email address. This is considered best practice of a professional Agent. 2) Offers Some Buyers submit offers, whether verbally or in writing, to test the possibility of a sale but do not actually stay true with the offer. This can lead to frustration and concern for the Sellers as they try to assess who is actually a genuine Buyer. If a Buyer has interest in a property and wishes to make an offer, we recommend that the offer is fair and in line with current market value if the Buyer wants the Seller to take the offer seriously and respond in kind. This written document is called an “Offer and Acceptance” or “The Contract”. It is prepared by the Agent then signed and submitted by the Buyer, via the Agent. It can be completed in as short as 5-10 minutes. Usually, it is best to meet in person to do this, however often due to distance or other circumstances, emailed contracts are also submitted on occasion. In Western Australia, this is the only way a property can be purchased. It must be in writing on the appropriate document. I do not test Sellers with verbal or hypothetical offers. Sellers are informed at listing and have agreed that all genuine Buyers will be required to submit their offers in writing only. Agents should have the offers submitted and presented within 24 hours. Offers will be communicated immediately to the Seller. Sellers are not obliged to give a formal reply immediately or at all. At Majestic Central Agents, we educate and advise Sellers that there are risks in not providing a formal reply to Buyers within a reasonable timeframe. A. Withdrawal of an Offer A Buyer may withdraw an offer at any time up until the Seller accepts it in writing and has communicated the fact to the Buyer, through their licensed real estate agent, which in our case is the listing Agent at Majestic Central Agents. Methods of withdrawal can be any phone, text, email, or in person. However, once acceptance and communication of the “acceptance” has occurred, all parties have a binding contract. Methods of communication of acceptance are the same as the methods available to a Buyer to withdraw the offer. The final contract is binding on all parties. B. Low Offers/ Risks The selling Agent will always present all written offers. Whilst the Buyer has the right to submit any amount nominated, we recommend that the offer is fair and in line with the market value if wanting to be treated seriously by the Seller. We at Majestic Central Agents will be extremely professional and thorough when listing a property and will not overappraise to buy any listings. We only work with genuinely motivated Sellers and represent properties that are actually for sale.
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