Conveyancer: Offer & Section 32

[seano87]

Hi all,

I'm looking at buying my first PPOR. I'll be going through a solicitor for the conveyancing, but would rather not annoy/pay them for every property I have an interest in, but might not get the highest offer in for.

I have a quick question:

1) I'd like the offer to be subject to building/pest and finance. Would the following clauses be open enough to allow me to exit the purchase, and still appealing to the seller:

Pest Inspection:

This Contract is conditional upon a Pest Inspection Report being obtained at the expense of the Purchaser and accepted as satisfactory by them within 14 days of acceptance of this contract.
If the report is not to their satisfaction, the Purchaser/s may at their option,terminate this contract by written notice, supported by a copy of the report, to the vendors Agent prior to the date of 14 days from acceptance.
Whereupon the contract shall be at the end and all monies paid hereunder shall be repaid to the Purchasers without deduction.

Building Inspection:

The contract is conditional upon the Purchaser/s obtaining at their expense a
Building Inspection Report accepted as satisfactory by them within 14 days of acceptance of this contract.
If the report is not to the purchaser’s satisfaction, the Purchaser/s may at their option, terminate this contract by written notice, supported by a copy of the report, to the vendor’s Agent prior to date of 14 days from acceptance.
Whereupon the contract shall be at the end and all monies paid hereunder shall be repaid to the Purchasers without deduction.

Finance:

Subject to NAB Homeside financial institution approving a loan of not less than $400,000 within 21 days from the vendor accepting the offer.

 

[Terry_w]

Sounds like you need a lawyer before you sign the contract.

 

[The Y-man]

I'm looking at buying my first PPOR. I'll be going through a solicitor for the conveyancing, but would rather not annoy/pay them for every property I have an interest in, but might not get the highest offer in for.

I'm confused - are we talking conveyancing which happens after the deal is done - i.e. you offer is accepted, or a perusal prior to you signing the deal?

FYI - I think the first ever purchase was the one I had a lawyer go through - and the rest of the purchases were merely for conveyancing.

The Y-man

 

[seano87]

I'm confused - are we talking conveyancing which happens after the deal is done - i.e. you offer is accepted, or a perusal prior to you signing the deal?

FYI - I think the first ever purchase was the one I had a lawyer go through - and the rest of the purchases were merely for conveyancing.

The Y-man

Sorry, it was a bit vague, I'm refering to the review of the section 32 and signing the contract. The REA has asked that we put in a written offer. I wanted to ensure my conditions were worded correctly before I think about signing a contract and attaching these conditions.
I will be going through the solicitor after the deal is done.

 

[Terry_w]

Sorry, it was a bit vague, I'm refering to the review of the section 32 and signing the contract. The REA has asked that we put in a written offer. I wanted to ensure my conditions were worded correctly before I think about signing a contract and attaching these conditions.
I will be going through the solicitor after the deal is done.

One of the main reasons to use a solicitor is to help you avoid entering into a contract that is not favourable to you. Since this is your first deal it is probably a good idea to be extra cautious.

 

[Ed Barton]

One of the main reasons to use a solicitor is to help you avoid entering into a contract that is not favourable to you. Since this is your first deal it is probably a good idea to be extra cautious.

Or at the very least get the solicitor to draft the three clauses. Once you have them you can use them again and again.

 

[Terry_w]

Or at the very least get the solicitor to draft the three clauses. Once you have them you can use them again and again.

It is a good idea to do that but what about all the other clauses in the contract. The purchaser could end up agreeing to something they hadn't wanted

 

[wannaretire!]

In any event I don't think your building and pest clauses will be appealing to a vendor - it is normally worded such that only major problems can get you out of the contract. As a seller I wouldn't want a purchaser to be able to determine what is deemed "satisfactory".

 

[Jake Milne]

Agree with the above... good luck buying something well with those clauses. It's better to just get your building and pest inspection done on the first day of the cooling off period; your report will be done by day three and you can cool off if you need to.

In any case give Tegan a call from Lexus Conveyancing

Say that I sent you to them and they'll offer you free contract reviews rather than having to pay like their normal clients.

For building inspections try Phillip from Houspect. Once again if you say I sent you he'll offer you a discount rate.

PS - I receive nothing from suggesting these people - they're just professionals who I trust.

 

[Melbournian]

if i was the vendor - i would just tell them the offer is rejected on the spot.

everybody wants a good deal but having so many conditions is only something that would offend the vendor UNLESS your offer is SUPER HIGH in terms of $$$