• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 8 of 8
  1. #1

    Default Purchaser's Due diligence vs solicitor due diligence

    Hi Guys,

    I am interested in buying a brand new property and I have already got purchaser's due diligence condition included.

    My solicitor is recommending to add Solicitor due diligence. Wondering what would be the difference between solicitor's and my due diligence as I would still be dependent on solicitor reviewing the documents thoroughly?

    As we are interested in property, we thought that it could be better with less conditions.

    Just thought of posting if anyone had a similar experience before and it would be great if you can share your thoughts.

    Thank you:-).

  2. #2
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,801

    Default

    IMHO your solicitor is being pedantic.....your due diligence can be whatever you want it to be....including getting to OK from your solicitor.

    But it depends on how your clause is written of course.

    Cheers
    Spaceman

  3. #3

    Default

    Quote Originally Posted by spaceman View Post
    IMHO your solicitor is being pedantic.....your due diligence can be whatever you want it to be....including getting to OK from your solicitor.

    But it depends on how your clause is written of course.

    Cheers
    Spaceman
    Thank you very much for your time and reply. Spaceman. Clause says that the agreement is conditional on the purchaser's satisfication upon completion of due diligence with the property on or before date. If the puchaser upon completion of due diligence investigation is dissatisfied with any aspect of the property, purchaser has right to cancel it.

  4. #4
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,801

    Default

    ^ Righto ....so I'm not a lawyer....but i've bought and sold a few houses.

    I can't see how you wouldn't be covered by your clause .....part of your DD should be getting the OK from your lawyer, so inserting a specific clause stating you need a lawyers DD seems redundant to me.

    Good luck

    Cheers
    Spaceman

  5. #5

    Default

    Quote Originally Posted by spaceman View Post
    ^ Righto ....so I'm not a lawyer....but i've bought and sold a few houses.

    I can't see how you wouldn't be covered by your clause .....part of your DD should be getting the OK from your lawyer, so inserting a specific clause stating you need a lawyers DD seems redundant to me.

    Good luck

    Cheers
    Spaceman
    Sure, Thank you very much. Spaceman

  6. #6
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,802

    Default

    I'm not sure where I heard it, but I recall that just saying subject to due diligence does not cut the mustard any more. There needs to be a very good reason why the purchase can't proceed. Ie if subject to finance then you need to show where you have applied for finance and been refused. If there is an issue with building work etc need to show proof.
    We did put an offer in on a section north of Auckland in July and I am sure it was the agent we dealt with that mentioned that.

  7. #7

    Default

    Quote Originally Posted by Meehole View Post
    I'm not sure where I heard it, but I recall that just saying subject to due diligence does not cut the mustard any more. There needs to be a very good reason why the purchase can't proceed. Ie if subject to finance then you need to show where you have applied for finance and been refused. If there is an issue with building work etc need to show proof.
    We did put an offer in on a section north of Auckland in July and I am sure it was the agent we dealt with that mentioned that.
    Oh, Ok. That's interesting and first time hearing myself. Thank you very much for sharing and I will keep in mind.

  8. #8
    Join Date
    May 2008
    Posts
    3,602

    Default

    Quote Originally Posted by spaceman View Post
    I can't see how you wouldn't be covered by your clause .....part of your DD should be getting the OK from your lawyer, so inserting a specific clause stating you need a lawyers DD seems redundant to me.
    Sounds like this clause is used so the vendor can't challenge you if the sale doesn't proceed.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Due Diligence
    By Hartwood in forum Property Investment (NZ)
    Replies: 2
    Last Post: 20-10-2015, 10:04 AM
  2. Due Diligence for a first home buy
    By dan1 in forum Property Investment (NZ)
    Replies: 18
    Last Post: 04-12-2014, 10:15 AM
  3. Due diligence
    By Kim 4 regent in forum Property Investor Associations (NZ)
    Replies: 3
    Last Post: 26-06-2014, 10:23 PM
  4. Help with some due diligence
    By victorahipene in forum Property Investment (NZ)
    Replies: 5
    Last Post: 25-03-2013, 02:41 PM
  5. due diligence clause
    By karenpnz in forum Property Investment (NZ)
    Replies: 1
    Last Post: 27-05-2012, 11:40 AM
  6. Due Diligence
    By cognizant in forum Property Investment (NZ)
    Replies: 5
    Last Post: 04-04-2009, 07:29 AM
  7. Efficient due diligence
    By mechatronic in forum Property Investment (NZ)
    Replies: 13
    Last Post: 02-05-2008, 12:49 AM
  8. Due diligence: What do you look for?
    By LotB in forum Property Investment (NZ)
    Replies: 8
    Last Post: 09-04-2005, 09:02 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •