Cann't afford to lose 10% Non Refundable Deposit

[ipinvestor]

Original thread is on mirrabooka, balga, nollamarra
But URBANPLANNER’s link changed the focus of the thread. http://www.realestate.com.au/propert...rt-propdetails
I do not want to highjack original thread. So I am staring new one.

Thank you guys for advise on Girraween property. Yesterday I sent a final email with final offer. Take or leave.
Last night I received an email with written offer with following conditions. Now it is up to me to accept conditions and sign or reject and leave.
(1) Rent $340 per week for 6 months – I can manage it
(2) Finance - Any Financial Institute, within 21 Days of acceptance – It is OK
(3) As is Condition – It is OK
(4) 10% non-refundable deposit within 7 days of acceptance
The Last condition worry me- If we cannot get finance, even though 10% is non-refundable?
What else can go wrong and we lose 10% deposit.

Thanks

 

[boods99]

Original thread is on mirrabooka, balga, nollamarra
But URBANPLANNER’s link changed the focus of the thread. http://www.realestate.com.au/propert...rt-propdetails
I do not want to highjack original thread. So I am staring new one.

Thank you guys for advise on Girraween property. Yesterday I sent a final email with final offer. Take or leave.
Last night I received an email with written offer with following conditions. Now it is up to me to accept conditions and sign or reject and leave.
(1) Rent $340 per week for 6 months – I can manage it
(2) Finance - Any Financial Institute, within 21 Days of acceptance – It is OK
(3) As is Condition – It is OK
(4) 10% non-refundable deposit within 7 days of acceptance
The Last condition worry me- If we cannot get finance, even though 10% is non-refundable?
What else can go wrong and we lose 10% deposit.

Thanks

Tell 'em they're dreamin'...

 

[HotRod]

Tell 'em they're dreamin'...

+1

10% fully refundable or some small number, say $1000 non.

Anyhoo, thought that was against the general conditions of sale.

In WA deposits have to be refundable for typical resi deals?

 

[ipinvestor]

The main question is if finance is not approved, can I get my deposit back because of finance clause?
Thanks

 

[Peter_Tersteeg]

Give them $1000 deposit now, fully refundable, with the balance of 10% non refundable on unconditional finance approval.

 

[HotRod]

The main question is if finance is not approved, can I get my deposit back because of finance clause?
Thanks

My question is, can they ask for a non-refundable deposit under the current standard contract conditions?

Sounds shonky, unless your deal is super dooper good.

 

[ipinvestor]

Give them $1000 deposit now, fully refundable, with the balance of 10% non refundable on unconditional finance approval.

Thanks PT_Bear
Can I cag 10% deposit back if we can not secure finance within 21 days? Or we can claim back because of 21 Days finance approval clause?
Regards;

 

[Jake D]

http://media.hubonline.com.au/agent...ss/20111110121158_2011 general conditions.pdf

Have a read through page 4 of this pdf.

 

[Terry_w]

The main question is if finance is not approved, can I get my deposit back because of finance clause?
Thanks

Depends what is in the contract.

 

[Terry_w]

Terry,
Please see conditions on contract.
Advise...................please

I decline to provide legal advice over the internet. This is something you should speak to your own lawyer about.

 

[ipinvestor]

I decline to provide legal advice over the internet. This is something you should speak to your own lawyer about.

Sorry Terry.
Just wanted advice ont legal advise.
Regards

 

[HotRod]

You haven't signed it yet???

Counter with the deposit fully refundable.

Still a cheek though.

Expect this in commercial deals, not resi.

 

[Terry_w]

Sorry Terry.
Just wanted advice ont legal advise.
Regards

This by definition is legal advice - you are asking for an interpretation of a contract (but only provided 2 small clauses of that contract).

My advice is to seek legal advice. You don't have to accept what the vendor is proposing and you could even add a few clauses of your own to strengthen your position in getting the deposit back.

 

[Dazedmw]

My advice is to seek legal advice. You don't have to accept what the vendor is proposing and you could even add a few clauses of your own to strengthen your position in getting the deposit back.

Yes, this. Your lawyer should be able to advise on the risks, if they are unacceptable to you, change the contract in such a way that the risks are at an acceptable level. If the vendor doesn't like it, walk away and don't let yourself be talked into risks you aren't comfortable with.

 

[ipinvestor]

Thank you all of you. I am going to discuss with legal asvisor soon.
Regards

 

[marks]

Cross out "non-" and then sign if you want.
It is your offer at the end of the day.