The ITP is not a legally binding document, but a signal of good faith between the seller and buyer who are indicating their desire to proceed with the preparation and signing of the contract.
As with all real estate transactions, including off-the-plan purchases, time is of the essence and only contracts signed by all parties are legally binding.
This ITP is also sometimes referred to as an Expression of Interest or Reservation Agreement.
These forms serve the same purpose — to assist in the preparation of the contract documentation.
In most Australian states there is a cooling-off period unless you buy the property at auction.
A rental lease is an example of an executory contract.
In real estate, the parties in a legal contract are commonly a buyer and seller.
The contract is a bilateral, binding document that outlines what is required of each party.
Find out how much can you afford in mortgage repayments, as well as other ongoing costs associated with owning a property, and how much is your lending institution willing to lend you.
Determine what kind of house and where you would like to buy.