Can someone please tell me what it means to purchase a property “under contract.” Is this a viable way to purchase IP’s.
Thanks in advance[
]Not sure what you mean here madeinoz. When the real estate agents put ‘under contract’ over an ad or on the sign, it means that contracts have exchanged, but settlement has not yet taken place. Once contracts are exchanged, you cannot then buy it, unless something happens or there are ‘subject to’ clauses which are exercised by the purchaser.
Cheers
Melmadeinoz,
Whilst you can’t purchase when under contract, some RE agents put “under offer/under contract” logo’s onto their websites. Perhaps you could check with the RE if it under offer or contract. It is *possible* to buy a property under offer (gazumping) if some RE’s do that. Generally, it’s not considered a good thing to do if a seller has accepted an offer. Legally, that *should* constitute a verbal contract- offer and acceptance. Gazumping does occur however, and was rife during, for example, the recent sydney RE boom. I believe gazumping is illegal in one state of Australia- can’t remember where but [
]kay henry
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