Forums / Property Investing / Value Adding / Access to property b4 settelement

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  • Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Hi all, can any one advise me?

    I currently have an offer out on a property (my 1st![biggrin]) with a “subject to ‘ clause of access b4 settlement so that I can start renovations asap. The agent wasn’t that happy with the clause, but mentioned, that a licensing agreement would have to be drawn up. Does anyone hae knowledge of one might entail, or a template I could review?

    Thanks

    mccoz

    Profile photo of RikkyRikky
    Member
    @rikky
    Join Date: 2005
    Post Count: 313

    I have made ofers on propertys subject to access before settlement , but have written in the contract the repair only to be minor not major until I settle. I have never had to worry about geting different contracts , go talk to the agent again and let him know what you want to do exactly should be no problem if the owner agrees to it.

    Cheers Rick

    Monopoly, my favourite game

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Thanks for the tip Rick,

    I can see now that they need some assurance (understandably as I haven’t communicated what renovations will occur).

    Thanks again,

    mccoz

    Profile photo of Kevin_3Kevin_3
    Member
    @kevin_3
    Join Date: 2003
    Post Count: 12

    We are currently buying a property with access before we settle. The vendors solicitor insisted we have a license to occupy, and drew one up. I can fax you a copy if you still need it.

    But the way, we exchanged on that property on 16 March, have possession of it rent free, and it still hasn’t settled.

    Oh well!

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Thks images30260

    Yes I would really appreciate if you could you fax me a copy. 03 9885 8909.

    My offer for this property is still under review with a keen buyer waiting patiently behind me. (My bid was just $401 above his….

    The vendor is quite nervous about access prior to settlement despite them being minor cosmetic changes. I was going to contact my solicitor on Monday to draw up an agreement. Having a template will really assist me.

    Thanks again, will advise of the outcome once i get it.

    mccoz

    Profile photo of myoungmyoung
    Member
    @myoung
    Join Date: 2004
    Post Count: 33

    Have done it recently with just a clause agreed to by both parties solicitors. No Licencing agreement required. For minor alterations.

    Don’t forget to take out insurance before you occupy, especially if your using sub contractors AT ALL.ie Public Liability etc.

    Regards,

    myoung

    Money doesn’t buy happiness, but it sure as hell can mitigate a lot of things that make you miserable.

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Thanks myoung,

    I hoped to do the same too, ie without a licencing agreement.
    Despite assuring i would 1) only carry out minor renovations, and 2) insurance would be taken out by me, they are still nervous. Doesn’t help as the estate agent in question is strongly advising the vendor to have one drawn up. Regardless.

    never mind, just means more solicitors fees…..

    mccoz

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Hi guys,

    Some progress on this property. Following advice from Steve’s PPP workshop and some of the replies above, I realised I needed to be in more control of this negotiation.

    Have since got back to the agents and have managed to negotiate access without the rigmorole of the licencing agreement. The Vendor is happy, so am I,[biggrin] a win/win to be had and I’ve signed up on my first property.[party]

    Thanks again to all who replied,

    mccoz.
    I’m on my way………………….!

    Profile photo of powmowpowmow
    Member
    @powmow
    Join Date: 2003
    Post Count: 91

    congratulations mccoz!

    may i ask what it was you did to win the agent and the vendor over?

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Thks powmow,

    It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.

    I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of view.

    The reply from myoung (thks!) prompted me to go and see the agent, and specifically ask her to reassure the Vendor that I was happy to put into the contract that buildings and public liability insurance would be taken out b4 access to the property would be granted, hence no risk to the Vendor.

    The agent seemed suprised that she hadn’t thought of that earlier, called the Vendor, and hey presto, the Vendor’s happy.

    That was it.Seems simple now……

    Profile photo of mccozmccoz
    Participant
    @mccoz
    Join Date: 2005
    Post Count: 67

    Thks powmow,

    It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.

    I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of view.

    The reply from myoung (thks!) prompted me to go and see the agent, and specifically ask her to reassure the Vendor that I was happy to put into the contract that buildings and public liability insurance would be taken out b4 access to the property would be granted, hence no risk to the Vendor.

    The agent seemed suprised that she hadn’t thought of that earlier, called the Vendor, and hey presto, the Vendor’s happy.

    That was it.Seems simple now……

    Profile photo of powmowpowmow
    Member
    @powmow
    Join Date: 2003
    Post Count: 91

    thats fantastic.

    good on you, and as you said its a win-win for both parties…

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