No Contract of Sale

[Tesla Rules]

I have recent negotiated on a property purchase.
The vendors are listed as "self acting".
The RE has only provided a few pages - my solicitor says I do not have a valid Contract of Sale as yet. The negotiation has proceeded over about 10 days - and the agent has been requested for the Contract to be sent through.

When I was selling a year or so ago my then agent would not let me list with him until I had a solicitor draw up a Contract of Sale.

I understand the Contract is essential.

My solicitor says that because the vendors are acting for themselves this will mean a greater burden on him - so extra fee to me.

Comments? Recommendations? Observations?

And yes, I do want the property for various reasons ... trying to keep the post to the point - which is - what action if any can I take to recoop some of the extra expense incurred because the vendors are cutting corners in the legal side of the sale?

 

[Caputo Lawyers]

Don't you hate that.

In New South Wales, a Real Estate Agent cannot advertise or show a prospective Purchaser the property until the Real Estate Agent has a Contract for Sale of Land available to provide to a Purchaser at the time of advertising or showing the property to the Purchaser.

It is ok when people know what they are doing, clearly the vendor has no idea and they cause you an extra expense! Tell the vendor to get some assistance!

 

[chilliblue]

Don't you hate that.

In New South Wales, a Real Estate Agent cannot advertise or show a prospective Purchaser the property until the Real Estate Agent has a Contract for Sale of Land available to provide to a Purchaser at the time of advertising or showing the property to the Purchaser.

It is ok when people know what they are doing, clearly the vendor has no idea and they cause you an extra expense! Tell the vendor to get some assistance!

And remind the agent that you are aware that they have listed a property without the correct documentation in place.

Place some of the burden onto them to get things moving along.

 

[Tesla Rules]

Hi CL.

You say: "In New South Wales, a Real Estate Agent cannot advertise or show a prospective Purchaser the property until the Real Estate Agent has a Contract for Sale of Land available to provide to a Purchaser at the time of advertising or showing the property to the Purchaser."

HOWEVER - I went to the Office of Fair Trading in Parramatta yesterday.
It is not possible to describe how totally, completely, absolutely, emphatically NOT interested they were.
I was told:
1/ It was nothing to do with them
(I went back later with their pamphlet where they state (paraphrase) it is exactly their domain.

2/ To buy another property

3/ Lodging a complaint was a waste of time as nothing would happen anyway.


I swear to god this is the absolute truth of what I was told. I now have to write to the Minister for Fair Trading and complain about the Office of Fair Trading. (Have to? Yes _ I feel compelled given how unstatisfied I was with the way the spotty callow youth and then his manager dealt with the issue).

I really do not aspire to be such a crotchety old so-and-so - but REALLY!

A-n-y-w-ay. Back to the issue - it would seem that while it is "universally" believed that a valid of Contract of Sale is require prior to a RE listing a property - in reality the Office of Fair Trading does not care a micron about this and obviously the RE in this case and the vendor are away of this!

I wish I could "buy another property" as the OFT manager told me, but for various reasons I want this property.
Godammit.

 

[marg4000]

If you want this property then it will be worth it to you to spend a little more on your conveyancing and virtually get your solicitor to do all the work.

People doing their own conveyancing sometimes rely on the solicitor for the other party to take charge.
Marg

 

[chilliblue]

Hi CL.

You say: "In New South Wales, a Real Estate Agent cannot advertise or show a prospective Purchaser the property until the Real Estate Agent has a Contract for Sale of Land available to provide to a Purchaser at the time of advertising or showing the property to the Purchaser."

HOWEVER - I went to the Office of Fair Trading in Parramatta yesterday.
It is not possible to describe how totally, completely, absolutely, emphatically NOT interested they were.
I was told:
1/ It was nothing to do with them
(I went back later with their pamphlet where they state (paraphrase) it is exactly their domain.

2/ To buy another property

3/ Lodging a complaint was a waste of time as nothing would happen anyway.


I swear to god this is the absolute truth of what I was told. I now have to write to the Minister for Fair Trading and complain about the Office of Fair Trading. (Have to? Yes _ I feel compelled given how unstatisfied I was with the way the spotty callow youth and then his manager dealt with the issue).

I really do not aspire to be such a crotchety old so-and-so - but REALLY!

A-n-y-w-ay. Back to the issue - it would seem that while it is "universally" believed that a valid of Contract of Sale is require prior to a RE listing a property - in reality the Office of Fair Trading does not care a micron about this and obviously the RE in this case and the vendor are away of this!

I wish I could "buy another property" as the OFT manager told me, but for various reasons I want this property.
Godammit.

Somewhere in the front of the office is a framed piece of paper with the licensee in charge's license number. Record that number and contact the Real Estate Institute of NSW (REINSW) and they must act on all complaints.