What Buyers Should Know On Conditional Offers To Buy

When buying a property, it is a sound purchase practice to make conditional offers if you are not 100% certain that the property is as good as the seller says it is. Conditional Offers usually happen in private sales. It is normally not available in auction sales. Some sellers, however, would attempt to make a pre-auction offer to buy with a person whose property is going on auction before such auction actually takes place. The idea of pre-auction offer is to be able to bargain for a lower price or buyers who really want the property do this in order to make sure that the property is not taken away from their purchasing power by a more financially able buyer at auction.

In conditional offers, the buyer is making an offer to buy but such offer rests on certain conditions such as a building inspection. In such a case, the buyer would offer to buy the property only if it passes the building inspection. Sometimes, the condition would refer to the legal title of the property such that the purchase would only push through if the property can be subject of a satisfactory title search by a solicitor or conveyancer. These are safeguards that a buyer can take when looking to buy a property.

Trivia Info Resource: bpic.com.au