14 Nov The ONE condition that could make all the difference to your Contract
When it comes to buying property, the old saying buyer beware rings true.
If you find out something you don’t like about a property, before settlement takes place, the terms of a standard REIQ contract might not be enough to get you out of the deal.
Adding a due diligence condition to your Contract before you sign is a simple, but powerful, way to protect yourself.
It works by letting you conduct any searches, investigations or enquiries you like into the property, within a set time frame, and lets you exit the Contract if you aren’t happy with the results.
Making it at your discretion, as the Buyer, as to whether you’re happy to proceed or not.
A due diligence condition can help you:
– By giving you the time you need, to get searches on the property and make sure you’re happy with the results;
– Look into the body corporate, if you’re buying an apartment, to see if there are any large upcoming expenses you may want to avoid;
– Make enquiries about the future use or development potential of the land;
– Find out more about the local area, schools and infrastructure projects; and
– Get an idea of building costs, if you’re planning to renovate or make changes to the property.
We can draft your due diligence condition specifically for you, making it as wide, or as narrow, as you like.
A limited due diligence condition, with a shorter time frame, may be of an advantage where there are other offers on the table for the property.
Call us today, or email firstname.lastname@example.org and we’ll provide you with a condition that suits your needs, so you can sign your Contract with confidence.