Reasons for Transfers Falling Through
Category Property News
The process of taking your client through to multiple properties can be daunting until the day that they are finally ready to sign that sales agreement. Before counting the sale as finalised, ensure that all suspensive conditions are met!
There are many reasons as to why a sale can collapse before transfer is finalised.
A suspensive condition, is a stipulated term included in an agreement, with a time frame allocated to the term. Should a condition not be meet within the time, the agreement becomes null and void and the transaction will fall through.
Common suspensive conditions;
- The buyer's bond is not approved
- The property failed a home inspections
- Additions and renovation plans not passed before transfer
As a seller, it is vital to provide your agent with as much information as possible to ensure the necessary planning and preapprovals are conducted to avoid delays or disruptions of the sales transfer.
Consult the assistance of a reputable agent to assist you.
Author: Prime Property Marketing
