Can I lose the sale?

[TMNT]

Ive got a verbal ok, for a unit in Outer outer sydney

ive got the vendor signed contract in my posession, ive signed it but have yet to send it,

my solicitor has called me (he is a solicitor in the area) and dealt with the previous contract which buyer did not proceed for hwatever reason,

my contract is unconditonal, but hasnbt been sent,

the problem is the existing switchboard is wired directly into the power pole/box, however, strata regulations require the power to go int othe shared strata power area,

to do this will require, removing the existing and illegal swithc board, removing the overhead cable from the powerline to the house,
creating a new switch board that goes from teh house to the back of the units, which also has to go through the 3 x footpaths,
have been quoted anywhere from $10-$15k,

I am still happy to pay for this, however, would like to have a shot at negotiating a discount before I sign,

since ive got a signed contract, can the vendor get annoyed at me and refuse to sell or accept a different offer, as long as I fax/email the contract first thing monday (tomorrow) morning

isnt my contract legal and binding the second I sign the contract and/or as soon as the agent/vendor gets the signed contract in their posession by email or fax?

 

[marg4000]

Check with your solicitor. As far as I know, until you have signed the contract and lodged it the vendor is able to withdraw by notifying you.

Otherwise people could sit on signed contracts for weeks.
Marg

 

[Terry_w]

in NSW contracts are generally only enforceable if you have the other party's signed version. (ie exchanged)

 

[TMNT]

ok what about other states?

i assume that once they are signed by both parties and the agent/vendor has been given a copy, then it cannot be withdrawn or sold again, under any circumstance

 

[Scott No Mates]

How did the power come to be connected in the first place if the setup is illegal?

Wouldn't rectification be a body corporate issue ie a shared cost?

 

[Terry_w]

ok what about other states?

i assume that once they are signed by both parties and the agent/vendor has been given a copy, then it cannot be withdrawn or sold again, under any circumstance

There are always exceptions to the general rule - in NSW there is legislation which says that certain documents must be included in the contract of sale, if these are not then the purchaser has the right to rescind the contract up to a certain date.

But generally if all parties have signed then it is a binding contract.

 

[TMNT]

Thanks guys

I've got confirmation it's not stratas responsibility since it should have been done as part of the subdivision,

I'm just wondering is there any legal responsibility from the sellers perspective?

 

[Colin Rice]

ok what about other states?

i assume that once they are signed by both parties and the agent/vendor has been given a copy, then it cannot be withdrawn or sold again, under any circumstance

From what I understand, in WA once the contracts are signed by both parties it is a binding contract.