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Critique my valuation clause

Discussion in 'Legal Issues' started by HappyCamper, 9th Sep, 2015.

  1. HappyCamper

    HappyCamper Active Member

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    Throwing this clause out there for some constructive criticism. I'm in a position to purchase without a loan (Plan B), but would still want a loan for the leverage and hence the need for a bank valuation. This is for Queensland.

    This contract is subject to and conditional on the Seller providing reasonable access to the Property to allow a valuation to be completed before DD/MM/YYYY
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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  3. HappyCamper

    HappyCamper Active Member

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    I'm with you there DT. I'm trying to avoid conditions where possible.

    I just don't want to leave myself open to the scenario where I go without a finance clause, but then the vendor shuts up shop and doesn't allow any access to the property for the bank to do a valuation.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    I'd doubt they'd do that if they want their sale (and therefore money) to come through.
     
  5. Marg4000

    Marg4000 Well-Known Member

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    If you intend to get a loan, then why not use a standard finance clause?. Usually vendors WANT to sell and I have never heard of access being refused to the potential lender.
    Marg.
     
  6. HappyCamper

    HappyCamper Active Member

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    The contracts are worded in a way that if I don't settle, I lose my deposit. Even if the vendor refuses access for valuation.
     
  7. thatbum

    thatbum Well-Known Member

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    Are you sure about that?
     
  8. HappyCamper

    HappyCamper Active Member

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    That's what my lawyer advised on my last purchase. Thankfully it didn't happen.
     
  9. thatbum

    thatbum Well-Known Member

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    Fair enough. I can't see why any vendor would refuse access to a property for a valuation though.