Hi all.
Im intrested in a block of land, agent rang recently and said the last purchaser could not get finance so it is now back on the market. I have an emailed sect 32 but no contract. Is this normal, that the vendor would get a sect 32 made up and not a contract for the sale.
I asked agent for a contract via email, she hummed and haed and said I can send you the details of the contract ????? I asked will it be the contract of a contract note, still not sure she said a contract note. Is this Ok or a bit strange? If I sign a contract note with my offer is it the same as a contract and then will I have to sign a formal contract latter. I was told that if you sign a contract note you then accept any conditions or terms that may be on the official contract is this right. If they use a contract note, will there then be a contract drawn up latter or is the note then the formal contract note?
Is ther any diffrence between the two?
What should I look for in the contract note to protect myself if anything?
Is it best I ask for a formal contract by the vendors solicitor or go with the note?Any help much appreciated, Im new to the legal side of contracts in real estate.
Kind regards
T…………..
Hi Tony B,
I have just posted an item on http://www.AustralianRealEstateBlog.com.au about this very document. See "Contract Note Banned! Estate Agents Lose Deception Tool" for more information.
Peter Mericka B.A., LL.B
Peter
Thank you kindly for your reply. May I say your site has proven to be a great resource for me, in the past and now. May I also say I have learnt so much and beleive your site is a must to visit before entering an agents office.
What supprises me is most agents know as much law as I, very little. They asume the potential purchaser in fact knows nothing of contracts or realestate law, and in the majority of case its true. However, they like to take advantage of this. On a few occashions I have had to corrected an agent on a few points and wow how their attitude changes & not for the best.I think it is a great step foward in banning the Contract Note. Why would you want them anyway, the vendor has already paid for the sect 32 & contract to be made up by a proffeshional to their satifaction. I contacted the agent and asked for a contract as I have the sect 32, But no contract, suprise suprise. I was told I would be emailed a Contract Note as no contract had been prepared. After reading your last artical I now know it by its correct name "contract switching". Today I received nothing at all as I asked for the contract not a note.
If I can ask you a few questions:
Can a real estate agent prepare sect 32s and contracts legally for a vendor?
If I want to see a contract and am told its not available and am given a note to make my offer what can I do about it?Once again thank you for your reply and keep up the good work.
Kind regards
T……………….
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