Contract Subject to: Building and Pest inspection, Pool safety inspection, Other special conditions, Finance approval, Balance of deposit is due:

good to know

  • The contract is considered conditional until all special conditions and clauses within the contract have been satisfied or waived.
  • There are also other special conditions and/or clauses which can be added to the contract at the buyers/sellers request, for example, contract is subject to the sale of the buyer’s property or completion of building works. These terms could slow down the sales process.

Actions you might want to take

  • Finance approval must usually be obtained 21 days after the contract was dated.
  • As soon as the last special conditions and/or clauses within the contract have been satisfied or waived, the buyer has to transfer the balance of the deposit to the agencies trust account (usually 4.75% to 9.75% of the purchase price).