Hi, my partner and l are about to purchase our first property in Victoria, and the real-estate agent wants us to place our offer in writting on a “REIV” Real Estate Contact Notice, l have read up on these on the internet and they advise to be very careful as these forms are there to protect the agent in the sale not the buyer? As l can’t get legal help (because l will them lose my 3 day cooling off period) couls anyone out there advise what l should make sure l write in the condition of sale area ie; subject to finance etc. Thanks[blink]
There are a few conditions to think about including:
-Subject to finance: This should be at least 2 week subject to finance clause from the date of final signature.
-Subject to vacant possesion. (if tenanted and you wish to occupy, or if you don’t want the tenents)
– Subject to building inspection.
– Subject to fittings and fixtures remaining.
– also consider and/or nominees if you need to obtain legal/accounting advice, or if you may wish to change the ownership status.These are the main ones.
If you have any more questions, feel free to ask.
Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
m: 0404 362 262lsn | Loan Saver Network
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Thanks for the reply.
Could you please explain what you mean by:
“also consider and/or nominees if you need to obtain legal/accounting advice, or if you may wish to change the ownership status”
Are you simply refering to obtaining a solicotor for the purchase of the property or something else?
Any info is appreciatedAnd/or Nominees is something you put on the contract if you want to have the option to nominate or add another party as a purchaser.
For example- the contract would be signed as:
John Smith and/or nomineesThis would allow you to nominate or include another party in the contract of sale, change the purchaser completely to (example): Jan Smith. Or XYZ Pty Ltd, or another entity.
You may also be required to complete a nomination form at application for the finance, this is a document nominating who the nominee is. It may be a lender requirement.
Hope this helps.
Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
m: 0404 362 262lsn | Loan Saver Network
https://loansaver.com.au
Email Me | Phone MeEveryone Deserves a Fresh Start!
Thanks, that helps. If there is any other info we should include just let us know!
Colin has covered it weill, but i would suggest you get some legal advice. You shouldn’t be signing a contract without having it passed by a solicitor – you could be locked into a purchase you may regret.
As for the and/or nominee it is always good to use, but just be aware you may still be up for stamp duty in Vic if you do not have a written agreement with your nominee dated before you sign the contract. eg. you sign and/or nominee, then X comes along and you nominate him. You will have to pay stamp duty on your purchase and so will X – unless you had a prior agreement.
Terryw
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Even though you may be signing a standard REIV doc, I might also suggest you read it (both sides) and make sure you understand it before making your mark.
That might mean taking the doc and sitting on a bench for 10 minutes and even making a call to your legal adviser to clarify anything you dont quite understand.
And be sure to record a very specific expiry date on your offer – never ever leave it open.
In most instances, I suggest that expiry be not more than 24 hours. ie 11/10/06 6:00pm.
If the Agent says he needs more time, then just reply, “Are you telling me I should be looking at another property?” or “I need a response by then so I know what to do on another property I have my eye on.”
Enjoy
John Blackburn
http://www.propertybooks.com.au
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