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Brisbane purchase

Discussion in 'The Buying & Selling Process' started by melbourne171, 15th Sep, 2016.

  1. melbourne171

    melbourne171 Well-Known Member

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    I signed a contract for a Brisbane property, with due diligence condition.

    If the I find structural or termite damage or any other issues, I want to negotiate price reduction, should I write an email to real estate agent to explain the reasons or I have to ask my solicitor to forward my request to the seller solicitor?

    As there is only 7 days between the contract unconditional date and the settlement date, do you think there is enough time o proceed settlement on time? Should I ask solicitor to extend the settlement date now or later?

    Thanks
     
  2. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Hi @melbourne171 have you found issues or is this a what if scenario? Are you expecting issues if not yet a reality? I personally deal directly with the agent when dealing with price reductions. If you negotiated the price you can negotiate the reduction.
     
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  3. EN710

    EN710 Well-Known Member

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    Have you got finance pre-approved? When is settlement? i.e. how many days from contract date?
     
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  4. melbourne171

    melbourne171 Well-Known Member

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    Thanks for replies!
    The settlement date is 30 days from the contract date.
    The due diligence date is 21 days from the contract date.
    It means that there is only 7 days between unconditional contract date and settlement date.
    Do you think any issues?
    My solicitor is on leave until Monday. No reply from him now. Otherwise, I should ask him this question.
     
  5. Mick Butterfield

    Mick Butterfield Well-Known Member

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    7 Days does seem very tight to me.
     
  6. Magoo

    Magoo Well-Known Member

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    I don't see an issue.
    Do your due diligence asap & you will have time to re-negotiate if need be with plenty of time.
    Besides you can always ask for an extension.
    Once the contract has been signed & agreed to by both parties further negotiations ( as a result of a condition in the contract ) need to be negotiated through the solicitors.
     
  7. Big Will

    Big Will Well-Known Member

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    I know very little details about this transaction but as a vendor why signs 21 days DD clause (if it Is the same as my one), unless for development site.

    Either you want it or you don't.
     
  8. melbourne171

    melbourne171 Well-Known Member

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    yes, it is development potential but likely to have issues
    .
     
  9. mikey7

    mikey7 Well-Known Member

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    I've always done price reductions through my solicitor. Then its all documented and both parties are well aware of it.
     
  10. wombat777

    wombat777 Well-Known Member Premium Member

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    14 days is a better timeframe for due-diligence.

    One of the main issues is time to co-ordinate any inspections needed in the timeframe, primarily Building and Pest as well as valuation.

    Access to the property multiple times can be tricky to co-ordinate/schedule particularly if it needs to be negotiated by a selling agent or vendor / tenant.

    The B&P may bring up other issues where you need to bring in further expert assessments such as for electrical and plumbing. Time is needed for these additional inspections. Be particularly careful if a property has been renovated - some work can be poor quality / illegal if done by a DIYer and may bring up compliance or safety issues.
     
  11. Azazel

    Azazel Well-Known Member

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    I would usually list the issues with an approximate cost and a subtotal.
    Send through to the agent and see what they say. Doesn't hurt to ask.
     
  12. MrFox

    MrFox Well-Known Member

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    Settlement can happen within 7 days. I have sold a property once on Friday and settlement took place on Monday. Purchaser paid cash so only delays as long as both parties have switched on lawyers would be the banks.