On the Buyer Beware Template: Offer to Purchase Real Estate the clauses are stared (*) refering to a caveat 'indicates within 7 days of receiving a contract'.
What is the implications of this?
Does it imply that the clause expires after 7 days?
Regards
DarylHi Daryl, great question … first answer get a legal interpretation … second answer "cooling off" period … third answer don't pay the full 10% deposit until you are TOTALLY satisified … fourth answer get a personal disclosure from the vendors solicitor …
D
What does the clause say exactly? I haven't seen it!
Hi Xenia:
The clause specifically states…
'indicates within 7 days of receiving a contract'.
Daryl wrote:Hi Xenia:The clause specifically states…
'indicates within 7 days of receiving a contract'.
I often here from people about the wordings of contracts they are presented with in r/e deals, and how they are unfair, or restrictive etc.
There is nothing wrong with simply crossing out any terms and/or phrases that you don't like on any contract. Of course, most people don't realise they can do this and are often intimidated by the contract itself, or the people handing it to them.
The problem is getting the other party to agree with the changes you wish to make. In the above case, I would cross out "receiving" and change it to "on the date of signing of contract by the Vendor " or words to that effect.
You can even extend 7 days to 14 days if you want.
Contracts are simply agreements between two parties written on paper. If you don't agree with the terms, change them. Do business your way.
Thanks LA Aussie,
These are actual clauses written on Steve's Buyer Beware Templates.
I was wondering what the implications are?
Regards
DarylSurely someone esle who has purchased this resource must
know the implications of this clause!Regards
Daryl
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