I was hit with this one while signing a contract yesterday:
"2. The parties agree that the seller shall be at liberty to continue to offer subject property for sale. If the seller receives an acceptable offer for the purchase of subject property from another party, the seller must give notice and provide a copy of the new contract to the buyer requiring the buyer to elect that the contract is unconditional and for settlement to be effected 30 days from date of such notice. If the buyer fails to elect within 72 hours the seller may terminate this contract."
is this normal? the agent assures me it is when doing a "subject to sale" clause, but I dont buy it.
http://www.posigear.8k.com
Positive Geared Share InvestingWhat’s normal anyway. The two go hand in hand in a hot market thats for sure.
Relative to the rest of the conditions in the contract its at the sellers discretion to have the clause inserted as a concession for accepting the subject to sale clause.
Most agents would recommend this and it maybe claimed this is an extension of a duty of care to their seller in subject to the sale situations.
Looking through the eyes of the Seller its a good move isn't it.
I experienced this when trying to purchase a ppor and the vendor was a solicitor. My bank came to the party and quickly gave me finance approval and we rang heaps of building inspectors and got one to agree to come out first thing in the morning. I feel vendor was trying to get us to sign the contract without "subject to being satisfied with building inspection" clause. When we could get a building inspector so quickly vendor counter-offered a redicoulous amount and pulled out. I loved the house at the time but now I'm so glad it happened. Regards Linda
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