All Topics / Legal & Accounting / IRREVOCABLE AUTHORITY TO VENDORS SOLICITOR/CONVEYANCER

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  • Profile photo of mitzu5mitzu5
    Participant
    @mitzu5
    Join Date: 2003
    Post Count: 50
    August 4, 2011 - 12:11 pm

    Hi all,

    I am new to investing in NSW and am interested in a house which I will view this weekend. In the mean time the RE Agent has sent me
    a copy of the contract, a sale note and aother form titled IRRECVOCABLE AUTHORITY TO VENDORS SOLICITOR/CONVEYANCER.

    Since my husband will not be there to view this property the RE Agent has sent us the contract to sign as well as the other papers should we be the successful purchaser.

    If I am successful, I have decided not to sign the contract until my lawyer has a look at it on Monday but I don’t know what the Irrevocable authority is and do not want to sign it until I do. Could this be another form like the 66W?

    Would love to hear back from anyone with knowledge of this form.

    Thank you

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871
    August 5, 2011 - 10:10 am

    Hi Mitzu,

    In NSW the solicitor or conveyancor holds the contract once it is signed, and does not 'exchange' it until you OK them to do so, for example once you have finances in order, (ie unconditional)  and inspections done etc. Whereas some other states of course are a bit different.
    DOn't be worried about waiting until your solicitor looks at the form and contract – that is normal process for NSW, and a 'no brainer'.
    All the best with the inspection.

    Cheers

    Profile photo of mitzu5mitzu5
    Participant
    @mitzu5
    Join Date: 2003
    Post Count: 50
    August 5, 2011 - 10:56 am

    Thanks V8ghia,

    I have decided not to rush into signing the contract if my offer is accepted tomorrow. I will wait until my solicitor looks at it on Monday. Thanks for your help.

    Cheersl

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 6, 2011 - 11:27 am

    What is the irrevocable authority for? I would be concerned about that.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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