Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Aren you penalised for getting independent valuation advice under the REIQ Contract of Sale?

April 26, 2017advice contract independent penalised reiq sale valuation

0

Posted

Aren you penalised for getting independent valuation advice under the REIQ Contract of Sale?

1 Answer

0

Posted

We have sought independent legal advice and understand that to avoid this “cooling off period” penalty, you need only insert the following clause in the Special Conditions section before signing the contract: “This contract is subject to an independent valuation satisfactory to the buyer within 7 business days of signing of this contract”. The Special Conditions section of the contract is separate and not subject to the penalties associated with using the “cooling off period” to obtain a valuation.