Signing contract front page question

Discussion in 'The Buying/Selling Process' started by churchado, 25th Nov, 2013.

  1. churchado

    churchado Member

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    Hi. In the current Sydney market most REAs are pushing for offers including .25% deposit and the front page of the contract signed.

    My question is..If you sign the front page, are you agreeing to the entire contract as it is? I.e. do you need to get any questionable special conditions/clauses etc negotiated with the solicitors before signing or is this something you do during the cooling off period?
     
  2. Aaron_C

    Aaron_C Finance Broker

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    Yes if you sign you are agreeing to the entire contract but given that you normally have 5 days cooling off that is the time to finalise the terms you are not happy with as well.
     
  3. churchado

    churchado Member

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    Thanks for that. So I suppose that means that you are risking losing the deposit if you can't agree on terms.

    Seems to me that all odds are stacked towards the seller - Being a buyer you have to have favourable strata reports, building and pest inspections,get terms agreed to and get finance.

    Being a seller, you just sit back and wait 5 days.
     
  4. Aaron_C

    Aaron_C Finance Broker

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    Real estate has always been like that!
     
  5. Propertunity

    Propertunity Real Estate Buyers Agent

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    I suggest you sign the front page and also print off and attach any other pages that need amendment - i.e. the special conditions pages - and amend and initial these, as they will form your offer.
     
  6. Terry_w

    Terry_w Member

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    If you sign a contract you are agreeing to the terms of that contract. The terms include everything in the contract.
     
  7. churchado

    churchado Member

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    So would most people would get terms negotiated with solicitors before signing?
     
  8. Aaron_C

    Aaron_C Finance Broker

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    Of course.
     
  9. Jacque

    Jacque Buyers Agent and Bookworm

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    If they have time, it's a sound idea but not always practical, especially in the heated market we're experiencing. 0.25% and an exchange (with cool off) at least takes the property off the market and prevents being gazumped.
    I agree that it sucks for the purchaser, but that's the way NSW contracts work.