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When making an offer on a property, you can include various conditions to protect your interests as a purchaser. Some common conditions that buyers include in their offers are:
- Subject to Finance: This condition allows you to withdraw your offer if you are unable to secure financing for the purchase.
- Building and Pest Inspection: This condition allows you to arrange for a professional inspection of the property and withdraw your offer if any significant issues are found.
- Subject to Sale: If you need to sell your current property to purchase the new property, you can include this condition to make your offer contingent to the sale of your existing property.
- Title Search: This condition allows you to verify that the seller has clear title to the property before proceeding with the purchase.
- Subject to a Cooling-Off Period: In Victoria, buyers have a three-day cooling-off period after signing a contract of sale for a residential property. You can include this condition to allow you to withdraw from the contract within this period with minimum penalty. Typically, a non-refundable holding deposit of 0.2% of the purchase price is due for withdrawing during the cooling-off period. However, this condition is not available for properties purchased at auction or within 3 days of a publicly advertised auction.
- Subject to Other Conditions: Depending on your specific circumstances, you may include conditions in your offer such as satisfactory review of the owner’s corporation records for strata property.
A conveyancer can assist in helping you consider the conditions you would like to include in your offer to ensure your interests are adequately protected. Contact us in Narre Warren on 03 8456 6797 so our professional and reliable conveyancers can assist you.
