I’ve found a property: how do I make an offer?

You’ve viewed a property and you’ve decided to go for it. Making an offer is the important next step, but you should bear in mind that an offer is more than just a non-binding proposal. That’s why it’s a good idea to prepare thoroughly.

Before deciding on an amount, it’s best to look further than just the asking price. Be sure to take your budget, purchasing expenses and any potential renovation work into account. You should also consider the maximum amount you’d be willing to pay for the property ahead of time, and you shouldn’t let yourself be pressured by the prospect of other potential buyers.

If you already know how much you can borrow, you’ll be in a stronger position during negotiations. A feasibility certificate gives you a clearer picture of the financial viability of your home project. This offers greater certainty for you and can give the seller additional reassurance.

An offer is your way of letting the seller know that you wish to buy the property at a certain price and under certain conditions. This is usually done in writing using an offer form, an e-mail or a document from the estate agent.

It’s important to note that offering the asking price does not automatically entitle you to the property. Even if you offer the full asking price, the seller can still choose which offer to accept. They are not obliged to choose the highest bid.

A good offer contains more than just a number. It should at least include:

• The address of the property
• The price offered
• Your name and contact details
• The date of the offer
• The period of validity
• Any conditions precedent

The period of validity is important, as this lets the seller know how long they have to respond and prevents your offer from remaining valid indefinitely.

Many buyers are unaware that an offer can be legally binding. In principle, if the seller accepts your offer within the agreed timeframe, this forms a contract.

You should therefore think carefully before making an offer. You should only name an amount that is financially feasible and clearly state which conditions are important to you.

You don’t normally have to pay a deposit when making offer – this usually only happens later, when the provisional sales contract is signed.

Conditions precedent provide you with additional security. The condition most people have heard about is that your offer depends upon being granted a mortgage.

If you do not secure a mortgage within the agreed timeframe, you can usually cancel the purchase without further consequences. It is also possible to set other conditions relating to factors such as planning permission, soil contamination or the sale of your current home.

You should bear in mind, however, that attaching a lot of conditions can make an offer less attractive to the seller.

An accepted offer is not the same as the provisional sales contract. The offer sets out the key agreements between the buyer and the seller, while the provisional sales contract sets out these terms in more detail and records them more comprehensively. Once your offer has been accepted, the provisional sales contract will usually be the next step, stipulating the price, conditions and timing of the sale.

This is followed by the notary public preparing the deed for the property, and it is only at that point that ownership is officially transferred.

A strong offer isn’t just about the price. A realistic budget, clear terms and thorough preparation also make all the difference. The right approach increases your chances of a successful purchase and avoids any surprises later on.