What’s Up for Negotiation in a Contract of Sale?

What’s Up for Negotiation in a Contract of Sale?

The ideal scenario for a perfect property sale is for the seller to feel they’ve got top dollar, and for the buyer to feel they’ve got a bargain. For this to happen successfully, both parties need to be open to negotiating on a variety of aspects.

From the furnishing and fixtures to the settlement period, when it comes to buying or selling a property, almost everything is negotiable! The key is for both parties to be happy with the outcome.

When it comes to negotiating a sale here are some aspects open to negotiation.

Settlement Period

The settlement period is generally long enough for all checks to occur, and a seller may be willing to accept a slightly lower price if the settlement period suits their circumstances better. For instance, if they are still looking for another property, they may want a longer settlement period. Alternatively, they may want a quick sale because they are going overseas, or they have found another property.

Fixtures, Fittings and Chattels

Generally, chattels (usually items that can be removed), are not included in the sale price. However, items which may be difficult to remove, such as large bespoke furniture, sound systems, sheds and even large pot plants can all be factored into negotiations.

The Deposit

It is possible to negotiate on some aspects of the deposit such as how it is payed, the payment date and whether it is paid in instalments.

At Auction

It is possible to negotiate your own contract terms for an auction, such as the amount of deposit paid and payment terms, however these must be negotiated before the auction date. It’s wise to remember there is no ‘cooling off’ period in an auction sale, so as well as negotiating the contract, you will need your finance approved, legal checks and any pre-purchase inspection reports all done before you put your bid in at the auction.

Community or Strata Title

Check to see if there are any special levies due for strata or community titled properties. If there is a large payment due in the next few months, the vendor may reduce the price by this amount.

Whatever you do in your negotiations, you should always seek professional legal and financial advice so you fully understand any implications.

Whether it is buying or selling, renting or investing, we are committed to delivering the best service and achieving the best possible results for our customers. This is why we are one of Newcastle’s longest established property management companies. Give us a call on 02 4954 8833 or pop into our office for a chat and let us help you realise your real estate dreams.

 

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