Have we really bought it?

[quintets]

We've just signed a contract for a house in Sydney and paid our 0.25% deposit up front and signed the "exchange by the agent" form. The vendor is up the central coast and the agent is obviously delayed securing the vendor's signature.

The agent is getting worried because they still have an open house planned on Saturday and would like to say it's sold. Apparently, the agent is telling everyone there's "an offer on the table".

I'm going to talk to my solicitor about this, but I'm wondering, have we really bought it yet?

Is there anything I can do to stop the open house? Can I still be gazumped? There is an awful lot of interest in this house.

Jireh

 

[Les]

G'day Quintets,

Gazumping appears (to me) to be a NSW problem. The way of arriving at a "purchase" is WAY different to what I'm used to - but then, I've only bought in Qld.

It seems to me that gazumping is common in NSW. I sincerely hope this will not be you. (And, if someone HAS been gazumped in Qld, I'd really like to hear the circumstances involved).

Sorry, I can't help with your dilemma, as I have no intimate knowledge of the "NSW way of buying property" - but I wish you luck,

Regards,

 

[kathryn d]

Is there any way you can get hold of the owners and ask them?

Agents aren't alway moral. (as with any professional, there are always a few bad apples)

 

[JoannaK]

it's not yours till the vendor signs and the contracts are physically exchanged between the parties.

sorry.

 

[quintets]

Yeah...I just spoke to my solicitor. Where we have given the agent the authority to exchange, exchange in NSW is deemed to have happened when the contracts are dated. That means a signature and a date. We signed on Tuesday. The vendor apparently signs tomorrow, so exchange happens when the final signatures and dates happen. The agent is supposed to tell me when the express post package is shows up. Until it is deemed exchanged, I can be gazumped.

My wife asked the agent the pointy question about whether her boss was going to pressure her to do the open house on Saturday. She said no way. I hope it all works out.

Jireh

 

[BV]

Once a REA used my signed contract as a negotiating tool
to get a higher price from other buyers.
Don't you hate how unethical some of these guys are?
I should have put an extra clause in the contract
i.e subject to acceptance by Thursday morning or something along these lines.
cheers