What are your contract conditions?

Discussion in 'The Buying & Selling Process' started by AaronR, 15th Jul, 2015.

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  1. Corey Batt

    Corey Batt Well-Known Member

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    In SA you have a no questions cooling off period - it's very common here to now have your B&P completed during this time so a B&P condition is superfluous.

    Because in a cool market, an unconditional offer is worth it's weight in gold so you can negotiate down *further*. It's quite common for a vendor to accept a lower offer which is unconditional compared to a subject to.
     
  2. Azazel

    Azazel Well-Known Member

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    Ah, I was assuming by 'unconditional' you were waiving the cooling off period.
    Chickens! ;)
     
  3. Corey Batt

    Corey Batt Well-Known Member

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    That'd be auction conditions - only happens with pre-auction offers.

    To be honest, I've purchased my share of places without B&P inspections - limited concerns when you have development sites/land value sites.
     
  4. Jacque

    Jacque Jacque Parker Premium Member

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    Add 000 and you'd still do the deal :D
     
  5. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    If it fits your strategy, and is a good property, and you want to avoid taking the risk of going unconditional and the nasties that might be lurking then just pay a little more. Call it insurance. In 30 yrs will paying another 5k be a big deal?
     
  6. RetireRich101

    RetireRich101 Well-Known Member

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    I would go unconditional if I can see alot of fat in the deal that covers the risk. Say a $500k purchase where end value is in fact $700k.

    Alternate to unconditional maybe a offer a more attractive condition, such as bigger deposit and no B&P...
    Say 10% deposit within 3 days, no B&P, 7 days Fin and 28 days settlement.

    I would try to negotiate extension to the fin clause after contract is signed. If vendor objects at least you had your 7 days, and you walk away probably spending $200 on solicitor fee.
     

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