No section 32 so no offer

[Kitkat]

I am trying to purchase a property which is at a bargain price, however there is a catch. The agent has said as the section 32 has not yet been done then no offers can be accepted. This house has been "on the market" for two weeks now and the agent has told me that it may be more than two weeks before the section 32 appears. In the meantime more and more people are inspecting the property. Are there any suggestions as to how I can acquire this place ASAP at the bargain price!\

Thanks all

 

[jennyn]

Perhaps you could put a holding deposit on it of $100 or so until the s32 comes through?

 

[Kitkat]

thanks Jennyn but they won't hold the property at all until the documentation is there. Looks like I'll just have to wait for this section 32 along with a growing list of interested parties!

 

[flyfishinginoz]

Section 32?

Hi,

What is a Section 32? Why does it stop you from buying the house?

Cheers,

Michelle

 

[sabre]

HI ALL.what is this 32 cheers sabre s.n.a.f.u

 

[Mondie]

The section 32 is the legal jargon for a vendors statement containing info like title searches, land/strat plans/ outgoings, any notices on the property etc.

In Victoria an offer cannot be legally binding until a section 32 has been provided and signed by the vendor, hence Kitkat's dilemma.

 

[Iggy_Type_R]

Common trick I found agents use in Melb. Try to put an option on the property?

 

[AndrewS]

We are currently in the process of purchasing a property in the same situation as you

In our situation, we made a formal offer and placed a small deposit $100, without having sighted the uncompleted S32.

The vendor accepted our offer, but the contract could not be signed until the S32 had been sighted.

I would ensure that with any offer you make, that you make settlement X number of days from the signing of the contract..

In our situation, there was no problem making a formal written offer and having it accepted, without sighting the S32. We have now sighted the S32 and have signed the contract.

Dare I say it, could it be the RE playing thier games?


Regards

AndrewS

 

[Mondie]

Originally posted by AndrewS

In our situation, there was no problem making a formal written offer and having it accepted, without sighting the S32. We have now sighted the S32 and have signed the contract.

Andrew,

The offer may have been accepted but l am not sure it would be legally binding on either party in the absence of a Sec 32? Maybe someone else can confirm this.

If you have an honest seller then no problem.

If you are talking to your solicitor it mightn't hurt to ask where you do stand

Cheers

 

[Kitkat]

Thanks for all the input guys, unfortunately there is nothing that I can do to secure this property until the section 32 appears (have tried everything!).

I am 100% certain that the agents are playing games as the price of the property is too low to be true!