I have an accepted offer on a residential block. It stipulates that finance approval from my nominated bank is required within 28 days of signing and that settlement is x days later (30 days). I ran into difficulties which slowed the loan approval process. But thats now all back on track. However its likely that finance approval will take an extra week. I've asked the selling agent for an extension and hes replied that the owner has denied the request. Reading between the lines, the owner now thinks he can get a better price and is hoping the sale falls through.
So i have a few questions: the 28 days for finance approval - are they business days or calendar days? Second question, if i asked for the condition of finance approval to be removed from the offer - making it unconditional - is the seller under any obligation to comply? In the unlikely event that finance did fall through (eg lost my job, was diagnosed with a terminal disease, some other major event) would the loss of my deposit be the only forseeable consequence?
So i have a few questions: the 28 days for finance approval - are they business days or calendar days? Second question, if i asked for the condition of finance approval to be removed from the offer - making it unconditional - is the seller under any obligation to comply? In the unlikely event that finance did fall through (eg lost my job, was diagnosed with a terminal disease, some other major event) would the loss of my deposit be the only forseeable consequence?