Offer time limit. Victoria

[ermat]

I am looking to purchase a PPOR in VIC.
How much time can the vendor take to sign my offer.
Is there a time limit for the vendor to respond in the standard contract or do I have to stipulate a time limit in my offer?

 

[Colin Rice]

Insert a condition in the contract that the offer will lapse after ..........? business days if not responded to if you require a response in a limited time frame.

 

[Spades]

Hi ermat,
If you don't put a condition in the contract that your offer will lapse in eg:1 or 2 days,your offer will automatically lapse after 3 business days if agent has not responded.
You don't have to stipulate a time limit in the offer but if you want an answer say in 1 day,put it in the contract.
Cheers Spades.

 

[jerrybee]

What's a normal timeframe? The last one I bought I said 3-4 days I think. It was a Monday and I didn't want to risk having the property being opened again for inspection on Saturday.

 

[Spades]

Hi Jerrybee,
Normal time frame for victoria is 3 clear business days if you haven't specified a time frame within your offer.
So you'll have this in the contract:

This offer will lapse unless accepted within[...............]clear business days(3 clear business days if none specified.

You can insert a time frame in the above brackets^.

Personally i prefer an answer in 24hrs.

Cheers Spades.

 

[Jake Milne]

Hi Jerrybee,
Normal time frame for victoria is 3 clear business days if you haven't specified a time frame within your offer.
So you'll have this in the contract:

This offer will lapse unless accepted within[...............]clear business days(3 clear business days if none specified.

You can insert a time frame in the above brackets^.

Personally i prefer an answer in 24hrs.

Cheers Spades.

I agree. 24 hours is more than enough. The clause above is on the first signature page of the Contract of Sale. You can also cross out the end of that clause and write:

"accepted... by HH:MM (time) on the DD/MM/YYYY(date)"

This way your deadline is specific.

 

[KangaBanga]

Is there a default number of days for offer to lapse in Queensland brisbane?

 

[Peterw]

Is there a default number of days for offer to lapse in Queensland brisbane?

the answer is no.

 

[KangaBanga]

thanks peterw, looks like it will be 1 day expiry for my offers from here on