I've already signed the contract, (wish I'd thought to check in here first).
-Is it true I have to get the building inspection done within 10 days?
-Also that I must employ a settlement agent immediately?The problem is, I'm wondering if I've gone too high the the purchase price (the agent put a lot of pressure on me and refused to take my initial offer), hence my final offer was up around 2% more than I'd initially wanted to pay.
-There are custom built dog kennels in the backyard which I'd wanted removed as a condition on the offer. I'm a single mum
without resources for such jobs, but the agent refused to write that in as a condition.-I also don't recall him telling me of any cooling off period, though this would've passed by now anyway, also I guess it would be in the fine print of the document he gave me.
– As I'm not a FHB, I was probably over confident when going in to make the offer with the agent.
-Finance has not been approved yet.
-The crux of it is, do I have any way out of this now, or am I committed?
Any body who thinks they can give you specific advice on a contract without looking at it is deluding both themselves and you. If you have any concerns you need to go and seek competent professional advice from a practitioner in your state/territory as a matter of urgency so you can be advised of your rights and obligations
I agree
If you do not pay for legal advice you are leaving yourself wide open.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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thanks for the replies,
does the agent have the right to refuse to put certain conditions in with the offer?
they are smart to get you to sign the contract withouth any condition… perfect for 100% commission
You are either loss your deposit or settle it or being sued by the vendor..
Oh, there are conditions – building inspection, pest inspection, oven must be cleaned, carpets to be cleaned, a/c must work etc etc but NOT the removal of the bloody kennels as I had asked for.. grrrrr
pfftt.. now I know why people hate real estate agents.
still, if I get knocked back for finance, then so be it. It can go either way as I have a casual job..
another lesson learned..
Kaytee
Tell the selling agent your finance has been approved subject to the kennells being removed prior to settlement as the valuer made comment on them.
Richard Taylor | Australia's leading private lender
LOL
Kaytee, there is a fine line between signing the contract and having a binding agreement which eventuates once the contracts are exchanged. This of course is not legal advice and you should seek professional help as suggested by others.
However, if at all possible (if the agent is holding your signed copy of the contract), you need to make it clear to the agent that the contracts have not been exchanged and that s/he does not have your authority to exchange. I would be getting a lawyer to look through the contracts and negotiate some amendments in the meantime…
Heh GOM i was serious lol.
Dont something similar many times before.
Richard Taylor | Australia's leading private lender
Speak to solicitor asap- I am a R/E principal and agent myself and have been for 18 yrs now, in QLD/ NSW
a buyer must also take some responsibility for their behaviour, if you are not happy with something do not sign it, it is simple, tell the agent- put in the condition or Im not signing it, be assetive as it is your hard cold cash$$$$$$, or tell the agent Im not signing anything or paying a deposit until my solicitor looks at it for me.Yes speak to solicitor asap and get it sorted and instruct all things to the agent / solcs in writing and tell your solicitor you want kennels removed or a price reduction as you have to remove them, but if a really good deal and good opportunity/ equity in it- no use loosing the deal over a few kennels that you can probably get some guys to remove in a day or two for you.
Not all agents the same
EvaCD wrote:Kaytee, there is a fine line between signing the contract and having a binding agreement which eventuates once the contracts are exchanged. …what does this mean?
You should have read what you are signing before signing and should have sought legal advice. Why on earth would you let an agent put in the conditions? They are not allowed to fill in the contract – except for the box on the front page in NSW contracts.
I would suggest you read the contract and look for the cooling off period. If it hasn't expired yet then pull out of the contract and get some legal advice asap before coming back in with your conditions and a lower price.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Kaytee wrote:EvaCD wrote:Kaytee, there is a fine line between signing the contract and having a binding agreement which eventuates once the contracts are exchanged. …what does this mean?
Kaytee – at least in NSW there is no binding agreement between the parties until the contracts are exchanged (this is when both contracts are signed and dated and when you receive the vendor's copy of the contract).You signing the contract may evidence your intention to be bound by the deal but does not necessarily bind you to the deal if you told the agent not to exchange contract / that s/he does not have authority to exchange.
Please note that these comments are of general nature and should not be used as substitute for legal advice.
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