OK, thanks for explaining that, it makes sense now....
The Deposit
- Thread starter HomeBuyAU
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OK, thanks for explaining that, it makes sense now....
I dont think that is the case in NSW. There is the cooling off period, where they have just paid their holding deposit. But once the contracts are exchanged and the cooling off period finished, then there is no turning back.
I think you need to get an appointment with your solicitor as soon as possible, and go through what the sales process involves. It sounds like you dont really have any idea of what is going on and you are completely relying on the agent to take you through... its not a good position to be in. you currently have no power and given that it is your house, you should be the one with the power.
You really should have met with the solicitor and gone through this before you started the sale process, so that you are in control. I'm a bit concerned that the agent "picked" the solicitor for you. They can recommend a solicitor, but you should really choose the solicitor. You want independent advice, not the agents.
the agent cannot sell the house without having a contract. So, ask them to email a copy to you. The solicitor should have discussed with you any special conditions that the contract should include. They should also have discussed the "inclusions" eg dishwasher, clothes line, air con etc.
Your posts make me feel so anxious, cause it seems like you havent done any of these things...... I'd be stopping the process right now, and making sure everything is in order before proceeding. You need to take control and actively manage the process, instead of passively letting everyone manage you.
In Vic and Qld (where we've bought), my understanding is that the typical "subject to purchaser sourcing finance suitable to their requirements by xx/xx/xx" clause gives an 'out' until that date. Assuming the purchaser is seriously attempting to get finance, that date may also be extended by mutual agreement. I might not quite have this exactly right, but last purchase in Qld, it took us 20+ days to get finance sorted, and so the contract was not unconditional until that time!
That is correct for Victoria.
Here is an update:
it is now 25th of Jan and I still have no idea on what is going on here?
The solicitor was on holiday and I had to leave phone messages and he finally got back to me about the 9th and he was able to answer my questions I had after reading the contract.
He then said to sign the front page only and send that back to him. So I did and then after nearly a week he tells me I should have also sent the rest of the contract back even though I did not have to sign the rest of it. agghh - That seemed weird that he had to wait for me to do that since I would have assumed he has another copy and I didn't have to sign any of these pages but I guess it is how they do things.
Anyway it has been at least 10 - 14 days since they were returned. I called last week and he said he was still waiting for the vendors solicitor to get the contract back to him and I said I hope to hear back early this week and he said he hoped as well. It is now Wednesday and I have heard nothing. I really don't like this at all.
it is now 25th of Jan and I still have no idea on what is going on here?
The solicitor was on holiday and I had to leave phone messages and he finally got back to me about the 9th and he was able to answer my questions I had after reading the contract.
He then said to sign the front page only and send that back to him. So I did and then after nearly a week he tells me I should have also sent the rest of the contract back even though I did not have to sign the rest of it. agghh - That seemed weird that he had to wait for me to do that since I would have assumed he has another copy and I didn't have to sign any of these pages but I guess it is how they do things.
Anyway it has been at least 10 - 14 days since they were returned. I called last week and he said he was still waiting for the vendors solicitor to get the contract back to him and I said I hope to hear back early this week and he said he hoped as well. It is now Wednesday and I have heard nothing. I really don't like this at all.
Hi Home
Until you get their signed contract you don't have a binding contract. Be aware that they could pull out still.
OK thanks. Are they required to have it back in a time frame etc?
Nope. You (or solicitor) could start ringing and threatening to pull out etc or wait.
really, that is interesting, I'm a but annoyed now that we could have given them a time frame way back in December as now I'm in the position of waiting for them but I guess since they have paid the deposit then they have to go ahead with it anyway otherwise I get to keep that (-agents fee)!
I don't think you will be able to keep their deposit (not the 10% anyway) until they enter into the contract and it is exchanged - and then not if they pull out during the cooling off period.
I need to sell all my properties in this case, too many loopholes when trying to sell. I think it's better to get out of this market with so many loopholes like this. I'm at the mercy of one buyer, apparently they are trying to get finance approved officially. We would have been better to have the agent still showing other buyers in this time and the first one to complete the contract gets the home. At the moment this is ridiculous waiting for them to get it together while I have plans to make, not waiting for them to get things sorted out, they have had a month to do that gggrr.
anyway thanks Terry for your feedback.
This is not a loophole. The thing is you don't have any binding agreement until the contract is signed and exchanged. Most people don't take their property off the market until this happens because:
1. It hasn't sold, and
2. you could get a better offer.
I accepted the offer already back last month so I guess that means it's too late to ask the agent to start showing others through and take other offers? In other words could I just forget about this current vendor and let them do their thing in the background but in the mean time try to find another buyer and get them to start the contract etc if they want to buy it?
Until contracts are exchanged you could. Does your solicitor still hold your signed contract? Maybe you should get solicitor to write to the otherside saying the property will be put back on the market unless their signed contract is received by 5pm tomorrow.
Ok, I will have to have a think about this but if I don't hear back in the next day or two I might have to look at this but at least I know I have this option to look into.
