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From: Gunna Doit
Hi all.
As it's been over 10 years since signing a house contract, I would appreciate some advice on what to expect of a modern day contract. I don't want to get to signing stage and find out there's stuff I should have known already.
I also understand that you sign "subject to purchaser's finance" and "subject to a building inspection" but I have a question regarding the wording for the bldg insp. Does it mean that if you don't like what the bldg insp shows up, you can pull out with no penalties, or how does it work? And if the insp shows certain problems, and the vendor says that they will fix it, where do you stand then? Do you let them fix it and get another insp or what do you do apart from negotiating a lower price? (I believe that you can negotiate a lower price at this stage, can't you?)
As always, looking forward to the advice of "the wise ones."
gunna
Hi all.
As it's been over 10 years since signing a house contract, I would appreciate some advice on what to expect of a modern day contract. I don't want to get to signing stage and find out there's stuff I should have known already.
I also understand that you sign "subject to purchaser's finance" and "subject to a building inspection" but I have a question regarding the wording for the bldg insp. Does it mean that if you don't like what the bldg insp shows up, you can pull out with no penalties, or how does it work? And if the insp shows certain problems, and the vendor says that they will fix it, where do you stand then? Do you let them fix it and get another insp or what do you do apart from negotiating a lower price? (I believe that you can negotiate a lower price at this stage, can't you?)
As always, looking forward to the advice of "the wise ones."
gunna
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