- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Situation Analysis
The original content discusses putting an offer on a property, facing competition, receiving a counteroffer with a 3-day escape clause, and contemplating negotiations on the terms.
### Extended Content
Upon receiving the counteroffer, it was apparent that there were three other competing offers for the property. The sellers deemed our offer to be close but requested an additional $50,000 to seal the deal. After deliberation, we decided to hold our ground on the offer. Surprisingly, the sellers have now come back indicating their willingness to accept our offer, albeit with the condition of a 3-day escape clause and the continuation of open homes. Our only requirements for proceeding with the purchase are obtaining a Land Information Memorandum (LIM) report and conducting a thorough inspection by a building professional.
In the past, I have encountered escape clauses being included in contracts typically when they are subject to the sale of another property. It feels unjust to invest in the due diligence processes like the LIM report and building inspection when the sellers retain the ability to withdraw from the agreement at any moment.
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I think I have seen an escape clause on my mate’s sales and purchase agreement where the vendor reserves to break out of the contract if they (vendor) obtains a better offer within a period of time.
I think they accepted your offer in hopes to get the other two potential purchasers into a bid war.
Yea, I don’t think it’s fair to include when you are a genuine buyer with limited conditions. The vendor (or maybe the agent) is trying to have it both ways.
There are always a number of ways you could deal with this. You could play hard ball and say no. You could agree but on the proviso they cannot invoke the roll over until 7 workings days have passed. That way if your lim condition is at 10 working days you still get the full conditional period to confirm.
Another option would be to say you can have the clause but if they roll you out they pay your legal, lim, and builders report costs (I don’t think a vendor would agree to this for what it’s worth, but I think it would be fair in the circumstances they want a roll over from the start.)
Those are a couple of ideas, but there many ways you could. You just need to get to one that works for you.
Good luck
Seems odd to have an escape clause without subject to sale.
Ive just had it happen to me, but my offer was subject to sale. Just annoying they did it the day after I got the building report.
Legal exec here. I would refuse the escape clause but shorten your LIM and Builders Report conditions to 5 working days instead of 10 or 15 (as long as the council you’re getting a LIM from has the option for an urgent LIM and obviously make sure a building inspection can be done within that timeframe).
When you say ‘escape clause’ do you mean a vendor cash out clause?
If its that, all it means is that if the vendor gets another acceptable offer, then if you have three days to go unconditional. So basically you still have first right of refusal.
Talk to your solicitor who will be able to explain it to you in more detail.
Having recently sold my house, the first question I’m wondering is how long are you conditional for? If I was working with an offer that required 10+ working days to satisfy, I’d expect a cash-out clause as I’m effectively removing myself from the market. It has to be worth it.