Once the initial research is done and you find the property you want, it's time to get the property off the market.
First-time purchasers can often find this part of the process quite daunting because it is the first real step toward buying the property.
However, they should take a lot of confidence that this step is safe and will not lock them into any agreements.
Every company will have its own way of doing this, but they all follow a similar pattern.
Essentially, the purchaser fills out a form to formally 'request a contract'. Each of The Property Factory deal pages have a link to this form. It looks like the below illustration. You just need to click on the middle button and you will go straight to the request a contract form.
This form contains all the necessary information to populate the Sales and Purchase Agreement which will then be sent to you after you submit your details.
Once the contract has been requested, the unit will be put on hold for a short period of time, usually 24hrs depending on interest in the project. This gives you the opportunity to seek initial legal advice on the contract and get the contract signed.
However, if the purchaser doesn't sign the contract within the specified timeframe, then the property will be put back on the open market.
At the Property Factory we have a 10 working day due diligence clause in all of our sale and purchase agreements. This clause gives you confidence to sign the agreement without being fully committed to the property. You can still pull out of the agreement at any time during this 10 day period without having to give a reason. This is your get out of jail free card (see article on the due diligence clause).
This is the time for you to do your extensive research on the property, get full legal advice, get your finance sorted, and finally, confirm the deal.
The due diligence period is there to be used so purchasers who are serious about finding a property should request a contract once they find a property they like to avoid missing out on the deal they want.
Working with our team who can assist you in finding appropriate listing is the best way to streamline this process.
Once you know what is likely to be best for you, the property hunt should be relatively pain-free.
Hesitation around requesting a contract is often the key reason why purchasers miss out on good investment opportunities.
It is important to remember that your due diligence period is there for your benefit, not the developers, so there is no reason to hesitate - once the property is off the market, you hold the power.