Looking at putting an offer for a property just on the market. Found out it is a deceased estate not yet through probate. The agent (another story there) has given two annexures for the contract
A:
The property is sold as is no warranties on the property to be given (paraphrased)
the purchaser is aware tha the vendor is selling the property as the executor of the estate of xxx and that the liabvility o fthe vendorin regard to this eagreement extends only and is strictly limited to the net assets of the estate in the hands of the executor from time to time.
B:
1.this offer is made subject to the xxxx making application and having issued by the supreme court of wa a grant of probate fo the will of xxx deceased within 63 days from acceptance of this offer, or other such date as agreed to in writing by both parties..
2. Settlement is to be within 28 days from teh date of granting of probate, or other such date as agreed to in writing by both parties.
sooo...
I know probate can take a loooong time. agent says 3 months..ppppleease. My mate has waited over 2 years for her mums estate to go through (in fighting).
Dont care about it taking a long time at all. The longer the better for us. BUT
I was thinking of doing this subject to finance granted 21 days from probate being granted...
Settlement to be 21 days after finance has been granted...
I rang to let the agent know we wanted to make an offer. He then adds oh and the vendors want a 10% deposit. I know its done over east but here its kinda token 500-2k deposit max as our contracts dont have cooling off periods and are pretty definitive.
Why would he ask for this? we could be held up for settlement for a long time with the deposit tied up..
also what happens to the empty house..if it gets trashed who's responisibility is this..
Thoughts?
A:
The property is sold as is no warranties on the property to be given (paraphrased)
the purchaser is aware tha the vendor is selling the property as the executor of the estate of xxx and that the liabvility o fthe vendorin regard to this eagreement extends only and is strictly limited to the net assets of the estate in the hands of the executor from time to time.
B:
1.this offer is made subject to the xxxx making application and having issued by the supreme court of wa a grant of probate fo the will of xxx deceased within 63 days from acceptance of this offer, or other such date as agreed to in writing by both parties..
2. Settlement is to be within 28 days from teh date of granting of probate, or other such date as agreed to in writing by both parties.
sooo...
I know probate can take a loooong time. agent says 3 months..ppppleease. My mate has waited over 2 years for her mums estate to go through (in fighting).
Dont care about it taking a long time at all. The longer the better for us. BUT
I was thinking of doing this subject to finance granted 21 days from probate being granted...
Settlement to be 21 days after finance has been granted...
I rang to let the agent know we wanted to make an offer. He then adds oh and the vendors want a 10% deposit. I know its done over east but here its kinda token 500-2k deposit max as our contracts dont have cooling off periods and are pretty definitive.
Why would he ask for this? we could be held up for settlement for a long time with the deposit tied up..
also what happens to the empty house..if it gets trashed who's responisibility is this..
Thoughts?