Don’t Make An Offer: Sign & Use Cooling-Off Period

It’s Spring!

Traditionally, the Newcastle, Lake Macquarie and Maitland property market will start to pick-up.  The property market will be busy with buyers and sellers all the way through to Christmas from this point on.

During these busy times, buyers are often outbid on the houses they try to buy.  The team at RM Legal and Conveyancing are often asked:

How do I stop other people from making an offer on a property I'm trying to buy?

Here are some of the best tips we give to clients when they’re trying to stop other people buying the home they want.

Tip 1

There is no such thing as a Holding Deposit

Agents will NOT take the property off the market if you leave a deposit. Holding deposits are for lay-bys…not buying a house.

Tip 2

Signing a contract and exchanging with the agent is safe and will stop any other buyers from making an offer.

This is the ONLY way to take the property off the market!  The buyer will receive a cooling-off period of 5 business days, which takes us to the next tip.

Tip 3

A 5 business day cooling-off period is granted to the buyer automatically when they exchange with a real estate agent.  Watch the video below to find out more about cooling-off periods and see how you can use them to your advantage.

Tip 4

Ask the agent to scan the whole contract and email it to you, your conveyancer and to your lender. 

The sooner your conveyancer and lender know about your purchase, the quicker they can start their processes.

Bonus Tip

Save this article to your mobile phone and access it as soon as you find your new home.

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