Hi gang,
Does anyone know whether offers have to be written in order to be presented to a vendor? I have heard that they MUST be written in order to be accepted in the U.S., but that verbal offers are fine in Australia. However, wouldn’t verbal offers be difficult to enforce, thereby risking being “gazumped” by the vendor?
Also, any type of “creative” offer (e.g. asking the vendor to carry back a second mortgage) would HAVE TO BE IN WRITING (I would assume).
I have heard that offers done on table napkins are LEGALLY BINDING and ENFORCEABLE, but surely this wouldn’t look too professional.
Does anyone have a generic template (preferably a fillable one like a Microsoft Word document) for submitting written offers? This would help streamline the process (rather than writing on napkins – LOL). Please e-mail me at [email protected]
I am willing to compensate for your efforts.
Warm Regards,
Reggie Van Der Werff
[email protected]Reggie,
I would suggest that if you are seriously making a property owner an offer to purchase that you would present a written offer in addition to an inital deposit as a show of goodwill.
If you are purchasing through a real estate agency they will put forth your offer on a State-relevant contract of sale
Luke Woollard
Licensee
Pacific Lifestyle Property
http://www.plproperty.com.aucomments made are general information only. you should seek professional advice for your particular circumstances.
Verbal offers are OK in NSW. The acceptance is worthless as “done deal” until contracts are exchanged though. This can usually take another week.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Only the real estate agent is legally obliged to submit the offer in writing – part of their fiduciary obligation to the vendor. So if you are a vendor out there and not receiving offers in writing (at least in NSW) then your agent is slack… unless of course you live on the moon without fax or email. lol.
But I would agree Reggie that any ‘creative’ offers would be best writen so as to avoid confusion, as there is always the possibility that the agent may not convey the terms correctly.
MH is right, until contracts are signed and exchanged, the offer is exactly that – an offer! It is by no means legally binding.
However there is an ethical side to making offers, getting them accepted and then deciding not to proceed with the deal… Can be very disappointing for others.Hope this helps.
How about by e-mail – when submitting a written offer, is it acceptable by e-mail?
If it is in writing, does the real estate agent have an obligation to present it to the vendor?
-Nikhil
Hi Reggie,
I always say that verbal offers are not worth the paper they are written on!
I have a letter of offer template (not a sale contract) that I use, email me if you want it. Its in word format.
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582
You must be logged in to reply to this topic. If you don't have an account, you can register here.
