Is it the usual method to put a $1000 deposit on a property then carry out building inspections etc. then sign the contract or is it to put $1000 down then sign the contract subject to building inspections being satisfactory? And if so, what is a reasonable time period to get that?
Because my solicitor is telling me that I should get the inspections done first (even though the vendor has no obligation to sell it to me as of yet), then sign the contract as this is the normal way.
Maybe put down a deposit but stipulate it is refundable and state the sale was conditional on a satisfactory archicentre inspection.[cap]
Brizza,
Depends a bit on what state you’re in. Usually in NSW you put down the deposit, then get inspections done (at some risk), then exchange contracts.
In QLD you pay the deposit with the contract, and the contract has a standard condition on inspections by a certain date.
Not too sure about other states – but the systems definitely vary.
Mick
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