You have been going to open houses and you may have located the property right for you and you are ready to make an offer to purchase the property. Whats next?
You will usually contact the agent and submit your offer verbally. The agent will then usually for you to email your offer through in writing just so there is a paper trail and then the agent will submit your offer to the owner. The agent should be told of any special conditions, and of deposit amount, whether it to be 5% or 10%.
The owner will then usually make a counter offer on the property and have the agent present this offer back to you for you to consider.
Negotiations will take place until a figure is acceptable between both parties. Once your offer is accepted the Agent will ask your solicitor/ conveyancer details.
If a price is agreed then the agent will process what it called a "Sales Advice", which notifies each solicitor of your details.
You should now contact your conveyancer/ solicitor for an appointment, and get the deposit to the Agent. During this time you should be arranging pest and building inspection and attend to the finance. Once you have signed the contract and attended to finance, and pest and building and paid the deposit, the contract is "exchanged" and if unconditional the property is sold.