exchanging contracts with REA direct

[jsoe]

HI all,
Our offer has been accepted on the above property. The seller is asking us to exchange contract today with 0.25% deposit.

Basically, the REA is telling us to come into his office to sign the contract today if all is good. (Is this normal?)
I need to get my conveyancer to go through the contracts now. Just wanna make sure what I'm signing at REA is the same contract as what I'm getting my solicitor to look at. Is this normal at all?

thanks.

 

[Terry_w]

Don't sign that contract until your lawyer has given the go ahead. Then sign the copy you hold and take that in. Double check the special conditions pages on the other contract to make sure that they are both the same.

Its normal for a real estate agent to try and rush you, but don't fall for it.

 

[JoP]

Agents running away with it

Scary. Agents do sometimes take a deal and run away with it leaving the lawyers to come along behind trying to tie up the by then fast unravelling loose ends. But, one has to be a bit sympathetic to agents because they know that once lawyers get in the picture the chance of getting their mits on that 3.5% commission can fade right away.

Remember -
Agents are NOT qualified to give legal advice. That purchase is a huge purchase and you will be paying for it for a long time. Some young agents hardly know what an exchange is, or when a deposit is refundable.
Agents do NOT work for the purchaser. They take their money from the vendor. And if they don't get a purchaser signed up, they don't get any $.

At least there's your rights to cool off. So, if you have been impetuous and signed up, hotfoot it to your lawyer to get some proper advice. You only have until 5.00pm on the 5th working day (Saturday is a work day) after exchange to cool off, for which you will pay a penalty of a quarter of 1% of the purchase price (in NSW).
Be afraid. Be very afraid.

 

[twobobsworth]

Have always exchanged with the agent. No issues.

 

[Jamie M]

Probably an obvious question but are you confident that obtaining finance isn't going to be an issue?

Cheers

Jamie