A verbal offer is binding
You should always remember that in buying a share in a housing company, a verbal offer is also considered binding. However, it is always sensible to submit the offer in writing. If the home is being sold through a real estate agent, you can draw up the offer together with the agent. Be careful not to lose the down payment, for example.
A checklist for the offer
What kind of an offer should you make?
If the home has been on the market for some time, you can offer a price below the asking price. The seller can always submit a counteroffer. If the home is in demand and its price/quality ratio is in order, it may be sold at the asking price or even at a price exceeding it.
Don't rush, but be quick when necessary.
Consider the sale carefully and maintain your sense of proportion, so that you don't exceed your budget. Make a quick decision if you notice that this is your chance. It is good idea to get a loan promise in advance from the bank.
Complete the bid with care
Check the details before you sign. Check that the amount, dates and your personal details are correct. When you submit a bid, keep the validity of the bid short.
Down payment before the transaction
If the seller accepts your offer, the offer will be confirmed with a down payment. The sum is 4% of the sales price at the most. If the seller withdraws from the sale, they must pay compensation. If you withdraw from the sale, you can lose part of your down payment. Make a written agreement on the payment of the down payment and the conditions concerning it.
A condition may be, for example, that the down payment is returned if the bank does not for some reason grant you a loan, or if a water/moisture damage is detected in the condition inspection, which will cause you to withdraw from the sale. You should also remember that the regulations concerning property transactions are different from those concerning buying a share in a housing company.