Agents & finance clauses (NSW)

[bryn]

I just had an agent tell me that in 17 years as a real estate agent he has never had a finance clause in a private treaty sale contract.

Does that sound weird or what?

 

[Terry_w]

I just had an agent tell me that in 17 years as a real estate agent he has never had a finance clause in a private treaty sale contract.

Does that sound weird or what?

Not very common in NSW. But as a solicitor I can tell you they are used.

 

[TMNT]

I just had an agent tell me that in 17 years as a real estate agent he has never had a finance clause in a private treaty sale contract.

Does that sound weird or what?

I would have said "in 17 years of dealing with real estate agents, ive never seen one that doesnt tell the truth"

 

[Peter_Tersteeg]

In NSW the contracts are usually 'exchanged' after the finance has been organized. Essentially the contract doesn't get signed by either party until everything is unconditional. As a result, there's no need for a finance clause, or any other clause. You've got 2 weeks to get everything lined up. If something doesn't work out, you never enter into a contract.

 

[bryn]

Fair enough- still seemed like an odd comment to me.

All I mentioned was that my offer was conditional on the bank valuation matching it

 

[twobobsworth]

Fair enough- still seemed like an odd comment to me.

All I mentioned was that my offer was conditional on the bank valuation matching it

Plenty of buyers ready to go with pre-approval subject to val which can be done during the cooling off period. Good luck with that.

 

[Sean M]

As the others have said. Get to know how people do it locally and see if it works for you. Again you do things on your terms because your the one buying it!