Hi everyone looking for some opinions
We have a friend trying to purchase a property who has made an offer, signed a contract at the start of the week and a small deposit, they were told that the buyer accepted the intial offer and the agent is taking it to them for signing.
-they have not heard back from the agent for days/contract not signed by seller now for almost a week
– it appears that the agent (even with a contract signed on the buyers end and taken a deposit) it still conducting OPEN FOR INSPECTIONS and dealings with others.
– the agent appears to be acting this way as the buyers (that have signed the contract) dont wish to sell their own property through him.Any advice? Is the agent acting illegally?
Thank-you
There is no contract until the offer is accepted (in writing)
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
Thanks Terry, in contrast to my original post i need to make a slight change, actually they have been told that the sellar has signed the contract, the agent has told them this verbally but they havent actually seen a copy due to ‘issues with dates’ or some technical excuse given.
So i will rewrite my original question, if they have a SIGNED contract by both parties, can the agent still conduct opens??
There apppears little doubt in my mind that the agent has deceived them, he had told them the contract is signed, but they havent seen it themselves and is still conducting appointments (without their knowledge), after learning that the buyer does not want to sell their own home through this agent, he has literally gone missing in action/extremely slow to reply to messages/not answering phones.
You might ask how we know he is still conducting opens? We contacted him via a different number as another buyer to which he replied its available and scheduled a time for viewing …
I don’t know if there is anything preventing an agent from showing still as there is a chance the contract could fall over or be subject to a cooling off period.
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
Hi Tanner,
We contacted him via a different number as another buyer to which he replied its available and scheduled a time for viewing …
It might be interesting to do the same again, as another potential buyer, but start by quizzing the agent – i.e. How long has this place been on the market? What has the interest been like? Have there been any contracts? If so, what offer price was involved (the agent probably won’t tell you, but it doesn’t hurt to ask – who knows just what the agent might let slip!) How negotiable is the seller? etc. etc.
A further thought – if your friends are looking to purchase prior to selling their own place, is it likely that they have included this as a condition on the contract? If so, this might have the Seller playing “hard-to-get”.
Let us know how it goes,
Benny
My understanding is that only when a contract has been exchanged, it becomes binding (conditions apply if specified, usually building, pest and finance).
If the buyer is concerned, their solicitor can contact the vendor’s solicitor and ask for updates on when the exchange can take place. It is possible to apply pressure on the vendor with a deadline (“if contracts aren’t exchanged by this date, we will not be proceeding with the purchase”).
Hope this helps?
Am interested to know how this pans out.
Best wishes!
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Actually a contract is binding when accepted.
But with property a contract would be unenforceable if not in writing. This means getting a contract with the vendor’s signature.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
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