Favourite 'Subject to' clauses

Have a client that uses a mix of my approach, plus yours.
Goes unconditional - get's the vendor/agent all happy cos they think it's done and dusted
Then negotiates further during the cooling off for various reasons, usually due to B&P

 

Very similar to my approach. Assuming you're the buyer, once they've accepted your offer and its off the market, the balance of power generally shifts from the sellers to the buyers for various reasons . But i dont think you mean unconditional because with unconditional BnP is irrelevant .

 

You know me; I am ALWAYS in the strongest negotiating position, no matter whether I am a buyer or a seller .

This power thing did my head in when I bought my Mum’s house from her Estate. I was both a buyer and a seller for the same transaction .

Whatever happened I knew I was going to be a winner .

 

Insider information at its best.

 

Yes offers are normally valid for 3 business days unless stated otherwise.

Separate to the offer deadline is the cooling-off period. The cooling off period is 3 business days from the day the purchaser signed.... unless any of the following apply :

• The property is purchased at or within 3 business days before or after a publicly advertised auction; or
• The property is used primarily for industrial or commercial purposes; or
• The property is more than 20 hectares in size and is used primarily for farming; or
• The purchaser and vendor have previously signed a contract for the sale of the same land in substantially the same terms; or
• The purchaser is an estate agent or corporate body

 

I like to have a clause giving me access for open homes once unconditional as this allows me to find and get a tenant moved in ASAP and reduce the lost cash flow from any period of vacancy.

 

SA you have 2 days cooling off - no cost to cool off... I don't bother putting B&P on the contract, just get it done during the cooling off.
Infact haven't had B&P on any property due to the purchase, but would still only get it done during cooling off.

 

Cowboys down south.

 

Haha yeah no way in the world would you get 7 day DD clause!
You do your DD before you put offers in, don't sign until DD done.
QLDers... yeah np I'll sus and work out if it's all good later haha

 

No problemo....me ain't buying down South anytime soon

 

May be my inexperience here, but how can you negotiate further after going unconditional? Isn't unconditional basically done and dusted?

 

2 day cooling off period, amendment to contract agreed by both parties during this time.
If not agreed, the purchasers could cool off without penalty.

 

For some reason this came to mind

 

In VIC when does the cooling off period end in this scenario? 29/8 or 30/8?
- buyer and seller signed contract on 27/8.
- revised conditions were agreed on 28/8, contract exchanged and sent to conveyancer

Also, within the cooling-off period and the inclusions of 1. B&P inspections and 2. review of contract by solicitor/conveyancer, as a buyer can I renegotiate the terms of the sale?

 

Yes I will do that instead next time

 

I recently signed a contract for a property in Qld. Seller’s agent had "subject to finance, building and pest inspections" on their default blank contract. So have other agents for other properties I have looked at. When I decided to put an offer in, my solicitor added "subject to due diligence at the Buyer’s absolute discretion". Seller’s agent and solicitor accepted this without demur. Nice to be in a buyer’s market, I guess.

 

It also depends what purpose are you buying, for renovations I always ask for prior access to settlements (e.g. so trades can quote and measure prior to actual settlement).
I too may offer purchase price differences based pond special conditions I may need to use.

 

There were some great and valid posts in Somersoft, however it's been a while since I purchased