Recently I was writing an offer for a property and the buyer had a set of pre written conditions to the contract. The buyer had clearly been doing his research and had drafted a number of conditions that without a doubt protected the buyer a great deal. Unfortunately the conditions meant that if the seller accepted, the buyer could walk out of the contract at any stage without providing any notice, yet the seller could not continue to market the property. Needless to say, that there was no deal, which was a shame for both parties.
On the Offer and Acceptance form (offer document) there is room to include special conditions. Alternatively you write the special conditions on an annexure. Common conditions includes a structural building inspection and a live pest inspection. Perhaps it is subject to all electrical, plumbing and gas to be in working order. It could be a number of things but before you go ahead and draft 15 special conditions, please consider this.
First of all, the more conditions that you include in an offer, the less likely it is that the seller is going to accept the offer. Therefore, be reasonable and consider what is really a deal breaker and what is not a deal breaker. Consider if you were at the other side of the table. Would you think the condition is reasonable and would you accept this special condition. If the answer is no, there is a very good chance that the condition is not accepted and potentially you are ทาวน์เฮ้าส์มือสอง กรุงเทพ losing out on the property. Is that worth it?
Secondly, writing special conditions takes skill and experience, which is why hiring lawyers is costly. If you must construct your own special conditions, then the special condition has to be as clear and concise as possible and should include the following elements:
• What needs to be done
• Who is going to do it
• Who is going to pay for it
• When does it need to be done
• What is going to happen if something is discovered
• Who is going to pay to fix it
The real estate agent more than likely have a pre printed annexures that will manage your special condition. Read these carefully and make sure that you understand them. Alternatively, seek professional help. Speak to your settlement agent who will be able to advice you.
Buying real estate is a big decision and from a financial point of view the biggest decision you ever make so it is important that you have the right team supporting you when you need to make this type of decision.
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