can anyone offer me some good advice on subject to clauses?
I often use the sunset clauses ie this offer stands for 24 hours. and subject to finance, building pests and inspections.
I am looking at a appartment in complex… the pool has a leak into the underground car park, the building needs a repaint and the common areas need re surfacing… So any ideas for clauses would be appreciated
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cheers Lukehi luke,
I would look first at monies available in body corp's sinking funds first before considering purchasing
an apartment with potentially very expensive works needing to be done….Michael
Lukis P,
I often use the sunset clauses ie this offer stands for 24 hours. and subject to finance, building pests and inspections
While I appreciate that you need to protect yourself, you should understand that the more clauses that you put on an offer the least likely that the offer will be taken seriously. The clauses that you state above should cover all relevant possibilities.
As a further protection in Queensland, the Seller must produce a Body Corporate Disclosure Statement which must detail any issues that a Buyer should reasonably be aware of prior to the Buyer making an offer on the property. The only problem that I have with this is that from my observations a lot of agents do not understand what a Disclosure Statement should contain. That is, there is a half statement (which most Bodies Corporate will provide) and a full statement (which Bodies Corporates have been advised not to provide) and the Full statement is the only one worth reading. I pay a Search Agent to provide one for me for each listing.
Jon
thanks the NT has a body corporate statement clause that i have asked for as well but i did not know about full statment… the agent did recomend going the settlement agent and pay the fee (he thought about $60)… he did say that the "owner could provide a copy of the minutes from the last agm, but there was no guarentee that pages could have been taken out" ???? which i thought was an unusual statement to make.
I like the idea of the full statement, thanks. I undeerstand that there is little left if any in the sinking fund, it has been poorly run as a holiday unit style complex where the builders sold the units with rental agreements in place and have reinvested very little back into the complex. the building is about 10 yrs old and needs things done now. Dont get me wrong it is ok but looks a bit tired and the pool issues worry me a little.
Hi Lukis,
As already mentioned :
"This offer is subject to Finance suitable to the purchaser".
"This offer, unless withdrawn earlier, will lapse at 5pm on -insert date here-"In the example you have mentioned, I slo would strongly recommend checking out the Body Corp – meeting minutes, planned expenses (such as fixing the pool), sinking fund status, etc.
I hope this helps,
Thanks,
BDM
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