When it comes to buying or selling property, there’s often a bit of confusion around the term "suspensive conditions".
So, what exactly are suspensive conditions? Think of them as conditions that keep a deal "up in the air" until certain requirements are met.
For example, if you’re selling your home but need to find a new place to live first, you can include a suspensive condition in the contract giving you 30 days to find a new home. If you can’t find one within that time frame, the deal is off.
Similarly, if you’re buying a home and need to secure a bond, you can stipulate that the sale will only proceed if you obtain the bond within a certain period.
At Empower Funding, we know how important it is to ensure that all suspensive conditions are met before issuing bridging finance. This is to make sure there are no unexpected roadblocks that could derail the sale.
Once these conditions are satisfied—whether it’s the seller finding a new home or the buyer securing a bond—we can proceed with the bridging finance, allowing you to move forward with your plans.
If you’re unsure about suspensive conditions or have any other questions related to property transactions, we’re here to help.
Thank you, and enjoy the video below.
Gal Ezra
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