Unless you, the seller, are presented with an unconditional cash offer for the sale of your property, you should, as a matter of course, always consider the inclusion of a roll-over clause in the agreement for sale and purchase contract. This is particularly so when the buyer has two or more weeks within which to fulfil a condition relating to, for example, arranging finance or especially if the offer to purchase is subject to selling their own home.
This clause provides you with a reason to market, or allows your agent if there is one, to continue marketing your property by way of advertisements and open days, to invite better offers than the one you have already accepted. Remember a better offer is not necessarily limited to a better purchase price. It could relate to fewer 'conditions' or perhaps even a more favourable date on which to settle (move house).
If a 'better' offer is received, the roll-over clause may be activated by appropriate written notice to the buyer (your lawyer will help you with this). Then, if the buyer is unable to fulfil their various conditions in the two or three working day notice period provided in the roll-over clause, the earlier agreement may lawfully be cancelled by you. You are then free to accept this 'better' offer without any residual responsibility or liability to the original buyer.
As with any contract, we strongly suggest you discuss the terms and conditions with your solicitor before you sign. A quick phone call and/or fax at this point could save you thousands of dollars, not to mention unnecessary aggravation.
You are most welcome to contact us if you would like to discuss the right approach for selling your home. Maybe you aren't sure what a clause really means, and the implications of it. You need to maintain control and be confident in your decisions so let us help you - that's what we're here for.
