[Pip]

Just a quick one, I'm trying to understand the process for buying houses out here. In terms of valuations, is it normal, to get a valuation done and then have the Lawyer draw up your contract based on that price (which might be followed by a bit of toing and froing), or do you submit your contract before the valuation and if the valuation is lower, than negotiate on that basis ?

Any assistance gratefully received!

[wilson182]

The lawer doesnt draw up the contract, the real estate agent does. You will fill in your details and include your offer and conditions and sign it. The agent then takes your offer to the vendor, they will either agree with your conditions and offer and sign the contract also, or they will amend the contract and sign the changes. The agent then brings it back to you and you either agree or change it again etc etc, until both parties are happy.

NEVER sign a contract without conditions, you legally have to buy the property regardless of any problems. The standard conditions are finance, LIM report and a building survey, normally to be statisfied within 10 working days. In this time you are able to back out of the contract should their be any problems, i.e with the building survey etc. After all the conditions are satisfied the contract goes unconditional. If you want to have a look at a contract to give you an idea, you are welcome to pop round and have a look at ours.