When you've found property you like you can ask the seller's agent how to make an offer.
Usually you can:
If your verbal or written offer is accepted, the seller's agent will formalise the offer into a contract of sale for you to sign.
The contract sets out:
The contract only becomes binding when both you and the seller have signed it.
Before signing the contract, take a copy away and discuss it with your solicitor. Don't be pressured into signing a contract without seeking legal advice first.
A cooling-off period of 5 days applies to contracts for residential properties—you can change your mind during this time. The cooling-off period doesn't apply if you buy at auction.
Your contract might be subject to certain conditions like:
You must check to make sure these conditions are in the contract when you sign it, otherwise they won't be legally binding. This is your responsibility.
If you're not sure about anything, ask your solicitor to check it before you sign.
A contract of sale must include a warning statement. The warning statement must appear directly above your signature block.
The warning statement must say:
'The contract may be subject to a 5-business-days statutory cooling-off period. A termination penalty of 0.25% of the purchase price applies if the buyer terminates the contract during the statutory cooling-off period. It is recommended the buyer obtains an independent property valuation and independent legal advice about the contract and their cooling-off rights before signing.'
Once the contract becomes binding, you'll need to pay the deposit. Follow the conditions set out in the contract—normally you'll need to pay within 2 to 3 days.
You might be asked to pay a partial deposit when you make the offer. This doesn't guarantee the property will be yours—the seller can still choose to reject your offer. If they do, you will get your deposit back.