Signing contract

Hi all,
I have a quick question regarding signing a contract to purchase.
My question being:
If I am buying with two other people as tenants in common, is it nessasary
for them to sign the initial contract at the same time with me, to purchase if they are not available to do so?
Can I myself sign the initial contract only and add there signed names later if the offer is accepted?
Advise please.
 
If I am buying with two other people as tenants in common, is it nessasary for them to sign the initial contract at the same time with me, to purchase if they are not available to do so?
You could look into using a "and/or nominee" clause in the contract. If it was the way to go, you could nominate the other purchaser's names later. The risk here would be that if the other 2 parties do not like the property you signed up for - then you still get to buy it - on your own.
You could look at getting a power of attorney from the other 2 parties and sign on their behalf.
In any case you must get legal advice.
(e.g. the "and/or nominee" clause in the contract in NSW triggers a double stamp duty payment - so you would not use it. I'm not sure about Qld)
 
Thanks for that info Prop,
Also if I sign a contract and later someone else places an offer higher than mine, is it the Real estate agents duty to tell me the amount of the counter offer so as I have the opportunity to adjust my offer
Does the vendor have to give me first choice to raise my offer as I was first to sign contract?

Thanks
 
Thanks for that info Prop,
Also if I sign a contract and later someone else places an offer higher than mine, is it the Real estate agents duty to tell me the amount of the counter offer so as I have the opportunity to adjust my offer
I'm not sure how this applies in Qld as it can vary from state to state. In NSW the REA is duty bound to get his vendor the highest price. It would be wise of him to give you the chance to increase your offer (as this would be in the vendor's best interests).

Does the vendor have to give me first choice to raise my offer as I was first to sign contract?
No. There is no "first right of refusal" stuff when negotiating a straight sale as far as I'm aware.
 
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