Help with Process

[pawprints]

I have a few basic questions that I am trying to get my head around. I have found conflicting information on these points and information on some Lawyers websites that have scared the c%^p out of me. I thought the process was a little simpler (I have purchased a house before - but not for a while). These questions are specific for Victoria.


1/ Does the Contract Note still exist?


2/ Can I provide a written offer in the form of a letter or email, to the agent with the terms and conditions that I will require. I don't have to sign a Contract Note to constitute and offer?


3/ If the Vendor accepts my written offer then I go in and sign the Contract of Sale? (I understand during this time the Vendor can accept a higher/better offer and I may lose the place?)


4/ If I want a lawyer to look at the Contract of Sale, should it be available with the Section 32 before I make an offer?


5/ If I do get a Lawyer to look at Contract and its OK, and I make an offer, presuming the property is still available, and the offer is accepted and I sign the contract, I have forfeited my 3 days cooling off as I engaged a Lawyer prior?


6/ If I dont get a Lawyer to look at the contract prior to signing it, I have a 3 day cooliong off period of 3 business days that if the Lawyer then finds something wrong, I can back out?

Many thanks

 

[Peter_Tersteeg]

The section 32 should be available before you make the offer. Often the easiest way to check this out is to get your lawyer to go through it during your 3 day cooling off period.

You can certainly make your offer via letter, email or just verbally. In most cases however, the agents negotiate verbally and then ask you to commit your offer via signing a contract. When the vendor counter signs the contract, the offer is accepted.

These days contract notes aren't really used any more.

 

[Terry_w]

I have a few basic questions that I am trying to get my head around. I have found conflicting information on these points and information on some Lawyers websites that have scared the c%^p out of me. I thought the process was a little simpler (I have purchased a house before - but not for a while). These questions are specific for Victoria.


1/ Does the Contract Note still exist?


2/ Can I provide a written offer in the form of a letter or email, to the agent with the terms and conditions that I will require. I don't have to sign a Contract Note to constitute and offer?


3/ If the Vendor accepts my written offer then I go in and sign the Contract of Sale? (I understand during this time the Vendor can accept a higher/better offer and I may lose the place?)


4/ If I want a lawyer to look at the Contract of Sale, should it be available with the Section 32 before I make an offer?


5/ If I do get a Lawyer to look at Contract and its OK, and I make an offer, presuming the property is still available, and the offer is accepted and I sign the contract, I have forfeited my 3 days cooling off as I engaged a Lawyer prior?


6/ If I dont get a Lawyer to look at the contract prior to signing it, I have a 3 day cooliong off period of 3 business days that if the Lawyer then finds something wrong, I can back out?

Many thanks

I've bought a few properties in Vic over the years, based on my experience

1. maybe, but what legal weight would they have - possibly little to none.
2. yes - but if they agree you still won't have an enforceable binding contract until you sign a proper contract with all the required searches.

3. Yes, but probably best to get your lawyer to look at it first.

4. Yes, it should be available before the property is marketed - but some vendors and agents do jump the gun a bit.

5. I don't think so. I am not sure of VIC law off the top of my head, but in NSW a solicitor would have to sign a separate certificate for the cooling off period to be waived.

6. Possibly.

 

[Aaron_C]

Last time your cooling off period was waived if you sought legal advice (a bit stupid). These days even if you see a lawyer the cooling off period still applies for the 3 days.