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.
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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).