Browse Forums Home Finance Re: 'subject to finance' clauses and OTP contracts 3Jun 12, 2012 4:12 pm Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: 'subject to finance' clauses and OTP contracts 4Jun 12, 2012 8:02 pm Land settled May '14. Building the PD Hoffman39: 5/11=site start, 13/11=slab pour, 26/11=frame complete, 10/12=roof on, 12/12=bricking started. Blog: http://jyndeira.net/blog/ Re: 'subject to finance' clauses and OTP contracts 5Jun 22, 2012 1:34 am akashra There's generally phases with them - for example, mine was subject to finance for the first 30 days, and the unconditional at which time there was a 90 day settlement (for the land). That's correct. There is a short initial time period attached to the subject to finance clause, or at least should be. Though in today's market, it wouldn't hurt to ask the developer for a clause which allows a subject to finance of unconditional approval close to the settlement date. Seen a lot of cases of people buying OTP purchases getting stung by low valuations at settlement meaning they need to come up with extra funds in a hurry to meet settlement, or risk losing their deposit. It's one thing purchasers should be made aware of when buying OTP. MBA and HIA both have sub contract agreements, check them out 2 7315 Industry type domestic contracts are prepared by industry bodies for the benefit of the builders. This means that if you are the owner watch out. One of the points is… 0 3226 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57421 |