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Putting a time limit on offer - Clause within contract or simply include in email?

Discussion in 'The Buying & Selling Process' started by Mooze, 29th Feb, 2016.

  1. Mooze

    Mooze Well-Known Member

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    About to go ahead and do this - do I need to include this as a Clause in contract or simply include in our offer email?

    Putting in a stupidly low offer and seeing how it goes. Worst they can say is no.

    Also is there any Clause that can be included to force seller to settle?
     
  2. Jake Milne

    Jake Milne #1 Buyers Agent, Vic. Business Member

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    It is different state by state. Where are you?

    In Victoria, when filling out the contract of sale to make an offer it says on the first page:

    This offer will lapse in [ ] business days.

    If the box is blank the. It is 3 business days. I usually cross out the latter half and write "this offer will expire on 01/01/01 at 11:11pm" to give an exact time and date.

    When sending the offer I also stipulate the deadline in the email body as well.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Depends how you do it.

    If you are signing a contract then all the terms of the contract should contain all the terms. If you are just making a non binding offer then it may be fine via email.

    Not sure what you mean about forcing a sellor to settle - this is what the contract is for.
     
  4. JacM

    JacM VIC Buyer's Agent Business Member

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    What state is the property located in ? @Jacque posted something the other day that is of relevance to your question about forcing settlement, if the property is located in NSW. This is the link to it :

    90 days settlement, what to be aware of?
     
  5. Mooze

    Mooze Well-Known Member

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    Thanks guys.
    QLD.
     
  6. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Location:
    Brisbane
    QLD

    Special Conditions
    3. This Offer is subject to the Seller communicating their acceptance of the offer to the Buyer by providing a copy of the fully executed Contract no later than 4pm on 1 March 2016.
     
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