It's now time to formalise your offer by completing a Contract of Sale:
The selling agent will provide you with a PAMD Form 27c Disclosure to Buyer and a Contract of Sale with a Warning Statement attached. At this stage you should also seek advice on whether to waive the cooling-off period.
What’s a Warning Statement (PAMD Form 30c)?
It’s a document designed to:
Contracts that are entered into without a Warning Statement, or contain a statement that is not in the approved form, will be of no effect.
- inform the buyer of whether a cooling-off period applies;
- advise the buyer of their rights under the contract, including when the cooling-off period starts and ends;
- advise the buyer to seek independent legal advice and a valuation before signing the contract and provide contact details on how to do this;
- inform the buyer that a percentage of deposit (0.25 per cent of the purchase price) may not be refunded if the contract is terminated during the cooling-off period;
- provide special warnings with regard to house and land packages.
Put in an offer and sign a Contract of Sale noting Special Conditions that makes the contract subject to building and pest inspections, as well as finance (if required).
The REIQ often receives queries from consumers about multiple offers on a property.
A multiple offer occurs when more than one prospective buyer makes an offer on a property by submitting a Contract of Sale.
Multiple offers often happen in a “seller’s market” when competition for residential property is greatest and there are more buyers than there are properties for sale. However, it can occur in any market and especially for properties within the affordable price range.
When a seller is to be presented with multiple offers, a prudent agent will inform prospective buyers of that fact in writing and obtain a written acknowledgement.
This gives potential buyers an opportunity to submit an offer if they have not already done so, or to revise an existing offer that has not yet been accepted by the seller.
