Property purchasers are sometimes in the situation where they are excited to buy a new home, but their current property hasn’t sold yet.
They may have found their dream home, but the timing may be tight.
Let me share how I use a special condition to protect a purchaser’s obligations in a purchase contract, whilst waiting for their property sale to be finalised.
Many people need sell their current property before they can commit to a new purchase, and they are understandably worried about the risk of being locked into the purchase before their sale has been completed.
The solution is that I request the vendor to include a special condition to the contract that states that the purchase is conditional upon the completion of settlement of the purchaser’s property sale.
This provides a purchaser peace of mind, ensuring that they are not forced to proceed with the purchase until their own sale has been completed and settled.
When I am successful in arranging the special condition, (even if the properties are arranged to settle simultaneously on the same day), and the sale property settles, the special condition is activated, and the purchaser’s successfully settle the purchase contract without the stress of financial risk.
This case shows how a skilled Conveyancer can provide a well-drafted special condition which can protect a purchaser’s interests, allowing them to buy with confidence and avoid potential financial pitfalls.