Im about to sign a contract to buy a house in QLD.
I notice the contracts say:
Deposit
$___ - Initial Deposit payable when Buyer signs this contract
$___ - Balance Deposit (If any) payable on: __/__/2011
Should I offer to pay $0 on signing the contract, then offer $5000-$10000 (this is about 1.5%-3% of value of the property) after the 5 day cooling off period so write in balance payable by the 6th business day after the buyer receives a copy of the completed relevant contract from the seller or seller's agent.
Or should I either attach $500-$1000 personal cheque as the initial deposit, or ask for the agent's bank details to transfer it in. Is it sufficient to do an EFT transfer the same day we sign the contract? I thought EFT would be better because then we don't have to cancel cheques/etc if it doesn't go ahead, but also see it is mucking around paying deposits if the vendor then doesn't accept our contract which led me to the $0 upfront but feel the vendors may think we aren't serious?
It's a bit of a buyers market at the moment.
I notice the contracts say:
Deposit
$___ - Initial Deposit payable when Buyer signs this contract
$___ - Balance Deposit (If any) payable on: __/__/2011
Should I offer to pay $0 on signing the contract, then offer $5000-$10000 (this is about 1.5%-3% of value of the property) after the 5 day cooling off period so write in balance payable by the 6th business day after the buyer receives a copy of the completed relevant contract from the seller or seller's agent.
Or should I either attach $500-$1000 personal cheque as the initial deposit, or ask for the agent's bank details to transfer it in. Is it sufficient to do an EFT transfer the same day we sign the contract? I thought EFT would be better because then we don't have to cancel cheques/etc if it doesn't go ahead, but also see it is mucking around paying deposits if the vendor then doesn't accept our contract which led me to the $0 upfront but feel the vendors may think we aren't serious?
It's a bit of a buyers market at the moment.