You have been searching for months and finally you find your dream home or investment property. The agent has it listed for negotiation by private treaty, which means you can make an offer that is subject to any number of special conditions.
You need to consider the types of conditions that might be included on the property contract. Some of those conditions are proposed by the seller but others are conditions for your protection.
It is vital you know which conditions to add to the contract before you sign it as you cannot add conditions once the property contract is signed by both you and the vendor.
Now keep in mind that you should never write the conditions yourself, nor should the real estate agent or property buyer’s agent. You should have your legal representative draft the conditions and review the contract BEFORE you sign on the dotted line.
Our team of experienced buyer’s agents are training to know what types of conditions you may need to add to the contract and then work with your solicitor to protect your interests.
Here are 30 conditions that you might add to a property contract, depending on your circumstance and the property itself.
- Electronic transmission of contract
- Due diligence
- Finance approval
- Building and pest inspection
- Plumbing inspection
- Electrical inspection
- Pool inspection
- Engineers report
- Building approvals and / certifications
- Sale of another property
- Personal inspection (if purchasing without seeing it first)
- Specified inclusions (eg. Cubby house, pool umbrella)
- Specified exclusions (curtains, chandelier)
- Terminations of an existing contract
- Body corporate records search
- Pet approval (body corporate)
- Completion of works
- Early possession
- Early access for renovations
- Rent back to sellers
- Pool fencing
- FIRB approval
- Early release of deposit
- Simultaneous settlement of 2 or more properties
- Sunset clause
- Easements (registered and/or unregistered)
- Conveyancing searches
- Contaminated land search
- Home business
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To talk about your own plans, contact one of our passionate Property Pursuit Buyers’ Agents.