Do you have an expression of interest to purchase a property?
If there is a property, you'd like to purchase, then an expression of interest is the first step in the buying process. Generally speaking, an expression of interest is made in good faith to start negotiations with the aim of establishing a legally binding contract. An expression of interest is a non-binding offer, which means that the buyer is not legally obliged to proceed with the purchase and the vendor is not obliged to accept the offer.
The expression of interest stipulates details including the purchase price, time frames, and terms and conditions. Before submitting an expression of interest, it is expected that you have sufficient acknowledgment that finance will be approved by your financial provider.
In comparison to an auction, the bids from expressions of interest are not necessarily known by other parties. Not having a price guide might make some people uncomfortable, fearing that they could overpay. This is why you need to do your due diligence and do as much research as possible before proposing a purchase price.
If you'd like to find out more about an expression of interest or need our assistance in the buying process, please contact us.
Are you ready to fill out an expression of interest?
Please follow the link below to fill out our EOI form.