A developer has offered to purchase my house at well above market price. We agreed and I am waiting for exchange of contracts. My solicitor asked for the week after agreement of price to exchange and finds out the buyer wants to put an inter-dependency clause into the contract which basically means the sale of my house will only go through with the sale of my neighbour's house. My solicitor advised this is dangerous as any issues that may hold up the other party will hold me up. Buyer now also wants 13 weeks settlement period and 5% deposit.
I basically told the buyer the clause is unreasonable. It only protects him. I am the one who will be at risk. Also why the 13 weeks? He responds that he wants to settle at the same time as the neighbour. I replied that is why I want the clause out. The neighbour and I are not one party ( I had problems with the neighbour in the past). So he advised he will ask/ discuss with his 'director' regarding the clause and call me up first thing tomorrow. I send him a text message after our telephone discussion basically saying I am eager to sell but let's make everything simple and standard. 6 week settlement, 10% deposit and no interdependence clause.
I thought I am not asking anything unreasonable. My view is the buyer is an arsehole. Can anyone comment or advice? I am in Sydney, Australia.
For your troubles.