Vacant Possession

Make sure you do a final inspection before settlement to see if things are how they should be.

If something is not right, settlement can be delayed until it is rectified. Make sure you have a decent Solicitor/Conveyancer.

Sunshine
 
Sry should have been a little clearer!!

I am the buyer, and have negotiated 3 weeks vacant possession. Contracts are been drafted now. Is there any way I can protect my renovation investment made during this vacant possession period, incase settlement falls through???
 
I am the buyer, and have negotiated 3 weeks vacant possession.

Is that the property will be vacant for 3 weeks before possession? If yes, what are your plans, are you considering gaining early possession to start renovating?


...during this vacant possession period, incase settlement falls through???


I am not sure that I understand your question, but if nothing is done to the property whilst it is vacant, you will still need to do a final inspection before settlement to make sure it is all in order. If you are wanting early posession and wanting to reno before settlement and it does go pear shape, well that is a whole different kettle of fish and your solicitor will help you with that one.

I have done it and have had no issues, but it was also because the Vendor's bank lost the deeds and held up settlement for about 10 weeks. I had to show that the property was insured and there were no problems, even with rent monies I kept the lot.

Things can and do happen, in the contract the Vendor will want to know that if things go pear shaped either the property is returned to original condition, or they get to keep it as is. Of course you, as the purchaser would want to be compensated for any works done by yourself if the purchaser pulls the pin. If early occupation is what you are wanting, then the appropriate clauses need to go into the contract to help you. Your Solicitor will advise you if this is what you are wanting to do.

If the property will just be vacant for the 3 weeks before settlement, even though in NSW the onus is not usually on the purchaser (depending on the Contract) it would be wise to have the property insured in case of fire etc.

Don't know if I have answered your question, but hope it is of some help.

Sunshine
 
Thanks Sunshine, yes you have answered my questions/s....

Surpose i just need to get info in clauses to protect all my interests if things go pear shaped, and get insurance asap :)
 
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