Hi,
Has anyone put an offer in before sections 32 is available? Is that possible? Would the real estate agent generally take the offer and present it to the vendor?
There is a property I am interested and want to put an offer in, but sections 32 is not available yet. Has anyone ever put an offer in such as "subject to sections 32" ? What are the risks? Any advice on what terms I should be concerned about?
Thank you in advance.
Hi Wes,
I would think that if the Section 32 isn't ready, then the contract isn't ready either as these are usually drawn up at the same time. So the vendor may accept an offer but you can't make it official with out the contract anyway. In the mean time they may change their mind on your offer.
I'm pretty sure you can't legally sign a contract anyway until you have been given a Section 32.
You can find out most of the information in a Section 32, like a title search by researching yourself, of course there will be fees.
Cheers,
sueI personally think you would be crazy to commit yourself to a property priot to viewing and getting legal advice on a S32. They can hold info that may make the deal completely worthless, and you , broke! Such as: restrictive covenants, land title and alignment/ fenceline issues, etc,etc. Dont do it.
I would place a written offer but subject to review of the 32.
That way you have a offer on the table and also a way of backing out if you dont like what you see in the 32.
Cheers,
DIM.
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