WA Contract Law - Offer and Acceptance for Property Sale?

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Bella22

Member
2 February 2017
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I am putting in a offer and acceptance on a property. The seller has asked to included in the conditions that is subject to the seller recieving approval for a portability loan prior to our finance. I was wondering what are the implications of doing so.

Do they have a time frame under contract law to get their approval and what is the best way to write it on our offer and acceptance conditions so we are not left waiting for the seller?
 

Rod

Lawyer
LawTap Verified
27 May 2014
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Get a lawyer. If this is a large purchase for you and you can't afford a mistake, see a lawyer.
 

Iamthelaw

Well-Known Member
13 September 2016
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I am putting in a offer and acceptance on a property.
You're making an offer - The seller would be the party accepting, provided that they accept.

More details would be needed - A lot more. Personally speaking I wouldn't be agreeing to the sale being subject to the vendor securing their own finance (I think this as the basis for the portability loan). The implications? There could be many; one obvious one being that you could potentially pay a deposit (thousands, if not hundreds of thousands) only for the vendor to rescind based on the term in question.