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From: Dave
Hi All,
Last week I signed contracts for an IP purchase of the year. However, in speaking to some people, they have suggested I may have made a possible mistake.
The properties are off-the-plan, due to commence construction next week. Original asking price was $235,000 for each unit, with 10% deposit. These were listed for over three months. I contacted the vendor personally and found he was a very motivated seller and needed to sell these to fund his next project. I made a crazy offer of $200,000 each, with NO DEPOSIT whatsoever - the entire amount payable upon completion of the units.
The vendor accepted, and we signed the contracts, stating the above, last Thursday.
A couple of RE agents I've spoken to since have said I got myself a great deal. However, regarding the no deposit, they have cautioned me that the vendor may have an avenue to get out of the contract since there has been no consideration given by myself. Can anyone offer their advice or legal perspective on this? I always thought a contract of sale was a legally binding document, regardless of the amount (or lack of) deposit paid.
Any comments would be much appreciated.
Cheers,
Dave
Hi All,
Last week I signed contracts for an IP purchase of the year. However, in speaking to some people, they have suggested I may have made a possible mistake.
The properties are off-the-plan, due to commence construction next week. Original asking price was $235,000 for each unit, with 10% deposit. These were listed for over three months. I contacted the vendor personally and found he was a very motivated seller and needed to sell these to fund his next project. I made a crazy offer of $200,000 each, with NO DEPOSIT whatsoever - the entire amount payable upon completion of the units.
The vendor accepted, and we signed the contracts, stating the above, last Thursday.
A couple of RE agents I've spoken to since have said I got myself a great deal. However, regarding the no deposit, they have cautioned me that the vendor may have an avenue to get out of the contract since there has been no consideration given by myself. Can anyone offer their advice or legal perspective on this? I always thought a contract of sale was a legally binding document, regardless of the amount (or lack of) deposit paid.
Any comments would be much appreciated.
Cheers,
Dave
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