In Victoria, there is a 3 day cooloing-off period from when your offer is accepted, in which you can cancel your offer & you have to pay 0.2% of the purchase price.
When making a lot of offers on different residential properties you have seen with different agents, but only have the funds to purchase one property. What clause should I include to avoid paying a penalty cost if I have to cancel an offer due to two or more being accepted?
How do other people go about covering themselves when travelling to other towns & putting in offers on ‘cheap’ houses. I don’t want to travel for hours to put in one offer & then wait on the outcome of that offer before putting in other offers.
Thanks for your help
SW
In Qld we have a 5 day cooling off period and the cost is 0.25% if you terminate on this basis alone.
One simple clause you could put in would be “This offer is valid for 24 hours from the date of xxx or This offer is valid until 5pm on the xxx” being say 24 hours after you sign the contract with the agent.”
That way of the vendor takes too long to think about it you can move on elsewhere.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
In NSW offers are verbal and nothing is binding util contracts are exchanged.
Makes it quite easy.
Cheers
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Make a sunset clause, if the vendor takes too long to consider, then move onto next one. When I bought my 1st IP, I bought it sight unseen but after only putting hundreds of offers with sunset clauses.
That’s just one of the strategy, read plenty of books and ask plenty of questions.
Good luck
Cheers
JohnDreaming about financial freedom is all about taking some action TODAY. I am building my own successfully PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Originally posted by Mortgage Hunter:In NSW offers are verbal and nothing is binding util contracts are exchanged.
… I’m almost certain the same applies in Victoria? Experts please? Is an verbal offer considered by law a ‘verbal contract’? Otherwise surely there is no legal requirement for any exchange to take place…
[eh]?
F.[cowboy2]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
