Hi All,
In search for a property specially in a school zones. Wondering what to look for and more importantly what conditions we can put while submitting an offer e.g. subject to finance.
I understand the conditions will vary based on the property condition, individual situation etc but trying to understand the various generic factors that need considertation while making an investment especially of this magnitude.
Thanks,
B_SEAN.
You really should be quite specific in the conditions you add - for example, don't just say "subject to finance", say something like "Subject to obtaining finance from <lending company> by <specific date>". I'm sure you get the idea - technically, it could be possible for the seller to force you to get unsatisfactory finance if you're not specific.
Same thing for the property and termite inspection - perhaps something like "subject to property and termite inspection satisfactory to the purchaser by <company name>".
Note that I am not a lawyer, and this is not legal advice. You really should employ the services of a lawyer to ensure that your contract has the effect that you want it to have.
Thanks pjeston and blaircam…
When the market is red hot and properties are flying out the door it can be very hard to make conditions as they will just look to accept an offer with no conditions.
It is normal in cases like this to do your due diligence and buy under auction conditions.
If you are buying in a slow market or making an offer on something that you are unemotional about you might as well layout as many conditions as you can and see what happens.
Standard conditions are:
1. Finance
2. Property Inspection
3. Termite clearance
Add others as you see fit but the more (and more onerous) conditions you add, the less attractive the offer.