general conditions
However, Purchasers can also request special conditions be included in the contract.
These may include:
- Subject to a satisfactory building and pest inspection report;
- Subject to planning or building or building approval if the investor wants to renovate or develop the property;
- Early access (e.g. for the Purchaser’s surveyor to measure the property or carry out soil tests);
- A due diligence period to conduct a detailed analysis of the property, and
- The Vendor to provide a depreciation schedule in the case of a new property.
Special conditions for the benefit of a Purchaser are designed to protect Purchasers and to lock in a price whilst still conducting due diligence and these conditions will give a Purchaser an “out” if any of the agreed conditions are not satisfied, while still binding the Vendor if ultimately the Purchaser wants to proceed. It also ensure the property comes off the market.
Whether you are selling or purchasing a property it is important to make sure the contract is drafted properly and deals with the relevant issues. It should always be checked by a property lawyer before it is signed.
For specialist contract and Estate Agent advice and assistance with authorities, please contact Ron Cohen or one of the team at Tisher Liner FC Law.