A relative wants to buy a property in NSW but wants to find out it the sale contract is subject to 21 days to get finance approval and subject to pest and building inspections, like it is in Qld.
Buy property in NSW regulations
Foxtail on 26/05/2017 - 09:05
Comments
There is no subject to finance approval clauses in nsw, but there is 5 days cooling off period.
Thanks guys for the info I'll pass it along.
NSW is very different to QLD in regards to conveyancing.
Technically they would be entitled to a 5 working day cooling-off period after exchange of contracts, however in practise the Vendor will request that this be waived (and generally won't budge on this request).
They need to get their finance unconditionally approved and have any reports done which they want prior to signing a contract.
They need to get their finance unconditionally approved and have any reports done which they want prior to signing a contract.
And hope no one gazumps you, while you're waiting for inspections and finance approval.
Makes Qd property sales have very liberal terms.
Usually those things u after can be done in 5 business days, as u already have pre approve.
I like the NSW way of selling property better, Qld is 21days to arrange finance after contract is done, having sold a few properties (privately thru FISBO) lost a number of sales due to non finance approval and had to start all over again.
My understanding is, as far as financing goes it is all in the contract, an agreement between the buyer and seller.
We just purchased in NSW and it took us about a month to get the financing in place. The owner kept extending how long they were willing to hold the house for us each week. Eventually they said they could not hold it any longer and thankfully we got the financing before the last extension expired. We did put a deposit down and had been assured by our bank that we would be approved before we signed the intent to purchase. Our bank fell through which is why it took so long but the seller was fairly patient and allowed us much extra time.
Its always best to have finance in place before looking IMO.
I've seen most over here are 5-10 business days, but you can negotiate. Most sellers probably won't want the risk of you bailing at 20 days in and having to put the house back on the market I'd say, not in Sydney where its hot hot hot