hello,
i put an offer on a place on monday nite, it was accepted on monday nite. the real estate agent hasnt put the ‘under offer’ sign up yet, i asked him about this and he says he doesnt have to, he said he put the ‘sold’ sign up when he sees my finance approval?
Can he do this? i thought he had to put the under offer sign up?
what do people think?
thanks
No he is not obligated to do this, he is however obligated to put a “sold” sticker up once the full deposit money is paid.
I guess he is keeping his options open in case your finance falls through. Someone else may ring him from the board.
Lets hope your finance gets approved quickly
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auMonopoly said – “however obligated to put a “sold” sticker up once the full deposit money is paid.”
Why is he obligated? I know its common practice to display a sign and put a sold sticker on there. But what is the obligation – is there a law or something?
Splitting hairs again Yack??
Okay, fine I’ll play!!! (sigh)
Yes he is OBLIGATED as once the contract of sale has been accepted by both vendor and purchaser the property is deemed SOLD and for all intents and purposes, is required to be made public if a public board or advertisement of the property is displayed.
I am not an agent Yack, however I have discussed this will solicitors and was informed that the “SOLD” banner/sign cannot be put onto a board until finance has been approved and a deposit has been taken.
If you wish to find exact legislation, I suggest you do a search of the legal obligation, because personally, I don’t feel the need to defend agents practices. I have merely passed on information as was given to me by a legal professional, anything less is just speculation.
As a point of interest, here is the Code of Practice as per the REIV; it mentions sold signage Section 9(h) however it does not conclusively stipulate enforceable or breech of any laws if the practice is not strictly adhered to. http://www.reiv.com.au/_uploads/98_rulesOfPractice.pdf
Cheers,
Jo
I think you will find hat the property isn’t sold until the contract becomes unconditional.
This is what Jo was saying I think.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes Simon,
It is what I am saying. That is, a “sold” sign will not be posted across the advertising board until the initial (sale price) deposit has been paid over to the selling agent.
Cheers,
Jo
Originally posted by Monopoly:Yes Simon,
It is what I am saying. That is, a “sold” sign will not be posted across the advertising board until the initial (sale price) deposit has been paid over to the selling agent.
Cheers,
Jo
Perhaps there are differences between states. Is it sold whilst the clauses are still in force? ie contract is conditional on finance?
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Mortgage Hunter:
Perhaps there are differences between states. Is it sold whilst the clauses are still in force? ie contract is conditional on finance?Quite possibly Simon,
Although I have bought interstate properties in the past I can’t recall the finer details as to WHEN exactly the “sold” sign was posted (come to think of it, I don’t think I ever really cared too much to notice). [blush2]
I know in Victoria it is considered “SOLD” upon signing the contract of sale (whilst it is “conditional”) and any further enquirers are told verbally that it is so. However the actual “SOLD” sign is not posted until the 10% deposit is paid over (or the contract becomes “unconditional”).
As for other states, perhaps REAs outside Victoria could answer more accurately.[biggrin]
Cheers,
Jo
Agents just love the free advertising. As far as I am concerned as soon as the property is sold unconditionally the for sale sign should be removed.
Its only left there with a sold sign on it so the agents can get a bit of free advertising.
So what’s wrong with a bit of “free advertising”??? And anyway, the “sold” sign is not just about free advertising for the selling agents, it is also there to alert people to fact that the property is no longer available, thus saving them their time and the bother of enquiry after it. Personally, if I were an agent and I had to answer upteen enquiries on a property that had been sold almost a month ago, I’d be pretty damn tired of it after a while.
And besides, it doesn’t hurt anyone??? So get over it Yack!!! [offtopic]
If there is no sign – then there will be no enquiries.
Pretty simple.
I dont really see how any real estate agents sign adds to the amenity of an area. In my view they are an eye sore and the sooner they are removed the better.
Yack,
The sign is there for 30 days, after which time it must be removed, unless the agency obviously decides to do so beforehand.
As I posted before, try reading: http://www.reiv.com.au/_uploads/98_rulesOfPractice.pdf
It is part of the agents code of practice, so to that end, whether you or I like it or not, that’s just the way it is….MOVE ON!!! [offtopic]Mono
I will move on – when I am happy to move on.
How about stopping your subjectivity?
Here are some of your annoying subjective posts –
“And besides, it doesn’t hurt anyone??? So get over it Yack”
“whether you or I like it or not, that’s just the way it is….MOVE ON!!!”
“Splitting hairs again Yack??”
Here’s another:
If the shoe fits……..[blush2]
Besides Yack,
I’ll stop my “subjectivity” (I suggest you look up the word, as I am hardly being as you accuse me).
You directed your snideness at my comment, I obliged with an intelligent answer, and all you could come up with was “I don’t agree with free advertising, they’re an eye-sore” and a barrage of other childish excuses, when in fact, signage is there as part of a profession’s code of practice not merely to satisfy a small minority of people who are agreeable to them.
Hence, grow up Yack!!!
I have no problem with advertising. All I am saying is that the sign should be removed from the property after its sold.
