Creative Clauses

Good afternoon everyone!

I've been a long time lurker of Somersoft and have learned a great deal from all of your contributions. I guess I was a bit apprehensive registering because of my relative youth and inexperience, but you're all so friendly I couldn't resist :D So, my questions to the entire Somersoft Society (I'm a fan of alliteration) are:

For a given circumstance, what kinds of creative clauses have/would you include(d) in contracts to buy, sell, rent? By creative I just mean aside from the usual subject to finance, B&P inspection, legal review of S32, subject to vendor hopping on one leg in a tutu for an hour clauses...

and

What kinds of standard clauses have you usually included in contracts to buy, sell, rent that you have found useful in covering yourself or for a bit of tactical maneuvering?

One for the purchaser that I have personally found interesting/cheeky on this forum was something to the effect of "subject to property valuation by xx being equal to or higher than the offer amount of $xx", although I could see that one putting off the vendor and you yourself may even be caught out.

Cheerio! :)
 
If taking vacant possession, subject to my PM having access to the property prior to settlement for the purposes of showing prospective tenants through.

Subject to independent valuation satisfactory to the purchaser.

Subject to vendor paying the purchaser $xxxx amount in cash at settlement to offset under market rental income from current tenant on lease.
 
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Ahhhhhh....here we go, every lawyer's two most favourite words of all time "subject to..."

A wily old fox worth considerably more than myself one day recounted his version of how he sells property. He stands there on one side of the table and asks the Buyer to plonk their lump of cash on the table and then turn around and face the other way. (All deviants can just move right along). Wait 10 seconds then turn back around....

- If the cash is gone, you'll know it was enough and congratulations are in order cos you are the new Owner.
- If the cash is still on the table you'll know it wasn't enough. Easy peasy.

What he couldn't stand was reaching for the pile of cash and the Buyer had tied a sneaky little piece of string to it, and just as he's about to grab it, the Buyer pulls the string and the cash disappears.

I suppose it was his way of saying he only ever accepted cash unconditional offers. All of these "subject to" BS clauses simply meant that ;

(a) The Buyer hadn't finished their homework yet
(b) The Buyer had no clue what they were doing
(c) The Buyer was just fishing to see if they could get a bite

He wasn't interested in any Buyers like that.


Anyway, I vowed that is how I would also conduct myself if I ever am a Vendor. No clauses. Cash unconditional offer, or go away and finish your homework.

At some point in time - every contract, regardless of how many hurdles you put in as a Buyer, prior to settlement becomes an unconditional cash contract anyway....so why not get to that point sooner rather than later.

Don't do business with people who tie all these little sneaky strings to their cash.

Buyer gets title. Seller gets cash. Easy as. Stop all the flumpf in between.
 
Depends on the market conditions.

In a buyer's market buyers can use cheeky clauses to their heart's content - but in a seller's market, any clauses would be laughed off.
 
Every now and then you pull out a really good one. This is one of them. My thoughts exactly. Kudos.

Ahhhhhh....here we go, every lawyer's two most favourite words of all time "subject to..."

A wily old fox worth considerably more than myself one day recounted his version of how he sells property. He stands there on one side of the table and asks the Buyer to plonk their lump of cash on the table and then turn around and face the other way. (All deviants can just move right along). Wait 10 seconds then turn back around....

- If the cash is gone, you'll know it was enough and congratulations are in order cos you are the new Owner.
- If the cash is still on the table you'll know it wasn't enough. Easy peasy.

What he couldn't stand was reaching for the pile of cash and the Buyer had tied a sneaky little piece of string to it, and just as he's about to grab it, the Buyer pulls the string and the cash disappears.

I suppose it was his way of saying he only ever accepted cash unconditional offers. All of these "subject to" BS clauses simply meant that ;

(a) The Buyer hadn't finished their homework yet
(b) The Buyer had no clue what they were doing
(c) The Buyer was just fishing to see if they could get a bite

He wasn't interested in any Buyers like that.


Anyway, I vowed that is how I would also conduct myself if I ever am a Vendor. No clauses. Cash unconditional offer, or go away and finish your homework.

At some point in time - every contract, regardless of how many hurdles you put in as a Buyer, prior to settlement becomes an unconditional cash contract anyway....so why not get to that point sooner rather than later.

Don't do business with people who tie all these little sneaky strings to their cash.

Buyer gets title. Seller gets cash. Easy as. Stop all the flumpf in between.
 
At the selling agent's suggestion, the right to have copies of the vendor's professionally taken photographs to use for letting purposes.

T.
 
I do agree that it would be great if one were in the fortunate position of having sufficient capital on hand, pre-approval etc. to be able to submit an unconditional offer to do so to accommodate the vendor as much as possible, as this may in turn be used as a negotiating chip. However, for those that aren't as fortunate, offering exclusively unconditional offers would preclude many from purchase of any property.

I am of the opinion that it never hurts to ask, especially if the vendor knows that you are a serious buyer and that the clauses may mutual benefit both parties or at the very least benefit you the purchaser and have no net negative impact on an vendor. I would find it unlikely that a vendor would get cold feet if you were to ask for 'the rights of the vendor's professionally taken photographs to use for letting purposes' as Tony3008 suggested.
 
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