Did you know…

The rules governing a Subject To Finance Condition on a contract of sale? It is important to note that if a Subject To Finance Condition forms part of a contract of sale, it should stipulate –

a) Lender                                                                                                                                                                                                                                                b) Latest Time For Approval                                                                                                                                                                                                              c) Amount Of Loan

If a Lender is not stipulated, it can be any bank, building society, credit union or institution which offers loans and carries on business in Australia.

The latest time for approval is, as of 4pm on a stipulated day whereby, a notice of Finance Approval, or if not Approved, a notice of Non-Finance Approval, be provided to the Seller or Seller’s Agent.

Amount of the loan means either the amount referred to in the schedule or any lesser amount of Finance referred to in the Finance Application. If the amount referred to in the schedule is blank, then the amount will be equivalent to the purchase price.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.