On 9th October 2009 Ali asked:

Can I make my offer subject to valuation?
I am buying my first investment property with my partner, we've already received pre-approval. We're going to put an offer on a property and although this seems like a basic question:
* Can we make our offer 'subject to valuation' and have that cover us essentially as an 'out'?
(we're also including a LIM & builder's report as conditions also, we already have pre-approval).

Meaning when we get the valuation done, if it's less than what we want it to be, does this give us the opportunity to say no, we don't want to continue with the deal?

Our expert Kim Matheson responded:

Hi yes you can make your offer subject to a valuation. The recommended appropriate wording would be: This Agreement is subject to and conditional upon the Purchaser's obtaining and being satisfied in all respects in their opinion with the Valuation of the property. Should the Purchasers be dissatified with the Valuation Report this Agreement shall be cancelled.

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