What does "Unconditional"really mean?

Hi Mick,

I'm sorry to hear about your troubles, this is probably quite heart breaking for you.

If the other side hadn't signed the contract, then it's likely that the offer was never formally accepted by the vendor. In essence there may not have been a legally binding contract in place.

For the other side to wait over a week before responding to your offer is quite brutal, especially when they've given you every impression that the offer has been accepted, then they come back with an increase.

From a finance perspective, it would be difficult to get an 'unconditional loan approval' in QLD against such a contract. Changing the purchase price after the loan has been submitted can also be a very difficult process to get over. Once the property has been valued, it's hard to get the valuer to increase their valuation.

I'd take up Daryl on his offer, there might be something you can do with this, but it will likely need a legal eye to look over the evidence.
 
At the beginning of this form a friend ask the Q what is unconditional mean.
She was asking on our behalf to see if she could help us out with a contract that we had on a house. We received a call from our Conveyance / Solicitor that first of we have to pay an extra 15k. And that the contract was not complete as the third party had not signed the contract. But we only find this out 2 days after the contract we thought we had came unconditional. Thank you to all on the Forum for your help. so if I may ask were do we go from here.:confused:

thanks Mick I'm glad to see you on here these people have been wonderful and hopefully can help - good luck my friend.
 
Mick,

Did I misread, or did Nina say the property has been on the market for 4 years??!! If so, I would try and remind yourself that you probably have the upper hand!

Have you thought about walking away, knocking a big lump off your offered price and offer again, with a 48 hour acceptance deadline?

(My parents went through this in QLD about 15 years ago - the details are hazy - every time we offered, they jacked up the price 20,000. I think they did it three times, and however it happened, was legal but unethical).

Buying houses is stressful enough. Good luck.
 
From what has been said the seller may not have the ability to terminate the offer or to change the terms of the agreement. Best to send the info to Darryl and he can confirm.
 
Thank you all for your replies, this is Ellen Micks wife. Yes we are totally devestated that this has happened to us. Just to clear a few things up, there is no finance as we have cashed in some of our super to buy this property as we are on a pension. There is also no mortgage on the property from the other side. Two of the parties involved live locally and accepted the offer we made, as power of attorney as their mother is in a nursing home ,hence the contract was drawn up, however apparently there is a third party ( adopted step sister of the 2 parties) who has a vested interest in the property, therefore apparently the contract needed her signature as well. Settlement was supposed to be the 26th of June.
 
How on earth did your lawyer not spot this? Surely checking that all members on the title have signed the contract must be one of those first things they check?
 
Thank you all for your replies, this is Ellen Micks wife. Yes we are totally devestated that this has happened to us. Just to clear a few things up, there is no finance as we have cashed in some of our super to buy this property as we are on a pension. There is also no mortgage on the property from the other side. Two of the parties involved live locally and accepted the offer we made, as power of attorney as their mother is in a nursing home ,hence the contract was drawn up, however apparently there is a third party ( adopted step sister of the 2 parties) who has a vested interest in the property, therefore apparently the contract needed her signature as well. Settlement was supposed to be the 26th of June.

In that case there is no binding contract - unless all attorneys signed. But check with your lawyer as you may be wrong in what you say.
 
How on earth did your lawyer not spot this? Surely checking that all members on the title have signed the contract must be one of those first things they check?

They are probably not on the title, all acting as power of attorneys.

I would ask to see the power of attorney documents and see if 1 or 2 or all 3 need to sign to make it a valid contract

It may only require 2 signatures but the step sister etc is not happy so kicked up a fuss so they have tried this tactic, your conveyancer seems to have accepted it so maybe they have seen something but I would want to see if myself and run it past a lawyer.
 
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