Conditions Of Sale

Conditions of sale, refer to the terms and requirements outlined in a contract between a buyer and a seller of a property.

What are conditions of sale?

Conditions of sale, refer to the terms and requirements outlined in a contract between a buyer and a seller of a property. These conditions specify the obligations and expectations of both parties during the property transaction. 

What are some typical conditions of sale when selling a property? 

Common conditions of sale you might want to consider when selling a property can include: 

  • Sale price: specify the agreed-upon purchase price for the property.
  • Deposit: outline the amount and timeline for the buyer to provide an initial deposit as a sign of commitment.
  • Financing terms: allow the buyer to withdraw from the sale if they are unable to secure suitable financing.
  • Settlement date: define the date on which the property officially changes hands, and the buyer takes possession.
  • Building and pest inspections: provide a timeframe for the buyer to conduct inspections and the option to withdraw if significant issues are identified.
  • Title and ownership: confirm that the seller has legal ownership and can transfer a clear title to the buyer.
  • Conveyancing: specify the process of legally transferring ownership and any associated costs.

Can conditions of sale be negotiated? 

Before signing the contract of sale, it's possible to request changes to the terms from the seller. Seeking guidance from a solicitor or licensed conveyancer is crucial, as they can review the contract and offer valuable advice on which specific terms may need negotiation or modification based on your individual circumstances. 

However, it's essential to keep in mind that offers and conditions should be kept straightforward for the vendor. If they become overly complex, there's a risk of the vendor rejecting your offer, potentially causing you to lose the opportunity to acquire the property.

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