Buying Property Subject To. (c) In the event that the Buyer does not agree in writing within three (3) working days of receipt of the notice referred to in (b) to waive all remaining conditions, then this Contract shall be at an end and all monies paid by way of deposit shall be refunded to the Buyer. Buying a property that is subject to the sale of another property is common and REIWA agents are well equipped to ensure the sale agreement is procedurally correct. (This may not be the same place you live). LegalMatch, Market (a) This Contract is subject to and conditional upon the registration of the Plan of Subdivision approved by the xxxx (city council), which Plan duly sealed by the xxxx (city council) is annexed to this Contract and marked with the letter ‘A’. (d) The Buyer upon receipt of the report shall forthwith notify the Seller in writing as to whether or not the Buyer wishes to terminate this Contract because the report is not satisfactory to the Buyer. (b) For the purpose of the Clause, the amount of the commission payable by the Seller is $ xxxx. This is a crucial clause in a Property Sale Agreement. These are probably the conditions that you will be more interested in – things such as Due Diligence, Back-up agreement, Escape clause, sale of purchaser’s property, etc. The Buyer acknowledges that before signing this Contract the Buyer received notification *in writing that the Seller is beneficially concerned or interested either directly or indirectly in the purchase of the Property being (** proprietor and/or partner in the Real Estate Agent or any employee, director, shareholder, executive officer of the Real Estate Agent or a prescribed relative thereof or is a company which is associated with any of the aforementioned) and the Buyer has signed Form of Consent in relation thereto. Three of the most common clauses on an offer to purchase are subject to financing, subject to inspection, and subject to sale: Subject to financing clauses don’t offer much room for negotiation. If the lease contains this provision and a sale of the property does occur, the tenant would have to move out or sign a new lease with the new owner. the right to the property has not in law vested in him. (c) The Seller Agrees to all things reasonably necessary to effect the registration of the Request to Record Death/Transmission Application as soon as possible. Through our involvement in so many property transactions, we have found that our clients’ needs have been well protected with the inclusion of one or more of these clauses. neighbouring land), Simultaneous Completion of Another Contract Between Seller and Buyer (eg. (d) The mortgage shall contain the following essential terms and conditions: –(i) Principal: xxxx ($xxxx)(ii) Date of Repayment: xxxx(iii) Interest Rate: xxxx per cent per annum(iv) Whether or not there is a penalty for early repayment(e) The Buyer shall execute all documents prepared and delivered pursuant to this clause and do all other things necessary to give effect to this clause including the payment of all expenses involved in the preparation, stamping and registration of the mortgage. All rights reserved. (a) The parties agree that a signed facsimile transmission of this Contract shall constitute binding contract. (c) In the event that such approval is not granted before xxxx then this Contract shall be at an end and all monies paid by the Buyer shall be refunded in full. Sunset Clause: The Buyer acknowledges that, despite the existence of this contract, the Seller will continue to offer this property for sale. Law, Intellectual Click here, Please provide a valid Zip Code or City and choose a category, Please select a city from the list and choose a category. he shall advise the Seller of such result. What If the New Owner Did Not Know about the Lease? This means that a seller can accept a subject to sale offer without the worry that comes with not knowing how long it will take for the subject property to sell. (a) This Contract is subject to Foreign Investment Review Board (hereinafter called ‘F.I.R.B.’) granted approval for the transaction. And there is then the option to insert conditions in the Further Terms of Sale towards the end of the agreement. Copyright 1999-2020 LegalMatch. (a) The Buyer acknowledges that the improvements on the Land include xxxx which has been erected on the subject property without Local Government Approval(b) The Buyer agrees not to make and requisition, objection or claim in relation to the existence of the xxxx (pergola) and agrees that Clause 7.6 of the Terms of Contract for Houses and Land does not apply to the xxxx (pergola).