Hains Solicitors

Clauses - Better Offer 


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Sellers can seek better offer

The Sellers can continue to market the property for sale, seeking offers from third parties at a higher price or on better terms (a "better offer"). If before 5.00pm on ___/___/___ the Sellers receive a written signed better offer, then:

(a) the Sellers can give notice to the Buyers with a copy of the better offer (but with details of the third parties deleted) asking the Buyers match the better offer;

(b) the Buyers may agree in writing to vary this contract to match the better offer, up to 5.00pm on the third working day after receiving a paragraph (a) notice;

(b) if by the time in paragraph (b) the Buyers have not matched the better offer, the Sellers can simultaneously accept the better offer and cancel this contract.

(NOTES: For the specific period set by this clause, the Sellers can seek better offers, and if successful, can give the Buyers the opportunity to match the better offer, and if the Buyers do not match the better offer then the Sellers can accept the better offer and at the same time cancel the contract.  These clauses are dangerous for Buyers … in particular, what if the Sellers manufacture circumstances in an attempt to increase the sale price ?  What if the Sellers just decide they don't want to sell … and get a friend to make an offer … and then accept that better offer … and then cancel the contract with the friend ?)


 

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