OG please advice re selling house

Hi all,

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.

 

Does Australia have a
Wealth
Financial
Agreement in place? Phone Post 3.0

 

torquemada - Does Australia have a
Wealth
Financial
Agreement in place? Phone Post 3.0
They have the department of WFA and OP should contact right away! Phone Post 3.0

Apologies, mods please move this to the OG. I could have sworn I click to create a thread on the OG.

 

You redeemed yourself, OP. Sorry, but idk. And mods, move to OG. Phone Post 3.0

my family went through something similar but it was commercial buildings instead of a house.
A developer wanted like 4 buildings on a city block.
My father held out, let the guy buy the other 3 and then he had the guy by the balls and could demand much more money.
if you sell to him before your neighbor, you're giving up some valuable leverage.
either hold out or get together with your neighbor to put the squeeze on this buyer.


The developer bought two blocks to my left. I am the third and the neighbour is the fourth and last in the street. I tried working with the neighbour to get a good price together but the arsehole went straight to the developer and advised his sale price without telling me. I figured my property was more important so if he didn't want to work together so be it. My reasoning is the developer can design for three properties' area, ignore the fourth and proceed to build if they didn't like the price. Neighbour will end up stuck with an apartment block next to them.


 


Anyway we have agreed on a price. The issue is that 'interdependence' clause' It just sounds ridiculously dangerous for me?