Suggestion – maybe put a clause in the contract – Subject to the purchaser's solicitor approving the conditions within the contract within x days of the offer being accepted.
Thanks Tracey B thats a great idea!
I have been thinking about the below; Any solicitors out there that can tell me if I can get myself into any trouble with the below?
The purchase is subject to due diligence to the sole satisfaction of the purchaser. During the due diligence term of 21 days from contract date the seller agrees to withdraw the property from market, permits regular access to the purchaser and will provide any reasonably required information. Should the purchaser wish to terminate the contract during the due diligence period, the seller agrees to refund the deposit paid in full.
Intrigue wrote:I would like to submit a contractual offer for the sum of x for property located x
The contract must include the chattels currently within the home (fridge, washing machine, air conditioning units, water tank, …………….) The contract must be subject to a 30day due diligence period in order to ensure the buyers complete satisfaction of the results from the following;– Building and pest inspection– Structural integrity inspection– Roof integrity inspection– Council approval checks– Title search The buyer will advise the seller of complete satisfaction prior to 5pm on the 30th day from contract date. If complete satisfaction is not obtained the buyer reserves the right to terminate this contract with a full refund of deposit payable. The contract is subject to finance 30 days. (to co-inside with the due diligence period) Settlement to be 30 days post the expiry of due diligence period I.e. 60days from contract date. Offer expires at ….I would note the brand of the items to be included.
A couple of other suggestions which may simplify the clauses and make it easier for them to say yes:
Take the due diligence bit out – having a 30 day finance clause gives you an out within 30 days anyway – make sure it's worded correctly and you name the financial institution
Building and pest inspection to the satisfaction of the purchaser within x days – would cover structural and roof.
In Tasmania my solicitor as part of the process will do title searches and council searches. If recent building works are found we ask the vendor to provide the certificate of completion issued by the council
If you wish to access the property to check it out further – For the purchaser to have access to property from time of acceptance of this offer for the purpose of obtaining quotes for repairs, by giving 24 hours notice to the vendor.Hope this helps
Thanks very much Tracy B, quick question if I were to nominate my financial institution eg NAB but during the time frame I get a broker to do a check to see if I can get a better deal.. would it be a problem if I chose a financier other than the one I nominated in the contract..?
Is it better to just say finance satisfactory to the buyer?
Intrigue wrote:Thanks very much Tracy B, quick question if I were to nominate my financial institution eg NAB but during the time frame I get a broker to do a check to see if I can get a better deal.. would it be a problem if I chose a financier other than the one I nominated in the contract..?Is it better to just say finance satisfactory to the buyer?
I would have just said “subject to finance” – but I’m sure Tracy has a good reason as to why a particular lender should be stipulated. It could be due to the word “finance” incorporating a broad range of lenders in which you’d have to be knocked back from instead of just the one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Guys
Don't think it would worry them where the funds came from – so long as you pay up! In my last contract I actually didn't specify which bank (as I had no idea where the money would come from) but finished the clause with 'on terms usually available in transactions of a similar nature'. I've been advised that this stops any clever vendor saying I'll provide you with finance and my rate is 20%, thus satisfying the clause and forcing you to proceed with the purchase, or if you pull out they keep your deposit. Not sure whether this has ever happened but for the few extra words I know I have control over satisfaction of the finance clause.
Cheers,
Tracey
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