When making an offer on a property one of the most important considerations is the conditions you need to include. These conditions will appear as clauses on the contract that you present to the buyer when you make your offer in writing.
If you’re ready to make an offer on a property you might be wondering what conditions you need to include in the contract. In order to protect yourself and avoid time-consuming or expensive mistakes it’s vital that you consider the conditions carefully and word them correctly.
Queensland is a huge state but no matter where the property is there are two essential things you need to think about. When making an offer on a property or buying a property you must consider:
- Your personal circumstances
The first thing your conditions need to reflect are your personal circumstances.
If you’re buying a property the main considerations are:
- Do you need to borrow money to buy the property?
- Do you need to sell another property before you can by this property?
If you’re selling a property you may also need to consider whether you need the bank’s approval if the sale price is lower than the mortgage.
- Property specific circumstances
The second thing your conditions need to reflect are any property-specific factors.
If you’re buying a property the main considerations concerning the property are:
- Do you need a property inspection to make sure the property is free of termites?
- Is the property near a creek or river which may make it vulnerable to flooding, subsistence or other problems?
- Is the property near a main road?
These are the most common conditions to consider when deciding what clauses should be included in your property buying contract.
There’s always a lot of excitement involved in making an offer on a property but it’s important to make sure things are done correctly so everything proceeds as you’d like it to. So before you sign that contract and present your offer it’s worth taking time to ensure you get the conditions right.
Got questions about contract clauses? Book a Free Consultation Now
To help you make an offer on a property in Queensland or anywhere in Australia we’d like to give you a free consultation.
Contact us now for informed advice on the best way to make an offer on a property. We’ll be happy to talk to you about the essential conditions or clauses that should be included in the contract based on your unique circumstances and the property you’d like to make an offer on.
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