Buying Through Private Treaty
Most sales in Queensland are offered to the market through Private Treaty
When a property is offered to the market with a list price or price range then this means it is sold through Private Treaty.
With private treaty, you can make an offer to purchase in two ways, either unconditional or conditional. An unconditional offer means you are committed to buying the house as listed at the price agreed without any other conditions such as finance, building and pest inspections.
A conditional offer means that you will buy the property only if certain conditions are met. These must be listed on the offer documents detailing. For example, your offer may be conditional on arranging finance. If finance cannot be arranged within a certain period of time, the offer is void.
For your own protection, you should nominate a specific lender as your source of finance. Leaving out a nominated lender or having open-ended finance conditions when you make an Offer to Purchase may force you to take up finance at substantially higher rates, perhaps shorter terms, and from a lender you might not normally deal with. Always seek advice from your solicitor.
Another condition that might be worthwhile when you make an offer for older houses is a Building Inspection report on the property whereby if a serious structural defect is found and the condition is not satisfied then the contract can be cancelled.