Does anyone know what the benefit to the seller is for removing or reducing the amount on clause 7.1.1 in the NSW Contract for Sale?
Not a lawyer, but I assume you can request the contract be amended prior to execution. The matter is whether the vendor will actually amend a contract to suit the purchaser. Because this is a legal matter, there would be triggers to this clause.. here is an extract for anyone with actual insight.. FYI 7 Claims by purchaser Normally, the purchaser can make a claim (including a claim under clause 6) before completion only by serving it with a statement of the amount claimed, and if the purchaser makes one or more claims before completion – 7.1 the vendor can rescind if in the case of claims that are not claims for delay – 7.1.1 the total amount claimed exceeds 5% of the price; 7.1.2 the vendor serves notice of intention to rescind; and 7.1.3 the purchaser does not serve notice waiving the claims within 14 days after that service; and.....
None. Why would a seller give up part of their protection against a purchaser seeking possibly unreasonable reductions in the agreed price.