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OFFERS: FAQ's
WITH THE MUIR GROUP
What is the difference between an initial deposit and balance deposit?
The initial deposit is payable immediately after the seller accepts your offer and signs your contract. The balance deposit is then a larger sum, payable once the contract goes unconditional (all the conditions/terms are met).
What are the recommend amounts for the deposits?
The initial deposit is usually an amount between $2,000 & $10,000.
The balance deposit is usually 5-10% of the purchase price.
Is my initial deposit refundable if the contract conditions are not satisfied?
The Seller is obliged to refund your deposit within 14 days of termination of the Contract, but may deduct a termination penalty equal to 0.25% of the purchase price as a result of the Contract having been terminated under the cooling-off provisions.
How many days should I nominate for finance?
The shorter days the better, therefore, we recommend you contact your mortgage broker or bank to determine how soon they can process and complete your loan application.
How many days should I nominate for building and pest?
Once again, the shorter days the better. We recommend you contact your building and pest inspector and determine when their next availability is. Please note, we have some awesome contacts we can share with you. They are available to complete inspections within 7 days.
What happens once I submit my offer?
We will receive your offer immediately and transfer this to a contract of sale as soon as possible. Once you then sign your contract of sale, we will present your offer to the property owner/s.
Will I have a chance to negotiate my offer?
To ensure your best chance to purchase the property, we advise you submit your best offer for the owner/s consideration. Please contact the Muir Group team to discuss your offer further.
**please note this is a guide only and is NOT to be used as professional advice. We always recommend you seek professional advice to determine your own research and understanding of the above
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