My friend was interested in buying a unit. Put in an offer however after the real estate agent spoke to the owners he said they were asking for a higher offer.
he suggested she sign the contract anyway to encourage the owners to sign….
is this recommendable? what is your opinion on this matter
I wouldn’t be too concerned -the REA idea is to tempt the vendor into just accepting the offer – A bird in the hand…”
Certainly any deposit would be refundable if the offer isn’t accepted.
Perhaps attach a cheque and advise the agent only to bank it if the offer is accepted?
Let us know how it goes,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If i put a deposit on a block/unit and in the 5 day cooling off period my solicitor discovers problems in the strata e.g. strata behind in payments or structural damage being repaired and cost will be approx $4000.00 do i get my deposit money back for changing my mind…..
HELP
What state are you buying in?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
new south wales
thanks for your help by the way!
I believe that if you “cool off” during the allowed period you pay a very small penalty.
If you pull out due to a clause inserted by your solicitor the you pay nothing.
Such a clause might be “Subject to a satisfactory report on the Owners Corporate by my solicitor”
Your solicitor will know best what to write.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
as a rough estimate how much would the very small penalty be if my deposit is $3500 if i was to pull out during this 5 day cooling off period
thanks
When you buy a property in NSW there is a five business-day cooling-off period after you exchange contracts. During this period you have the option to get out of the contract as long as you give written notice. The cooling-off period starts as soon as you exchange and ends at 5pm on the fifth business day.
A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
If you use your cooling-off rights and withdraw from the contract during the five business-day period, you will have to pay the seller 0.25% of the purchase price. This works out to be $250 for every $100,000.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Do not sign anything without first talking to a solicitor!
Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.auTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks so much for your advice MortgageHunter!!!
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