All Topics / General Property / Early access clause

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  • Profile photo of grantos_champosgrantos_champos
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    @grantos_champos
    Join Date: 2009
    Post Count: 106
    November 15, 2011 - 2:12 am

    Hi all, 

    Just a quick question, my solicitor was telling me about a clause in a contract that allows the buyer to occupy a property before settlement but does not allow them to make any alterations/modifications. This arrangement usually involves a fee paid (similar to renting) that is agreed by both parties. Does anyone know what this arrangement is called (I can’t remember)? I want to discuss this with an agent and would like to sound like a know what I’m talking about haha! My solicitor is on leave till later in the week so PI.com is my next best resource. 

    Thanks

    Profile photo of TerrywTerryw
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    @terryw
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    November 15, 2011 - 8:30 am

    licence to occupy.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    November 15, 2011 - 9:23 am

    I've organised access to properties post exchange to carry out renovations before settlement. That way, all my renos are complete in time for the tenant to move in at settlement. There's an element of risk (there's a slim chance settlement might not occur) but it's worked out well for me in the past.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Mick CMick C
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    @shape
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    Post Count: 1,099
    November 15, 2011 - 12:43 pm

    Jamie- like measure and quote? or start on the renovations?

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

    Profile photo of grantos_champosgrantos_champos
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    @grantos_champos
    Join Date: 2009
    Post Count: 106
    November 15, 2011 - 10:33 pm

    Licence to occupy, thanks Terry.

    We are looking at 2 places in the same street that are sitting there empty. We are moving back to NSW (where the houses are) in about 2 weeks and only have accomodation lined up with family so hopefully we can utilise this clause and move in before Christmas. This gives us somewhere to live and the vendor some extra cash flow over the silly season, wins all round!
    It would be a good chance to get everything measured and quoted in this period too.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    November 16, 2011 - 6:56 am
    Shape wrote:
    Jamie- like measure and quote? or start on the renovations? Regards Michael

    Start on renos.

    We managed to remove a kitchen and rip up some flooring on the same day as exchange for one IP.

    There is risk with this method – but it's worked out well for us so far.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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