Hello,
I’m hunting for a first home and plan to make an offer on an apartment that I’m due to inspect this weekend. I would like this to be subject to finance and a building inspection. I have also read that a sunset clause is a good idea.
From reading other posts in this forum, I see that the following wording is recommended:
– subject to finance approval by [lender name] for $XXX,XXX
Can you please advise what wording I should include with regard to building inspection and the sunset clause?
This is all new to me!
Thank you for your guidance, Alyssum
You had better ask your solicitor as if you get it wrong you could be locked in when you want to get out. Laws vary from state to state too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Alyssum,
All I ever do is pick up the phone and say to my solicitor…."I want this subject to finance, and subject to a building inspection and so on". They then have the contract amended and work it out with the vendors solicitor. You may find that some vendors won't accept these conditions – so make your own decisions on whether you want to pursue or not.
Make sure that all your special conditions are listed and agreed to before exchanging!! Also, ask for a copy of the contract now if you don't already have one and forward it to your solicitor. They should be able to highlight any things that could cause a concern.
Wonderful, thank you so much! Best wishes, Alyssum
You must be logged in to reply to this topic. If you don't have an account, you can register here.
