Urgent help: Section 27, oh no, borrowings could exceed purchase price..

[lizzie]

Hate to disgree with you..but that is not true.
All you need is $1.00 to make a contract binding.

I know - which is why I said "whatever amount both parties agree on" ... but stock standard is 10%, which most vendors (only buying/selling 1-2 times in their life) would insist on.

I seriously doubt many vendors, and their solicitors, would accept a deposit of less than 5% because if you don't complete settlement then they have to chase you for the balance of your foregone 10%.

 

[Wise1InOz]

There's been a flurry of emails from them again - basically so what if their S27 is discrepant - now that we're aware of the mistake we should apparently release it as we have no justification not to

My lawyer's cool - just one email saying a big fat NO

 

[kathryn d]

There's been a flurry of emails from them again - basically so what if their S27 is discrepant - now that we're aware of the mistake we should apparently release it as we have no justification not to

My lawyer's cool - just one email saying a big fat NO

If your lawyer is any good (like ours) he will look after YOUR interest.
Your lawyer seems to be good.

 

[Ed Barton]

There's been a flurry of emails from them again - basically so what if their S27 is discrepant - now that we're aware of the mistake we should apparently release it as we have no justification not to

My lawyer's cool - just one email saying a big fat NO

i'm not really sure what you are saying.

but your lawyer shouldn't be bothering you with the details. if you say no, then they should carry our your instructions.

 

[Wise1InOz]

i'm not really sure what you are saying.

but your lawyer shouldn't be bothering you with the details. if you say no, then they should carry our your instructions.

Has just been forwarding the emails to us for information and file. She is very good and I trust her.

 

[knightm]

I know - which is why I said "whatever amount both parties agree on" ... but stock standard is 10%, which most vendors (only buying/selling 1-2 times in their life) would insist on.

I seriously doubt many vendors, and their solicitors, would accept a deposit of less than 5% because if you don't complete settlement then they have to chase you for the balance of your foregone 10%.

both kinda right. it sydney, melb etc the big booms of the past have bred vendors and agents who will not take any rubbish, want large deposits and less conditional offers. In my exp in Qld and especially regional much smaller holding deposits are normal more flexy to meet the market i guess.