39. Sunset clause

In consideration of the Seller granting the Buyer time to enter into a Contract for the Sale of the Buyer’s property situated at [1] and notwithstanding special condition clause number [2] of this Contract, the Buyer and the Seller agree that should the Seller receive a more favourable offer to purchase the property hereby sold prior to the Seller receiving written advice from the Buyer that they have entered into a Contract for the sale of their property, then the Seller shall give notice in writing to the Buyer or the Buyer’s solicitors of such an offer together with a photocopy of the written offer. The Buyer upon receipt of the aforesaid notice may elect to declare this Contract unconditional by notice in writing to the Seller or the Seller’s solicitors within three (3) business days from receipt by the Buyer of the Seller’s Notice. Should the Buyer not elect to declare this Contract unconditional and give notice to the Seller in the manner prescribed herein then this Contract shall be at an end and all monies paid by the Buyer to the Seller or the Stakeholder on account of purchase monies shall be refunded to the Buyer without deduction.

LEGEND:
[1] address of Buyer’s property
[2] number of special condition (ie condition that contract is subject to another property being sold)

NOTE: This clause may be adopted to suit any conditional contract such as one subject to finance by changing the first three lines of the clause.