EP29 Conditional Commitment: Understanding 'Subject to Finance' in Property Deals in WA with Les Buchbinder

Investing in a property is no walk in the park. There are different legal facets that you need to be aware of to avoid future headaches. In today’s episode of the WA Property Q&A podcast, we’ll deep dive into some legal aspects of property buying with the help of legal expert Les Buchbinder, co-founder of BBV Legal, to discuss the intricacies of buying property in Western Australia.

In this episode you will learn about:

·     the details of the REWA Offer and Acceptance form,

·     what you need to know about finance clauses,

·     the importance of clarity in contractual terms,

·     and the potential pitfalls of waiving finance conditions.

Les also offers some real valuable and practical advice on issues such as the role of mortgage brokers, handling finance approval letters, special conditions, disclosure obligations, and the legal standing in estate sales.

00:00 Introduction to WA Property Q&A Podcast

00:46 Meet legal expert Les Buchbinder

02:54 Understanding the REWA offer and acceptance

04:36 Finance clauses and legal obligations

09:17 Finance approval and valuation conditions

17:50 Waiving finance clauses: risks and considerations

24:53 Navigating finance approval complexities

28:52 Conditions on a contract: simplifying terms

31:43 The 'As Is' clause and its implications

35:45 Disclosure obligations for real estate agents

44:00 Legal issues in offer and acceptance

48:58 Concluding thoughts and contact information

Links and Resources:

Rezzi Website: https://rezzi.com.au/

Check out Les Buchbinder's website: Leslie BuchBinder | Perth Law Firm Director | BBV Legal

Subscribe on these channels:

Apple Podcast - https://podcasts.apple.com/us/podcast/the-wa-property-q-a/id1698464149

Spotify - https://open.spotify.com/show/31Nnigbr2rHmUffkEUxRWY

Podchaser: https://www.podchaser.com/podcasts/the-wa-property-qa-5401298