----- sorry its a looooong post =( ------- appreciate any replies thanks..
Hi, There is a property which I am particularly keen on, but received the contract yesterday, and noted that there were about 20+ amendments to the standard purchase contract? This is in NSW.
The standard contract runs till point 29. This one runs till point 42, some with multiple sections in each point.
Noted a couple of suspicious ones -
30.5.2 Delete clause 11.2 and add in lieu new clause 11.2:
"if the details of any work order are disclosed prior to the date of this Contract, the Purchaser must pay for and comply with such work order"
The original clause 11.2 reads "If the purchaser complies with a work order, and this contract is rescinded or terminated, the vendor must pay the expense of compliance to the purchaser"
This was added
33. State of Repair : the Purchaser relies upon the Purchaser's own enquiry regarding the present state of repair of the property or improvements to the property. No obection, requisition or claim for compensation may be made regarding the state or repair or condition (including patent or latent defects) of the property or improvements.
This was also added:
42. Requisitions on Title: The requisitions to be made by the Purchaser under clause 5.1 shall be in the form of requisitions attached to this Contract. Such requisitions shall be deemed to have been served by the Purchaser on the date of this Contract.
They have attached a set of Requisitions on Title along with the contract (which 42 seems to state the purchaser would have NO CHOICE but to use). The requisition list has a copyright notice at the bottom of the page "Copyright of the Law Society of NSW which has approved this page and following 1 page." There is NO following 1 page, just 1 single first page. The Law Society requistion on title list ends at 16 (no subpoints). Is it missing a page?
Does point 42. mean that if Building and Pest finds something, I have no room to negotiate lowered price, or fixing or defects?
Thought we had finally found the perfect property, and now i dont dare make an offer. Sent the contract thru to my lawyer, but probably wont hear back till early or middle next week.. bummer, was planning to make an offer this weekend.
Are these clauses something to be genuinely concerned about, or can they all be managed? thanks.
Hi, There is a property which I am particularly keen on, but received the contract yesterday, and noted that there were about 20+ amendments to the standard purchase contract? This is in NSW.
The standard contract runs till point 29. This one runs till point 42, some with multiple sections in each point.
Noted a couple of suspicious ones -
30.5.2 Delete clause 11.2 and add in lieu new clause 11.2:
"if the details of any work order are disclosed prior to the date of this Contract, the Purchaser must pay for and comply with such work order"
The original clause 11.2 reads "If the purchaser complies with a work order, and this contract is rescinded or terminated, the vendor must pay the expense of compliance to the purchaser"
This was added
33. State of Repair : the Purchaser relies upon the Purchaser's own enquiry regarding the present state of repair of the property or improvements to the property. No obection, requisition or claim for compensation may be made regarding the state or repair or condition (including patent or latent defects) of the property or improvements.
This was also added:
42. Requisitions on Title: The requisitions to be made by the Purchaser under clause 5.1 shall be in the form of requisitions attached to this Contract. Such requisitions shall be deemed to have been served by the Purchaser on the date of this Contract.
They have attached a set of Requisitions on Title along with the contract (which 42 seems to state the purchaser would have NO CHOICE but to use). The requisition list has a copyright notice at the bottom of the page "Copyright of the Law Society of NSW which has approved this page and following 1 page." There is NO following 1 page, just 1 single first page. The Law Society requistion on title list ends at 16 (no subpoints). Is it missing a page?
Does point 42. mean that if Building and Pest finds something, I have no room to negotiate lowered price, or fixing or defects?
Thought we had finally found the perfect property, and now i dont dare make an offer. Sent the contract thru to my lawyer, but probably wont hear back till early or middle next week.. bummer, was planning to make an offer this weekend.
Are these clauses something to be genuinely concerned about, or can they all be managed? thanks.
