How to determine an initial offer?

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Once you have found a suitable property, you must reserve it through an agreement, which is a legally binding document between the buyer and the seller. The first step is a purchase offer that you submit through an agent.

It is desirable that this proposal be in writing. The letter of purchase must include the offer price, the validity period of the offer with the exact dates of the restriction, the terms and conditions offered for payment, and whether any special conditions exist. If the offer includes a clause of special conditions or requirements, then the contract will be valid only if these conditions are met. Such conditions can be included both in the offer itself and in the counteroffer.

Once the offer is accepted, the next step is to draw up a private contract, at the time of signing which at least 10% of the property value is paid. Usually, the completion of the sale will take place within 30-45 days from the date of signing the contract.

A few tips for the buyer: Try to make your offer reasonable, as it is likely that the seller will not respond to the offer if it seems too low to him.

Do not bid very low if you are not sure if the seller is interested in it. If the seller is present when visiting the property, do not give your personal opinion about the property. Make sure you know exactly what parts are on sale, such as furniture and appliances.

Avoid discussions about furniture – it probably has no real meaning to you, while for the seller it can be of emotional value.

Find out exactly who will pay council tax. Although this tax must be paid by the seller by law, it is often the buyer who pays it, especially when buying an apartment. Let your agent negotiate. If possible, hire a lawyer. A lawyer will check the land registry to make sure that the property is being properly processed and will prepare a personal contract as well as a deed of transfer.

If there is a mortgage, then, as a rule, it must either be recouped or canceled, before signing the documents or when signing the deed of transfer in front of a notary.

Make your best counter offer. Avoid arguing about unimportant issues and especially about equipment and accessories that are usually included in the sale price. Try to make concessions when it comes to the timing of your property move.

Written by Bader Albader, market researcher.