Hi guys,
About to put an offer in for a house in Victoria.
In regards to the building and pest condition, from what I understand, the REA can insert this into the contract.
I've been told that the standard condition they put in is that the buyer will follow through with the purchase unless there is 'major structural damage' evident from the B&P report.
What have you done in the past? Have you specified a value (eg: If repair/reconstruction is above $7,000, the buyer can terminate the contract)?
Appreciate any help with this.
Hi Rebrab
Best to get a legal person to go over the contract before committing to anything. There's a lot of money at stake – best to do it right.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
I was planning on getting the solicitor to review the vendor statement and contract during the cooling off period, rather than going to him for every property I'm willing to put an offer in for (I understand in VIC I'll lose 0.2% if I cancel during this period). I'm just not so sure on the restrictions I should place on the B&P clause.
Also, another question I had:
If I put in an offer (and I understand in VIC you basically sign the contract as a written offer), I have my 3 cooling off days from the day I sign. If the Vendor chooses not to accept my offer for 3 days, I could lose my right to cool off before it has even been accepted. What time restriction on the offer is common? 24 hours? 48 hours? Appreciate any help with this one too.
Best to see a lawyer before you sign.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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