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Thanks Terryw. The term "approval" should not be used lightly then.
I think its up to the agent to clarify this when they seek for approval from buyers esp a first home buyer. I've seen agents who pushes for unconditional approval on paper (even though you might have told them its been approved) which is very professional but then I've seen agents who have the pre-approval on paper (which is not approval) and then use it as evidence for the contract to be unconditional when it clearly isn't. I think even some agents get confused which i find hard to believe.
BruceK: I hope it goes well for you. I know the feeling where you find a house that you absolutely love and couldn't imagine what would happen if you didn't get it through no fault of your own. I would definitely discuss this with the vendor and maybe try and get a longer settlement date.
Hi Terryw,
Just wondering if they notified you that the finance was approved conditionally does that also make the contract binding? You would think that it shouldn't because what if you thought you got the loan, then happily telling the agent you got approval (who by the way is prob pressuring you for an answer everyday and you don't want to lose the house) then find out that the bank wont lend you money since one of the conditions can't be met, then what happens? Should you be binded by a contract when you could NOT get finance and lose your deposit when you specifically signed a contract saying that its "subject to finance"
This has always puzzled me that's all.
