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Whether you are the Buyer or the Seller of a property, the Offer to Purchase is the most important document. Too many people are in such a rush, they forget to read the contract and make sure all clauses are completed correctly.
If you are applying for a bond, make sure the following clause is added to ensure you are not stuck with an interest rate that is not within your budget:
| “This contract is subject to and conditional upon the purchaser arranging finance suitable to himself.” |
Make sure you check the date by when the bond must be approved. If you do not have bond approval on the due date, the contract is null and void. If the bond is going to take longer than anticipated, get your Agent to draw up an addendum extending this date so you do not lose the property.
If there is a tenant in the property and you do not want to make use of the services of the current letting agency, add the following to the contract:
| “The Purchaser will be making use of their own Letting Agency and cannot be liable for any penalties charged by the current Letting Agency. All penalties pertaining to the removal of the property from (Agency Name) will be for the account of the Seller.” |
Most rental agencies have penalty clauses in their rental mandates, and these can be very costly.
If there is a tenant in the property and you want to occupy the property on transfer, make sure that the contract stipulates that you want vacant occupation on date of transfer. Ask for a copy of the lease agreement to make sure that you are not stuck with a tenant after transfer.
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