Question about signing contracts

You can ring the agent and say the offer is withdrawn at the end of today’s business unless the vendor accepts/rejects the offer. That usually gets them and the vendor moving.
Through trial and error (mostly error) I have found that I can write whatever I want in, and scribble out whatever I want from any contract which is presented to me (especially real estate transactions).
The agents are horrified when you start putting lines through their forms!
When I first started in this game I did not realise this was possible, and was a bit intimidated at the site of any sort of contract. Now I know better.
You can put whatever you like in your offer to purchase, and write or delete any part of the ‘standard’ contract form that the agents want you to fill out. Of course, if you strike it out, you then have to get them to agree to the change (they will usually fight it).
A good guide for written offers is something like this:
” I, xyz purchaser, present this offer of $xxx to purchase xyz property from the Vendor. This offer to purchase will expire at 5.30pm on November xx, 2006. The Vendor of xyx property will accept or reject this offer on or before the above date by signing this contract, or the offer will be withdrawn.
Make sure every offer includes the clause “subject to finance from xyz bank for xyz amount within 21days of the Vendor signing the contract”. That always gives you an out.
Once you have done a couple of these you will never be intimidated by a contract again. You will be empowered and confident and in control of the transaction. After all; they want to sell the property.
Have some fun with it.

Cheers,
Marc.
[email protected]

In Australia, all sales of land – irrespective of the type or whether there is a house contained on the land or not – must be in writing to be legally binding
There is a standard Contract of Sale for every State and Territory and your solicitor or conveyancer can prepare the standard documentation for you using the standard Contract of Sale. Always remember though, that whether you are the seller or the purchaser, additional conditions can be added – these are added as “Special Conditions”.

Procedures differ markedly through States and Territories and it is impossible to specify here in detail the methods for every area. It is vital that you consult a Solicitor or Conveyancer in your State/Territory before you embark in selling your property

In some States, such as Victoria and NSW, the Contract of Sale is a very comprehensive document which may include title searches, utilities searches, land tax certificates etc and this can take several weeks for your solicitor/conveyancer to prepare. In these states we recommend that you organise the Contract of Sale before you put the property on the market. There is nothing worse for a Real Estate Agent, than to have to tell a prospective buyer that the Contract details have not been prepared ready for signature. Once your Contract of Sale is ready, arrange for several bound copies to be supplied to the Real Estate Agent – as well as a couple of unbound ones so that further photocopies can be easily made.

In other states the process usually involves a buyer making a written offer of their price and terms, using a standard contract supplied by the Real Estate Agent, and then signing. The agent will then present this to the vendor. If the vendor accepts the offer, they sign and it now is a legally binding contract. However if the vendor does not accept the buyers offer, they may make whatever changes to the contract price and terms, initial these changes and sign the contract. The agent will then present this counter offer back to the buyer, and so the process continues until mutual agreement is made. Unless both parties agree with all amendments and terms then there is no contract. All title and local government searches are later conducted by the Solicitor. (Source:www.propertydivas.com.au)

Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”