QLD Contract question?

[Jacque]

Hi all,

Just a quickie to those experienced with the Qld contracts.....

Can I add a special condition to the contract that says something along the lines of "This contract offer and its terms expires on xx/xx/xx (date)" so that I can sign other contracts at the same time?

Reason I ask is because I am currently negotiating and most agents want the signed contract before approaching the vendor, so that the offer is more solid ie: in writing. Written offers to purchase simply won't cut it with some, and I am trying to play all my cards right....

Thanks in advance

 

[Smile]

Just add any condition YOU like.

If the vendor does not like it, he will reject your offer or renegotiate with you.
.

 

[asy]

Hiya Jax...

Try this:

Subject to the buyers receiving a signed agreement or counter offer from the seller within 72 hours of the buyer faxing signed contracts to Agent. If a signed agreement or counter offer is not received within the stipulated time then the buyers withdraw their offer to purchase the subject property and all monies paid by way of deposit shall be refunded to the buyers in full.

That's the one we use.

hope it helps.

asy

 

[Jacque]

I like it!
Thanks Asy.
Not having much luck though atm. Being stingy on offers isn't making me popular

 

[asy]

It won't be...

There's bargains to be had out there at the moment, (especially in my area!!! hehe), but, the buyers are being stingy, and the sellers are trying to get top dollar still, and never the twain shall meet...

Agents are getting frustrated, buyers are getting frustrated, and sellers are getting frustrated.

Wanna know who's getting the best deals?

The buyer who's willing to cut just above the stingy-pack!!!!!

hope this helps,

asy

 

[Jacque]

Hehe Asy

Well, I'm just sitting it out for one of those less frustrated and more flexible vendors

I know they're out there.... somewhere....

 

[Qld's007]

Jacque

Don't give up looking.

We purchase all of our IP's, Development Sites or Wraps with a clause that advises the Vendor the Offer is valid for a period of xxx days and if we are not in receipt of their signed acceptance then the offer is withdrawn.

Might upset a few of them but similarly there are too many good deals out there to get mucked about about by a gready Seller.

 

[Andrew_A]

An excellent reference

"Real Estate Agency Law in QLD" 3rd edition - W.D. Duncan

Jacque,

It's true you can insert some very creative clauses into a contract. A sale in my street recently fell through due to a clause stating the buyer had to get approval from the body corporate to allow a small pet into the private court yard. The approval was not forthcoming and the town house was back on the market for 15k less

The above book is a truly excellent resource for property investors, it includes bucketloads of practical clauses with precise wording you can cut and paste into contracts of sale.

WaySolid

 

[Jacque]

Thanks for that WaySolid. Will look it up

Managed to find a more flexible vendor and inserted a couple of clauses that gave us both some breathing space (win win for both) so I'm now a happy camper