Selwyn Times: June 20, 2018

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[Edition datE]
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Can I offer on more than
one property at a time?
Some people fall in love at first sight
when they’re looking to buy a property,
but many like to keep their options until
the last minute. This is understandable,
because it can be scary signing up to such
a major financial commitment if you think
something better might come along. But it
can also be hard to know what to do if you’re
not sure if your offer on a property will be
accepted and you are worried about missing
out on the other ones on your wishlist.
“Every time you make an offer on a
property you are saying you are committed
to buying it, subject to whatever conditions
you include in the offer,” says Kevin
Lampen-Smith, chief executive of the Real
Estate Authority (REA). “These conditions
might be things like getting a satisfactory
property inspection, or confirming
insurance, or having finance approved. It
would be extremely unusual to add ‘we want
the right to change our minds in case we see
a property that we like more’.”
Remember that a sale and purchase
agreement – the document that you and the
seller sign that lays out all the particulars
of the property and any chattels being sold
with it, the price you are prepared to pay and
the date that it will take place – is a legally
binding contract, Lampen-Smith says.
“Whether you can make offers on
other properties will depend on how your
conditions are written. This is why it’s
crucial to get legal advice before making the
offer, which becomes legally binding as soon
as it’s accepted. If you offer on a property
while you’re waiting to hear back on another
one, you could end up with two accepted
offers and two legally binding contracts.”
The REA says a seller doesn’t have to
respond to your offer within a certain time
frame unless there is a strict deadline, such
as in a tender or deadline sale. If you are
making an offer on a property that is for
sale by negotiation or by advertised price,
and you think you might want to keep your
options open, talk to your lawyer about
adding an expiry time to it.
“Alternatively, if the deadline for offers has
not passed and you have a change of heart,
you could consider asking the agent about
withdrawing your offer,” Lampen-Smith
says. “In this situation we recommend you
have the agent confirm in writing that your
offer has been withdrawn.
“Keep in mind too that making a
conditional offer on a property, such as
having finance approved, will not necessarily
provide you with a ‘get out of jail free card’
if you subsequently decide you don’t want
to go through with the purchase. In this
situation you could be required to prove
you weren’t able to get finance. The better
option is simply to arrange for your offer to
be withdrawn promptly.”
Buying a property is a
complex process whether
you’re doing it for the first
time or not
Buying a property is a complex process
whether you’re doing it for the first time
or not – but it’s important to take every
decision seriously. If you’re finding it hard
to keep going on your property search, or
to commit to making an offer, it might be
helpful to remind yourself about why you
want to buy a home and to identify your
must-haves. Writing these things down can
help keep you on track and make it easier to
stay focused.
For independent advice on buying or
selling property, check out settled.govt.nz.
Hastings McLeod Limited Licensed under the Real Estate Agents Act 2008 rolleston@pb.co.nz Office 03 929 0306
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