Hi fellow investors,
2015 looks like the year I put my learnings into practise and also finally stop procrastinating, however before I go out there and make offers I would like to get your opinions and advice on a few things;
The below is in respect to submitting an offer before having my conveyancer review the contract;
- If I submit a letter of offer and the buyer accepts, can I rescind my offer after my conveyancer reviews the contract and advise against the purchase without penalty? Some say a verbal offer will suffice, however I believe an offer in letter comes across more genuine (plus I plan to have multiple offers with various terms)
Also to add further context I have negotiated a flat fee with my conveyancer whereby she will review up to 4 contracts with 1 settlement, as such I don't want to send every contract if I know my offer hasn't got any legs as I will quickly chew up my allowance of 4 contracts?
Has anyone been in the same position?
Any feedback is appreciated...f
hey dude , I think your best option would be to have in your offer ( subject to due diligence) there for you have a reson to with draw your offer as things don't add up...
only my suggestion mate
Hi there Hungpham,
You should always as (as Daniel points out) have "subject to clauses" that will let you legally be able to rescind your offer if they don't meet your criteria. A letter as you have pointed out will receive better attention than a verbal only offer, and you also then have a copy of what you offered in writing.
As Steve points out in the course work (where he gives examples of subject to clauses), not to use other peoples or generic clauses without first getting them legally checked by you solicitor, lawyer or conveyancer, as its legal and binding offer you are putting forward.
A good book to have is one by Robert Balanda "Clauses Made Simple" which is available at http://www.clausesmadesimple.com/. This is a good reference book to choose clauses from and then have them checked by your legal team before submitting the offer.
Regards
Dave