Hi
Proposed changes to property law in Victoria will 'soon' allow three days cooling off for all private sales, regardless of sale price.
Currently, the ceiling is $250,000.
Auctions, however, will remain 'sold on the fall of the hammer'.
I currently have three properties on the market, all booked to go to auction.
By law, the auction conditions are for the three days before and three days after the published date.
As a vendor, I would not have the slightest interest in accepting an offer from a purchaser who wants to fill pages with walk out conditions.
Equally, if offered a private treaty with a statutory three day cooling off period, the latest I would entertain the idea of a private sale would be six clear days prior to the auction date.
Because I organised a building permit for the renovation, the building has had various municipal inspections plus a further inspection to enable me to organise warranty insurance. The S.32 contains the warranty insurance and the building report. Why would I then 'wait' while a purchaser got yet another inspection?
As with all things in life, yes, we have to look after our own best interests, but we also should take into account sensible behaviour which respects the other party.
While working as a buyer's agent, a client wished to submit an offer with seven different conditions. The selling agent's response was succinct: 'We will not submit any conditional offers to our vendors, except reasonable conditions relating to finance only'.
Fair enough.
From my experience, the best bargaining tool is to be concise, precise and businesslike. Offer $x by that date. Put it in writing, enclose a deposit and don't mess about. You will most likely have three days cooling off and that's plenty of time to organise whatever inspections you may want and to get financial approval in principle.
Sorry, but I don't consider investing to be a game of pseudo legalistic manouvres. If the deal stacks up .....
cheers
Kristine
