FIRST CONTRACT

[PEMBY]

Hello,

         We are about to sign the 1st contract for a barn in the gers, could anybody recommend a good broker or bank to get the best exchange rate for our deposit. also any tips on what we should be prepared for in the next few weeks.  many thanks.[8-)]

[woolybananasbrother]

does it have planning permission, anybody got rights of access across the land, to the land. any near neighbours, what are they like, what is the cost of getting water and electricity to the place if not there already, what is the area like in winter, how near are the nearest bakery, grocery store, have you had any 'clauses 'suspensives ' inserted in the contract?

[PEMBY]

Hello,

        thanks for your reply. all the things you mentioned are in order regarding the actual barn water, elec, land access etc. could you give me more info on the 'clauses 'suspensves' ?

[woolybananasbrother]

they are conditions which must be fulfilled before you buy and which could make the deal fall through eg getting a mortgage, getting planning permission, sale of another property, satisfactory clarification of others rights, any objectionable plans for the area round about (eg TGV line). It is just a way of protecting yourself.

I am selling a place and buying another so I have a clause suspensive which says my purchase falls though if my buyer defaults, so I am not left holding the bath water so to speak.

What about the land round the barn? whose is it? is it clear or farmers' rights to graze or whatever?

[woolybananasbrother]

Just another thought. If you havent done it already, you dont always need to put down a deposit of 10%. It can be as low as five (I think I have heard of even less). Thus if things do go wrong you stand to lose less dosh.