Once the initial research is done, it's time to get the property off the market.
First-time investors can often find this part of the process quite daunting because it is the first real step toward purchasing the property.
However, investors 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'.
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 24-48hrs) which gives you the opportunity to seek legal advice on the contract and get the contract signed.
However, if the investor doesn't sign the contract within the specified timeframe, then the property will be put back on the open market.
If the contract has a due diligence clause in the agreement and the contract is signed, you enter into your due diligence period which is generally 10-working days.
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 investors 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 expert advisors who can assist you in finding appropriate listings 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 investors 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.
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