sunset clause

Viewing 5 posts - 1 through 5 (of 5 total)

Matt Jones
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@mattjones
Join Date: 2005
Post Count: 170
June 28, 2006 - 9:14 am
Hi all
I really need a bit of help asap. I put in an offer yesterday on a property with a sunset clause for 5pm this Friday. The vendor showed interest so i signed a contract today and the agent is submitting to them tomorrow but i forgot to put the sunset clause in the contract. Does this mean the vendor could now hold out till Saturday after the OFI’s before agreeing to my offer? Or does the the letter of offer still stand – i am assuming the contract superseeds it.
I ask this because if the buyers have no interest at the OFI i may not be able to retract my offer in the hope of reducing the bid.
Cheers,
Matt
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learnshare
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@learnshare
Join Date: 2003
Post Count: 105
June 28, 2006 - 10:16 am
Hi Matt,
I’m not sure i understand fully your case here.
Have you consulted with your solicitor yet?
You still have tomorrow to tell the Real estate agent and vendor about your sunset clause. What is OFI by the way? Is it a term used in queensland contract? don’t you have a cooling off period as well?
Cheers,
Herman
Matt Jones
Participant
@mattjones
Join Date: 2005
Post Count: 170
June 28, 2006 - 11:41 am
Hi Herman
Fancy meeting you here I cannot get hold of my solicitor until tomorrow. The contract has been submitted to the vendor and they are thinking about it tonight and will give their answer tomorrow.
OFI stands for open for inspection. We have a 5 day cooling off but at a cost of .25% of purchase price.
I think i just panicked a bit. I will just roll with it tomorrow
Thanks for the reply.
Cheers,
Matt
Matt Jones | Property Resource Shop
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learnshare
Member
@learnshare
Join Date: 2003
Post Count: 105
June 29, 2006 - 9:08 am
Hi Matt,
Everything was ok by now I hope. And congratulations if you won the deal eventually.
Please tell me something about the property. Is it buy & sell scenario?
Cheers,
herman
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 2, 2006 - 1:30 pm
You can always withdraw your offer before it is accepted and submit a new one.
Terryw
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