pert posted an update 9 years ago
We are buying a block of land and we have stipulated in the contract that it is subject to finance. Our broker has been told by the bank that finance will be given if the valuation of the land is favourable. The 5% deposit is due soon. I have spoken with the land developers sales rep and they have suggested that we go unconditional, infact they have said that just recently the banks have changed their rules. They have also told me that everyone who is buying land in the development is going unconditional. The development is already well established and it is just another stage that is opening up. If we go ahead and go unconditional and let’s say we don’t get the finance, do we lose the deposit and would we be up for anymore expenses? Thanks in advance.