September 17, 2020
Coronavirus - Buyer FAQ
At Jellis Craig, our priority is supporting our clients and the community throughout this challenging time.
In order to help you understand the current state of play and make informed property related decisions, we have put together a series of frequently asked questions for your reference.
Note: If you are in regional Victoria you are under different restrictions, please contact your local Jellis Craig office to discuss what restrictions apply to your area or visit this article to read more.
What does stage 4 restrictions mean for real estate?
During stage 4 restrictions we are unable to conduct any onsite work, which means that our office premises will be closed and we can’t conduct buyer inspections, including by private appointment.
Despite the restrictions, our team is well prepared to facilitate property sales in a contactless manner and we are working remotely and available on our regular contact details.
What if I have seen a property that I want to purchase?
If you have recently visited one of our properties and are interested in purchasing, please contact the agent to discuss your options and how you can purchase during this time.
We can still facilitate contactless transactions during this period and are here to assist you in buying a property either now or once stage 4 restrictions are lifted.
Can I still inspect a property?
With stage 4 restrictions in place we are unable to hold private inspections. However, our current listings include additional photography, property videos and 3D virtual tours where appropriate to assist buyers in viewing a property they are interested in, in as much detail as possible.
When will private inspections return?
It is unclear on when private inspections will return, however we anticipate these will be allowed once stage 4 restrictions are lifted, and we ease back to stage 3.
We cannot guarantee that we will be able to take you through a property at that time as we require further direction from the Victorian Government. However, we will be ready to take you through properties as soon as we are able to.
How can I purchase a property in stage 4?
If you have already viewed a property you want to purchase you are in a great position to so and can make an offer directly with the associated agent.
You can buy and sell via a range of different methods including online auctions, private sale, and expressions of interest. All sale contracts can be completed digitally meaning you can purchase the property without needing to leave your home.
How is the paperwork managed during Stage 4?
We already use digital contracts to facilitate sales in a seamless manner and will continue to do so throughout this time. You will not need to come into direct contact with anyone for this process to occur smoothly.
If I buy a property can I still settle and move during stage 4?
Yes, the Victorian Government has confirmed that settlements can continue and you will be able to move house during this time (on properties contracted prior to 11:59pm on Wednesday 5th August 2020). Solicitors and conveyancers can continue to work remotely and should be able to assist with your settlement.
We will facilitate the process and handover your keys in a contactless manner.
What is an Expression of Interest Campaign?
An Expression of Interest campaign (EOI) is a sales method in which you can purchase a property. It requires any interested buyers to ‘express their interest’ in the property by putting forward an offer to purchase the property directly to the Agent.
- EOI campaigns may advertise a closing date and time, while others may be open-ended without a closing date. It is important to advise the Agent if you are interested in a property so that you can make an offer in the required time frame.
- To ensure your offer is presented to the vendor(s), you must register your interest initially via phone and following by submitting an offer in writing prior to the closing date and time.
- All offers will be communicated to the vendor(s) and the Agent will advise you of the process to conclude the sale.
- It is our approach to ensure that negotiations are transparent, and you will be given every opportunity to participate and make subsequent offers.
- The vendor(s) will decide which offer to accept, based on price and terms.
Confirmation of your offer will be put in writing by the Agent and followed up with appropriate contractual paperwork.
At Jellis Craig we are here to support you and provide guidance through these times. If we can assist you with any of your property needs, please do not hesitate to get in touch.