The Agency

FINANCE The buyer may need to borrow funds to facilitate the purchase of your property in which case the offer will be made subject to them receiving such approval from their financial institution. They may require up to 28 days from acceptance of the offer to gain this approval. SUBJECT SALE The buyer may need to sell their own property before they can proceed with the purchase of your property. In this case they would make their offer subject to the sale of their property within an agreed time frame. Once their property is sold a settlement date will be set to coincide with the settlement of your property. 48 HOUR CLAUSE If you receive an offer on your property subject to the sale of the buyers property then you have the option to place a 48 hour clause condition on this contract so that you may continue to market the property for sale. If you then receive a cash or finance offer from another party, the subject sale buyer has 48 hours to make their offer unconditional or withdraw from the sale so that you may proceed with the new offer BUILDING INSPECTION The buyer of your property may make their offer subject to a building inspection. This inspection would normally be completed within 7 – 14 days from acceptance of their offer. If this inspection discloses any structural faults that would not have been apparent to the buyer at time of inspection then the seller must either rectify the faults or if unable or unwilling to rectify, they may choose to terminate the contract. TIMBER PEST INSPECTION It is very common that the offer on your property will be subject to a timber pest inspection. This is normally completed no more than 21 days before the settlement date. If the report discloses any active timber pests or structural damage from previous activity then the seller must remedy or rectify the activity or damage at their own expense prior to settlement or if unable or unwilling to rectify, they may choose to terminate the contract. PRE SETTLEMENT INSPECTION Most offers are subject to all electrical, plumbing & gas appliances (inc reticulation and pools) being in proper working order at settlement. The buyer is entitled to an inspection of the property approx. 7 days prior to settlement to check such items. If any items are found to be defective and/or in need of repair then the seller must at their own expense remedy/repair or replace the items prior to the settlement date. REAL ESTATE JARGON EXPLAINED