Hi All,
I like to ask below questions so that things become clearer to me. I am asking these questions as it happened to me and was sad experience.
1.To make an offer do we have to sign contract and pay deposit?
2.Can REA’s sell one property and get contract signed in their office with two buyers at the same time and kind of held mini auction? Is this legal?
3.I though that after signing contract, there is 5 business day cooling-off period and during that time either party could withdraw and deposit is refunded without any financial loss. When we signed contract, the REA told us that once owner signs on this contract there is no cooling-off period. This is not fair on buyers part and is in favor of owner as they get a choice to sign on contract at their leisure. Is this legally allowed?
4.Do we have to go to REA’s office to sign contract? Can’t it be done at mutually agreed location?Please try to answer at per sequence.
Regards,
Hi. All this is purely dependant on what state you are buying the property in, as there are many differences. Regardless, an offer would normally be done in writing as a courtesy anyway, and to make sure it is presented to the vendor. Did’nt you use a solicitior? You will need to post some more info ti get some replies to this I think. [shades]
v8ghia,
I am in NSW. Why do we need solicitor to put an offer?
My questions are related to purely what happened to me last week and we lost the deal because we were not prepared to pay more then we offered. REA knew that there are slim chances of him getting more money out of us but still he got us to sign contract and made us to pay deposit. One hour later he called and advised that the other party had offered more then us. I then had to go to their office next morning and collect deposit and in doing so, I was late to work. He could have avoided all this simply not playing game but instead they used us as bait and got more money out of the other party.
Hope I have provided all info needed to get some feedback from you all.
Regards,
Hi all
In Perth it is simpler, the REA uses a standard form issued by REIWA and you can get your own from stationers and news agents, if you are private selling.
It is filled out where ever you are, at the property, their office your home. I did one on friday at the property, once I had inspected, it was subject to various things that I had 7 days to complete and the deposit to be paid within 7 days of acceptance. the REA rang them from the property and the deal was done, the REA went to their house for the signitures and then faxed me the copy.
3 hours done deal. After I finish chit chatting on here I will transfer the deposit. P. S there is no cooling off period here at all.
I used to live in Melbourne I thought there was a standard contract you can get the same as here.
Any one out there know about this? Perhaps you can get one on a site some where? I thought I saw some somewhere in my internet travels. You could probably get a solicitor to draw a standard on up that you can add to.
I thought I saw a link some where on this site for contract clauses?
Sorry I seems to have added more questions than answer for you, though it may jog other memories.
Celeste
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