Reply: 2.1
From: Kristine .
Hi, Tony
As Nigel pointed out, industry pre-printed contracts such as used by REIQ or REIV members etc, make provision for the usual 'Conditions of Sale' and there is plenty of space for other "Special Conditions".
Finance clauses usually require $amount, Bank or other supplier, and date by which the Contract may be avoided by relying upon the finance clause.
Geoff, an offer made in writing becomes an enforceable contract once accepted by the vendor, and any / all conditions are satisfied.
Any Agent worth their salt is not going to take an offer to the Vendor unless the offer is in writing, preferably on contracts whether conditional or unconditional, with some form of deposit accompanying the offer.
If Tony spends an hour with his solicitor or conveyancer prior to going out property hunting it will be money very well spent. But keep in mind that, in Victoria, the three day cooling off period is forfeit should Tony take a contract to the solicitor and then change his mind if there are no other conditions to rely on.
It's most important not to offer to buy anything unless you are confident that you can complete the deal. You wouldn't bid at an auction without confirmation of finance, so why approach private sales with any less caution or preparation
The Real Estate Institutes have lots of hand outs, and the principals of the agencies, if not the salespeople, will be able to give you advice on common practices.
Tony, it sounds as you are doing a deal directly with the builder. If that is so, take the contract, Section 32 (if in Vic) and any other information to your solicitor first. The Bank won't put much time into it unless they see signed contracts, so ask your Solicitor to request a four week finance clause.
Remember, even if you don't go ahead and get your full deposit back, the solicitor will charge you for time, the Bank will have various fees including valuation fees, maybe survey charges etc So be progressive and courageous but tread slowly
Sorry if I sound like your Mother, but you sounded kinda nervous. If this is your first purchase, get as much help as you need and take as much time as you need.
Good luck
Kristine