There you go again – telling me to grow up!!!!! Hardly objective just because my opionion differs from yours. There are no right or wrong answers here – just a discussion. Let me get my 4 yr old son – maybe you can tell him to grow up too.
Yack,
You asked me was there any legislation, I said I wasn’t sure but rather than blow it out my backside, I tried to do the right thing and posted a link re the Code of Practice for REAs as per the REIV, it clearly stipulates the use of signage; not my decision, nor my concern, but their practices!!!
Unlike you, I don’t have an aversion to them, I don’t consider them an eye-sore, and indeed as an investor, I enjoy seeing them on properties and thinking “ooh…I didn’t realise the house in X street was for sale, had I not driven by it” and once sold (on the assumption that I was not in the market to buy, and hence was ignorant of its sale) I can make a mental note to look up the sales in the area knowing that one has just recently been sold, enquire (under FOI) what it went for etc etc.
It’s all good knowledge to have, and I hardly think that just because it annoys you, it should be discontinued.
As for calling you childish, I make no apologies for that Yack, you have had your subtle digs at me before, and after throwing an educated response at you backed up by evidence, you suddenly went silent. What about some of the blatant nastiness in your remarks Yack, like my being “anti-problem solving” hardly fair after I had nominated alternative solutions to the posters dilemma. So don’t even try that one Yack, it don’t cut the mustard!!!
Maybe you shouldn’t stir up sleeping lions, then you won’t get bitten when they wake!!!
Cheers,
Jo
Avranjes – Good post. Perhaps try your state REI for their farcical, unenforceable “Code of Conduct”, it’ll be a guide at best but the agents are not lawfully bound by any means to follow them.
My father was disappointed a few years back when he successfully bid on a property at auction and after the crowd dissipated and contracts exchanged, the agent didn’t put a sold sticker on the auction board. He said he forgot about it – his loss really I suppose. Dad felt a bit deflated however. Sign stayed up for the next 3 weeks without a sold sticker being slapped across it ?? Who knows.
Yack – I agree with you, they are an eyesore and potential security risk. Definitely detract from the neighbourhood amenity.
Monopoly – Disagree with you totally. You have reduced this fine thread to a drivelling mess, with enough pschobabble and personal attacks on Yack to be laughable. I’ve noticed many times on this website when you disagree with someone, or more specifically if they dare to disagree with you, you smother them with headtwisting rubbish and deviate off into a personal attack until they relent. Yack continued with integrity despite your vehement slandering. IMO you ain’t no sleeping lion.
There have been quite a few posts written about forum members reducing some threads on this website to a slandering match and adding little constructive value, even supported by Steve.
Monopoly, it’s OK to have other forum members question / or heaven forbid disagree with you without you flying off on some psycho babble slandering tizz.
Cheers,
Dazzling
“Go hard or go home”
Originally posted by Dazzling:
My father was disappointed a few years back when he successfully bid on a property at auction and after the crowd dissipated and contracts exchanged, the agent didn’t put a sold sticker on the auction board. He said he forgot about it – his loss really I suppose. Dad felt a bit deflated however. Sign stayed up for the next 3 weeks without a sold sticker being slapped across it ?? Who knows.
I’m sorry to hear about your father’s disappointing incident, however if no money was exchanged (which was my point in the first place) at least he didn’t lose too much except for his faith in REAs.Yack – I agree with you, they are an eyesore and potential security risk. Definitely detract from the neighbourhood amenity.
Fair enough that you see them as an eyesore, although I can’t say I understand how they are a security risk, and really I’m not asking for clarification, I’m sure you have your reasons for thinking them as such.Monopoly – Disagree with you totally. You have reduced this fine thread to a drivelling mess, with enough pschobabble and personal attacks on Yack to be laughable. I’ve noticed many times on this website when you disagree with someone, or more specifically if they dare to disagree with you, you smother them with headtwisting rubbish and deviate off into a personal attack until they relent. Yack continued with integrity despite your vehement slandering. IMO you ain’t no sleeping lion.
There have been quite a few posts written about forum members reducing some threads on this website to a slandering match and adding little constructive value, even supported by Steve.
Monopoly, it’s OK to have other forum members question / or heaven forbid disagree with you without you flying off on some psycho babble slandering tizz.
Fair enough Dazzling, you are entitled to your opinion of me which is undoubtedly not a positive one. I will heed your words and lower my voice to a dull roar that should please the masses.May I also suggest you take your complaint to admin I’m sure they would be interested in your views, especially if troublesome posters such as myself engage in “slandering” fellow forumites. As a former moderator of this site, I don’t think that type of behaviour should be tolerated, and on that note, should be asked to leave.
I will respectfully oblige if that is the case.
Cheers,
Jo
hey everyone,
i have my finance approved. so the sold sticker has gone up!
i would like to thank stuart and josie @ prosolution, and tracey @ loancom for there advice, even when they all knew i wasnt going to use their services to secure a loan, they still took the time out to give me expert advice.
thanks to all of you.
Andrew
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