Advice on putting unconditional offer on a Private sale

Guys I got the property!

Now to negotiate the B&P

yes I read it said 3 clear business days from the time a buyer signs (not vendor)meaning it can be Monday Tuesday and Wednesday COB by which I can cool off even if I sign on a sat?

 

...you could always get the inspection done before you offer.

I've done that before.

 

I did that on 2 properties.. Didn't get either. Money down the drain for me.

 

I did some on properties I didn't get too. I don't consider it money wasted to do proper DD on a 6 figure property purchase...

 

I do agree but I had no time for this one too, as I was the last to see with an offer the owner already wanted to sign on.. So I made mine quite quick. To be honest I only did unconditional to secure the property.. I really like it and I don't intend to do wrong by anyone as I totally believe in karma and all that.. Hopefully there's nothing major wrong with the property and I keep it!

 

If something isn't right about the property and you cool off, you aren't 'doing wrong' by anybody.

And you'll also be paying the cooling off levy if you pull out.

 

That's true! About 900

 

In SA it starts from when you are handed the form 1 - vendor disclosure statement.
Be ready to go as soon as you sign anyway

 

My conveyancer confirmed that in Vic it's 3 business (not calendar) days from date of buyer (not vendor) signing the contract of sale

 

Update: they are letting me do building and pest tomorrow! Fingers crossed it comes out fine and I can be done!

 

Sounds promising! Let us know how you go.

 

Thanks I went to the inspection the building and pest inspector told me it was one of the best maintained properties he has seen in a while! Also met the owner and had a great long chat with him, he was lovely!
I am so stoked! It's in Werribee almost 600 sqm, immediate subdivision potential and close to amenities. Happier even that I can reclaim my weekends, finally!

 

Congrats!! Mind if I ask what you bought?

 

Thanks! A 3,1,1 house

 

Haha fair enough. I've been keeping an eye on the area and it seems to be moving. I think you'll do well there

 

Did you mean exact address? Have you bought there?

 

I gather you have already purchased the property - so congrats.

But i wanted to point this out for future reference.

An unconditional offer means NO cooling off period.

Definition of Unconditional = not subject to any conditions.

 

My conveyancer clarified that unconditional meant no special conditions which is usually finance and B&P usually. That I still had the cooling off

 

Happy days!

Congratulations.

 

Are you sure?

Unconditional contracts or post the cooling-off period
If you buy at auction, waive your right to a cooling-off period or have changed your mind outside the specified cooling-off period, cancelling the sale will become an expensive exercise.
...
If you have any doubts about buying the home do not sign an unconditional contract or waive your right to a cooling-off period.​

Backing out of a property purchase

My understanding is that an unconditional contract and waiving your right to a cooling-off period are two separate things.