Reply: 1
From: Nigel W
On 6/20/02 8:50:00 AM, Les Ferris wrote:
>As a beginner I would like to
>know of some "must have"
>clauses to add to a standard
>contract.
>I know the basic ones of
>Finance approval and building
>inspection but I am wondering
>if there are more "standard"
>or other clauses which should
>be considered depending on the
>situation.
>
>Les
Les
I've think you've hit the nail on the head when you say "depending on the situation". Unless you know what you want before hand, it's a bit difficult to draft in anticipation.
BUT having said that, if you have a particular strategy you employ eg access before settlement to renovate, or making offers sight unseen, subject to your subsequent approval on inspection etc then these sort of clauses - called "special conditions" (or by the more cynical people "weasel clauses") can be prepared in advance. Talk to your lawyer and ask them about drafting what you want (once you know what that is).
There is a book on the market by Bob Balanda (called "clauses made simple" or something like that) which has some Qld specific special conditions for a variety of things. I read it (or an earlier edition) a few years ago. It was okay, but not really focussed on investors.
I'm actually writing a book (actually more of a nuts and bolts hands on user guide) about the legal side of things for property investors - covering topics such as special conditions as well as structuring issues, stamp duty and land tax and how to reduce them, jv's and how to do it etc. I was hoping to be finished by August but now it looks more like November/December. If you'd like I can email you when it's ready for purchase. [apologies for my shameless spruiking] ;^)
Cheers
N.
