This may sound really naive but I have no idea when it comes to legal stuff. Today my conveyancer has reviewed a draft contract of sale and says there's some minor adjustments to be made. These are:
Arranging 5% deposit instead of 10%
Front page needs inclusions marked
A clause to be removed that disables the vendor's from using my deposit to buy elsewhere between exchange and settlement.
Arranging a 10 day cooling off instead of 5 days
To my knowledge, these are very minor changes but I have some questions:
How does the contract get revised to a point where I can sign it, and how long does this take?
Are some of the points above just verbal agreements? Like asking about 5% instead of 10% or a 10 day cooling-off instead of 5?
I find out tomorrow if the seller is accepting my offer and want to put 0.25% deposit ASAP and sign the contract but wonder how long these sorts of revisions will hold me up?
Thanks.
Arranging 5% deposit instead of 10%
Front page needs inclusions marked
A clause to be removed that disables the vendor's from using my deposit to buy elsewhere between exchange and settlement.
Arranging a 10 day cooling off instead of 5 days
To my knowledge, these are very minor changes but I have some questions:
How does the contract get revised to a point where I can sign it, and how long does this take?
Are some of the points above just verbal agreements? Like asking about 5% instead of 10% or a 10 day cooling-off instead of 5?
I find out tomorrow if the seller is accepting my offer and want to put 0.25% deposit ASAP and sign the contract but wonder how long these sorts of revisions will hold me up?
Thanks.