All Topics / Help Needed! / Submitting multiple offers at the same time

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  • Profile photo of property1234property1234
    Member
    @property1234
    Join Date: 2009
    Post Count: 18

    I am wanting to submit offers to about 3 properties all at the same time, in the hope that at least 1 would be accepted.

    I wondered what clauses or methods would be used in such a circumstance?

    As I wondered what might happen (hypothetically) if all offers were accepted, I certainly wouldn’t want to be stuck trying or being forced to finance all 3.

    Thanks.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Offers are treated differently depending on the state.

    For instance, if you make an offer subject to finance in QLD or WA – you'd probably need to show proof that the finance has been knocked back if you decide not to proceed.

    It's usually a different story in NSW or the ACT – offers aren't usually made via formal agreements.

    What happens if all three are accepted? There are a lot of people being effected here.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Under contract law if an offer is accepted then there is a binding contract. But for land this is qualified by legislation which states that an offer to buy or sell land has to be in written form to make it binding. Doesn't necessarily have to be in the form of a formal contract. Could be on the back on an envelop

    So if you are making written offers seek legal advice first.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of property1234property1234
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    @property1234
    Join Date: 2009
    Post Count: 18

    Thanks for the responses.

    The properties are in QLD so it would fall back on finance I would assume (without any other clauses nominated).
    Although not sure if you could just pick which property you want to get in such a circumstance and then consequently turn down the other properties on the basis of not being able to get finance.

    As for the people being effected, I suppose its a point of view, I would see it as more of them at least having an offer for a potential sale than no potential sale.

    I would like to get legal advice but I’ve obviously got to weight up the cost in doing so.

    Profile photo of TerrywTerryw
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    @terryw
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    Don't tell me you are going to buy a property without legal advice?? Spending $1000 now could save you hundreds of thousands later.

    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

    Profile photo of property1234property1234
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    @property1234
    Join Date: 2009
    Post Count: 18

    True. I would certainly use a conveyancer and could ask them. I never thought of it like that. I could get them involved earlier than I might usually.

    Profile photo of TerrywTerryw
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    @terryw
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    Well you will be using one anyway so why not get them to show you how to make offers with a few conditions. Should cost much more if anything.

    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

    Profile photo of property1234property1234
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    @property1234
    Join Date: 2009
    Post Count: 18

    Great, well it seems like a good idea to me. Thanks for your help Terry.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
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    Another tip is to read the whole contract word for word. You would be amazed at how many people who enter an agreement without knowing what they have agreed to.

    Start at the special conditions and take special note of these and then read all the standard conditions clause by clause. If you want something changed then tell your solicitor and they can ask the otherside for it to be changed. It may not always be agreed upon, but doesn't hurt to ask.

    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

    Profile photo of property1234property1234
    Member
    @property1234
    Join Date: 2009
    Post Count: 18
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