Seller enters into the contract with the best buyer/offer

good to know

  • In case you made the best offer on the property, the seller, enters into the contract with you. That means, the contract is signed by all parties, the “contract gets dated”

Actions you might want to take

  • “The Property is at the Buyer’s risk from 5pm on the first Business Day after the Contract Date” (Clause 8.1 of the Terms of Contract)

    That means you should get an insurance on the Property from that day on.

Information to exchange

  • On this day, you have to pay the initial deposit (often, at least 0.25% of purchase price), to the trust account of the agency