You found your dream home. Driven by enthusiasm, you are ready to formulate your purchase proposal, not to miss the opportunity. Understandable, but a purchase proposal is a very important formal act, which must be carried out with due confidence.
Relying on a qualified real estate agency such as Engel & Völkers, means having the certainty of not running into any nasty surprises, having the best professionals on the market at your side. However, it is still good to know how a property purchase proposal works, in order to be aware of the negotiation.
The proposal to purchase a property is the agreement through which the potential buyer defines the commitments and clauses that will be part of the actual sales contract. Turning to a real estate agency, the agent in charge will guide the potential buyer through the compilation of the proposal. From the point of view of documents, it is sufficient to bring your identity document and tax code with you. Generally, a property purchase proposal is accompanied by a sum of money or a cheque valid as a deposit. The amount of such a cheque - which must be made payable directly to the seller - is not specified by law, but is generally around 10 per cent of the value of the purchase price. The purchase proposal, on the other hand, must contain, in addition to the data of the owner, the buyer and the real estate agency acting as intermediary, the price offered for the property under negotiation, the terms and conditions of payment and the time frame for the validity of the proposal.
The purchase proposal is a binding commitment on the part of the prospective buyer, who commits himself precisely for a certain period - the duration of the proposal is at his discretion, usually within a short period of a few weeks - although clauses may be included. For example, a purchase proposal conditional on obtaining a loan, in which the suspensive clause and the date by which the buyer must verify whether the clause has been fulfilled (or not) must be explicitly stated.
The purchase proposal, on the other hand, does not bind the seller in any way, who will remain free to evaluate other offers in the meantime.
When the seller formally accepts the proposal by signing it, the cheque left on deposit becomes a deposit. Following acceptance, the preliminary purchase agreement is signed. In any event, the parties are bound to comply with the contents of the accepted proposal.
If the proposal is rejected, the proposer will see the cheque paid as a deposit returned and may possibly proceed with a second proposal, obviously improving its conditions.
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For all the above reasons, the real estate purchase proposal is an essential step in buying and selling a property and should be carried out with awareness and professionalism. It is precisely knowledge of the real estate sector, market trends and the characteristics of each property (including its location) that makes the advice of a professional will be fundamental in formulating a serious purchase proposal, in terms of price and conditions.
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