How to Achieve Property Success by Margaret Lomas

Author:Margaret Lomas [Lomas, Margaret]
Language: eng
Format: epub
Tags: Real Estate, Investment
ISBN: 9781742983653
Publisher: Major Street Publishing
Published: 2013-09-25T00:00:00+00:00

If you are happy with these disclosures, you are then free to make your offer.

For sale by private treaty (that is, not by auction), your offer will be written into a ‘Contract Note’ and forwarded, with a deposit, to the vendor. Be aware that a contract note is more than an indication that your offer is serious. It is a legal document and is binding once signed by the vendor.

In some cases, the contract note is the only contract offered. In other cases, an actual contract of sale is subsequently prepared. However, if there are general conditions in this subsequent contract with which you are not happy, this is too bad. Signing a contract note means you are agreeing to any general conditions which may be in the contract for sale. General conditions include:

A provision for the buyer to pay by cash or bank cheque

A statement that the buyer has 21 days to arrange ‘Requisitions on Title’

The rate of interest payable should settlement be delayed

A statement that the vendor has an obligation to provide a ‘good title’.

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