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).’
While do-it-yourself conveyancing kits are available, they generally provide guidance material only. If things don’t go to plan, you will be personally liable, and it is likely you will have to engage a lawyer to clean up the mess at the end.
Generally, we will undertake the following tasks in a conveyancing transaction:
- calculate the key dates under the Contract
- arrange searches (eg. title searches and searches of government departments and local authorities)
- advise on the terms of the Contract
- prepare and certify the transfer documents
- stamp the transfer documents
- calculate the adjustment of rates, taxes and other outgoings
- prepare settlement statements
- liaise with the other side’s solicitor regarding the conditions of Contract and Settlement
- advise you on your obligations under the Foreign Resident Capital Gains Tax Withholding regime
- liaise with banks and brokers; and
- attend Settlement on your behalf.