How would you word these clauses in a contract?

Hi crystalleez,

firstly; “too” should be “to”.
With clauses, you want to be as detailed as possible, otherwise a smart lawyer in the event of a dispute will twist things.
For example; “subject to finance” could be;
“Subject to the purchaser obtaining written approval for finance from XYZ Bank in the amount of $XYZ, on or before XYZ date from the signing of the contract to purchase XYZ property by both the Vendor and the Purchaser. Finance not obtained from the aforementioned XYZ Bank by the aforementioned date will deem this contrat void immediately, and will be verified in writing to the Vendor or their agent by the Purchaser within the end of 2 business days of the expiration of this clause”.
Something like that.

With the building clause; list as many parts of the building to be in “‘fair and reasonable condition with respect to tha age of the property’, and in the event of the building inspection not being to the satisfaction of the Purchaser, the Purchaser reserves the right to void the contract, or deduct the estimated cost of repairs to XYZ to return it to a “fair and reasonable condition given the age of the property” from the purchase price, or the Vendor will repair the property to the satisfaction of the Purchaser. The building inspection will be conducted by a suitably qualified building inspector, chosen by the Purchaser, and must be completed by XYZ of the date of both the Vendor and the Purchaser signing the contract etc”.
Something like that.

The agents will try to persuade you to use their “standard clauses” – these are designed to favour the Vendor and the agent to get a sale. Never use them.

Agents don’t like these types of worded clauses, but who’s taking the risks?? If they don’t like your clauses, take your chequebook somewhere else. Another deal of the century will turn up in about an hour.
Protect yourself.

Crystal

It doesn't sound like you've lined up a solicitor yet for your purchase.  Any decent lawyer would haver advised you on the above.  In addition, sometimes they advise for the contract to be sent to them as your rep before signing anything (so the opportunity is there to amend or add in any clauses).

Some people may view this as time-consuming and could be a factor in jeopardising a deal?  However, a good solicitor should be able to brief you in either circumstance (ie whether to wait for them to view the contact first; or proceed with some std instructions and use the cooling off period).  I've operated in both situations in several different states.

Seems to me that having a solicitor on board (as you already seem keen to buy) is a critical member of your team.  In addition, when you sign the contract (or contract note), you will be asked who your solicitor is?

As a first time buyer, I 'd be careful in developing your own 'provisions' when it's just as simple to get an expert that is a necessary player in the transaction, anyway.