One for the Property Agents/Experts

[srothman]

I'm trying to get consensus around the notice period when buying a new property.

So here's the scenario,

We put in an offer for a house. There was another offer before ours, which were conditional on them selling their property. Ours didn't have such a condition, and we are ready to buy immediately.

At which point does the other party get notified that they are on notice and need to finalize their offer otherwise it lapses? Should they get notified the moment my offer is accepted, or do they get notified only when my home loan, etc. on this property is approved?

What's the typical process? Or is it made up as you go along?

 

[Gaz{M}]

It's in the offer to purchase terms and conditions.

 

[srothman]

Sure, but I don't have such information in my OTP, because there are no conditions. The reason I ask is because I am pretty sure the agent Is stuffing me around, saying she will only put the other buyer on notice once my bond is approved.

My OTP was accepted by the seller on the 25th of February already, and she still hasn't put the first offer on notice, and I think they are trying to stall for time.

Hence wondering, is it the norm to only give notice on bond approval, or is usually on the accepted offer. From the sounds of it, there is no real standard.

 

[Steamy Tom]

the other buyers OTP will have a time limit much like yours does, if not the same duration. if you are the runner up and you get a bond before the other party they can notify the original buyer and he can potentially withdraw if he wants, but he doesnt have to, he legally has as long as the contract states to get a bond/other conditions etc.

from my experience when the original offer is subject to and you have fulfilled your conditions there should be a clause stating that person has something like 48 hours to drop their subject to condition etc, but as per other poster it should all be in the contract.

 

[DCS]

The other OTP should have a deadline when it lapses, so technically they already are on notice... likewise your OTP should also have a deadline it expires....