Lost when it comes to what contract conditions you should include in an offer on a property?
In the first instance, we always recommend that you speak to your solicitor to ensure that your circumstances and the nature of the specific property is taken into consideration when putting forward an offer – we offer this advice free of charge for standard contract as we want to ensure our clients put their best foot forward.
However, if you cannot wait to speak to us, we recommend you consider making the contract subject to:
- Finance approval
- building and pest inspections; and
- due diligence.
Kindly find below a general due diligence clause as a guide:
‘This contract is subject to and condition upon the buyer(s) carrying out such due diligence inquiries with respect to this property as the buyer(s) shall require within [INSERT TIME FRAME eg. 14 days] ‘the period’) from the date of the Contract. If the buyer(s) are not satisfied with the results of those inquiries for any reason whatsoever, then the buyer(s) may terminate this Contract by notice in writing to the seller(s) or seller(s) solicitors and in that event all deposit monies shall be refunded in full to the buyer(s). If the buyer(s) do not give notice by 5pm on the last day of the period then the seller(s) may terminate this contract by notice in writing to the buyer(s) or buyer(s) solicitors and in that event all deposit monies shall be refunded in full to the buyer(s).’
