Browse Forums Real Estate 1 May 13, 2011 5:48 pm We are about to make an offer on a property "subject to selling our property" with 60 days to do so. Can someone tell me what happens at the end of that 60 days and our property hasn't sold? Do we simply negotiate an extension? I've read that negotiating "subject to finance" and if the time frame lapses then the contract is unconditional with respect to that condition. Is this also true? Thanks to anyone who can help. Regards, cc&c. Re: Subject to selling our property 3May 13, 2011 8:51 pm I personally would never accept a subject to sale clause. My house has been on the market for a month without a single offer. Depending on where you are the housing market at the moment is terrible. There are far too many properties on the market and not enough motivated buyers which makes a subject to sale clause pretty unpopular. I'd seriously consider selling your house before you look for another because chances are you will be very surprised just how difficult it will be to sell. That said I'd also be interested to know how that clause works exactly. Good luck! Re: Subject to selling our property 4May 13, 2011 8:54 pm kyton The other thing to consider - the vendors may decline your subject to sale. +1, also unless the property has been stuck on the market for a long time, at the end of the 60 days the vendor might have a line of other people ready to go with finances? I'm sure you've considered that though. If at the end of the 60 days your house still isn't sold and the vendor has no other interest, you'd think they'd be willing to negotiate an extension. "Your emotions are the slaves to your thoughts, and you are the slave to your emotions." — Elizabeth Gilbert Living in our new house. Currently scaping the land. Re: Subject to selling our property 5May 14, 2011 9:09 am Thanks for the replies. I'm gradually learning that the real estate market that I'm obviously in is different to that of the larger ones. Hence that's why I can't find much information about special clauses pertaining to "subject to selling". It is quite a common clause in my market. We also don't have problems with too much "other interest" so I'm particularly concerned about that at the moment. The vendors have already said they will accept a "subject to selling" clause so no problems there it's just that I can't find out what the process is at the end of the 60 days. I'm not going to ask the real estate agent as they'll spin me a heap of BS as they have already done so far. I wish they'd lift their game in that respect, people are a lot more savvy nowadays. Thanks again, cc&c. Re: Subject to selling our property 7May 14, 2011 12:12 pm My Mum had signed a contract with the clause subject to her house selling. At the end of the time frame her house hadn't sold and she no longer wanted to proceed with the purchase, so the contract just terminated and she lost the deposit that she had paid (which was only about $1000 I think). You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16150 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 1698 The setback from the kerb is 4m. It is council land to provide an area for services like sewer main, gas mains, water mains, underground power or poles for overhead power,… 4 2401 |