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Somewhere between "not infrequently" and "occasionally". :) Look, it's certainly not an everyday occurrence, and if you're only seeking to borrow 80%, you can usually "get around" a lower valuation by paying LMI, but it's certainly quite possible that you could be stuck having to buy a...

Do you have the entire purchase price as cash in the bank? If not, then I don't understand how you think the B&P clause will save you from the following eventualities: 1) B&P clause probably gives you a week, but your lender is going to take longer - possibly quite a lot longer - to give you...

I think it's odd that the vendor would take $454K over $500K subject to B&P. I can only conclude that they *have* to have a confirmed sale very quickly to avoid foreclosure or something, or the B&P would have been a nightmare. :D I wish that "seller's market" would hurry up and return to...

gprp, you cannot protect yourself from every eventuality. Yes, the split system air-con or ducted heating could be broken, or break between contract and settlement. It can also break down the day after settlement. Owning property is risky. You need to protect yourself against the really big...

I think James and others have made it clear that you should have the clause worded by a solicitor. If your solicitor says it's fine, then why do you not trust that advice? I suspect you haven't sought a solicitor's advice; these kind of clauses usually have wording similar to "to the...

I'd agree with this assessment, yes. :)

I agree with ianvestor. These are appallingly purchaser-unfriendly clauses. Get your solicitor to provide you with the appropriate wording of the clauses to protect your interests. The proposed clauses are nigh-on useless in protecting your interests. Congratulations on avoiding the pressure...