Signing a contract

[triton07]

Hi all,

I’ve put a verbal offer on a property & have been contacted by agent that vendor has accepted the offer.

Now my question is, agent wants me to go today to sign the contract. I just wanted to know if this is the way to go with the purchase or do I need to have to contract checked by my solicitor before I go ahead with singing? The problem is I can’t see my solicitor until Monday.

Or do I sign the contract & have the five day cooling off period do its work if anything is to be found by my solicitor? Property is in NSW.

Also does the five day cooling off period start on the first day of business, which is Monday if I was to sign today?

Sorry all for asking these basic questions but just want to make sure I don’t get myself into any issues.

Cheers
George

 

[eternit]

If it was me I would pay a 0.25% holding deposit and get the copy of the contract and sign it after seeing the solicitor on monday.

If the agent doesn't agree then I would sign the contract in my last resort but get something in writing saying the contracts will not be exchanged until after you have got confirmation from your solicitor.

If you sign the contract and its exchanged and you pull out in the cooling off period then you lose your 0.25% deposit. So I would pay the 0.25% but ensure contracts are not exchanged until getting the ok from solicitor....

 

[Perp]

Now my question is, agent wants me to go today to sign the contract. I just wanted to know if this is the way to go with the purchase or do I need to have to contract checked by my solicitor before I go ahead with singing?

There's no reason why you need to sign today, other than the agent's desire to have you sign up. Do you have any special conditions, ie subject to finance or building inspection? If so, you'll want to ensure that all those clauses are worded to your satisfaction before signing. You also need to check whether there are any "standard" clauses that you'll want amended, eg in QLD the contract says property is at purchaser's risk from 5pm day after contract, rather than settlement - I always change that to keep the property at vendor's risk until settlement.

It doesn't sound to me like you're ready to sign. Don't sign until you ARE ready, but find these things out quickly on Monday.

 

[Ridin-High]

My partner has recently found her self in a very similar prediciment, i will share the experience.

partner offered on a property, got accepted, she wished to put a deposit down

$650.00

Real estate agent said she HAD to sign the contract, my gf did all this while i was asleep.
Please obtain your own advice but as far as im aware, you don't have to sign the contract two ways of doing it

1.) you don't sign, vendor can accept other offers
2.) you both sign, vendor can't accept other offers

I wanted my gf to get the contract looked at by her choosen legal rep to make sure no iregular things, eg just from me looking at it, it had a 66W in place which is waving of the cooling off period, land content 333sqm, not 395 as re told her.

gf seeing her legal rep tomoz to review the contract and for him to explain it to her.
Realestate agent said she will not get the vendor to sign until our legal rep has contacted her (but how much is someones word worth these days)

a few things need to be changed.

- confirming vacant posession (current tenant to feb 09)
- deposit 5% not 10 as on contract
- Owner to have insurance on the place till settlement date (eg any damage tenants or anything else is his responsibilty)
- subject to building, pest, bank val


So yeah for the first timers, take your time seek legal advice before signing, not after.

 

[grossreal]

hi
there is a saying going around
don't sign anything.
and it goes for anything thats not been checked by someone who knows what the are doing so.
no I would not exchange until the contract has been checked
what you can do is a holding deposit with the solicitor and held in there trust account
done that before it takes it of the market but only for that agent.
my better way is to get the contract from the vendors solicitor
then pester the hell out of the vendors solicitor with lots of questions and run up a very large bill with the vendor solicitor.
this helps you as when some one else comes along to buy their solicitor has avested interest in you buying it as the have a big bill run up by you and if they issue the contract to someone else they have to explain this bill to the vendor and thy dont' like to do that.
this is better for a large deal but can work for a smaller one.
I do not exchange until the very last moment as it gives me more time to check out the deal.
only exchange on formal funding and only after your legals have told you to do so.