All Topics / Help Needed! / sunset clause

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  • Profile photo of Matt JonesMatt Jones
    Participant
    @mattjones
    Join Date: 2005
    Post Count: 170

    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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    Profile photo of learnsharelearnshare
    Member
    @learnshare
    Join Date: 2003
    Post Count: 105

    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

    Profile photo of Matt JonesMatt Jones
    Participant
    @mattjones
    Join Date: 2005
    Post Count: 170

    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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    Profile photo of learnsharelearnshare
    Member
    @learnshare
    Join Date: 2003
    Post Count: 105

    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

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You can always withdraw your offer before it is accepted and submit a new one.

    Terryw
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