Conditions to put on offer?

Just looking for advice on what conditions should be put on an offer to purchase a property? Finance and building and pest seem to be the common ones but are there any others that could/should be considered such as flood assessment, insurance etc?

 

You put too many conditions in, sellers say no. What is an insurance condition?

If this is Sydney, everything is done during cooling off.

 

Where are you buying? Each state has a different contract, though the gist is generally similar.

Finance is the most common one.

Building and pest inspection in most states (dont really need it here in SA, most just use the cooling off period for this. Nsw might be similar?).

Settlement duration, ie 30 , 42, 60, 90 days are common options.

Access prior to settlement for reno (or at least PM marketing).

The least conditions the better. The stronger your offer the more likely they are to play ball on price , or at all in some cases.

 

Property is in QLD (FNQ) is there any benefit in asking for a longer settlement date?

 

Probably not as it is already a buyer’s market.
Obtaining insurance quotes and checking flood maps would just be normal dd.

 

i think people advise to put something like

subject to due diligence and finance at my satisfaction over 10 or 21 or whatever days.

if you just put subject to finance then they can force you to take any finance

subject to my due diligence and finance to my satisfaction

 

No ones going to accept an offer with due diligence on it. Wouldn't be worth the paper its written on

 

I have a different experience but it doesn't mean it's attractive.
If asking for a due diligence period make it a reasonable amount of time. 10 working days can be ample and you can do structural/timber pest concurrently if that is also a condition on the sale.
Asking for it to be subject to Due Diligence is not a normal or usual occurrence. It's generally used if you want to quickly agree on price (cos it's a bargain) and you want it off the market OR because you don't want to spend significant money on reports/tests if they aren't going to agree to the price.

 

i always put subject to finance and building and pest both "to my satisfaction" as mentioned above. But i always put "offer is valid for 24 or 48 hours" so your offer can't be played off against another and you can move on or at least makes the owners make a decision or make a counter offer.

 

Hi, I'm getting my head around the typical buying process and conditions in NSW.

Agree 5 days should be sufficient for building and pest inspection.

Would the cooling off period be sufficient time time to lock in finance? In other states it's usually 4 weeks. How is the risk of not getting finance usually manged when buying in NSW? I'm sure a good broker will help advice on borrowing power, but things could still go pear shaped.

If there has been significant renovations done to the property, given the original build date and the current state of the property, are there any prudent checks to ensure it's been done appropriately? Should a call be made to the council to check submitted building plans or something?

Thanks

 

That the vendor is to hold a BBQ on the 1st Saturday after settlement.

It's always nice to sneak that one into the special conditions

 

Surprisingly seen many accepted offers like this up in QLD

Would be laughed at here in SA

The concept that you're signing an contract subject to you doing DD... seriously reverse!

 

any recommendation for Building and Pest inspector in Adelaide who can conduct comprehensive inspection in 48 hours ?

 

More chance of getting a covid test result in 48 hrs just before XMas. Seriously I would hit phone asap and hope someone can do one asap. Many finish work today , tomorrow and forget Friday