withdrawing offer before the contract is signed but have paid deposit
- Thread starter silverx
- Start date
no i didnt, there wasnt any deadline actually but the agent wont be able to physically get it signed till next week anyway and we both know this from the start actually
Of course you'll get the deposit back - if the sellers haven't even signed then there is no binding contract. As frustrating as it'll be for the sellers there's nothing stopping you from withdrawing your offer and asking for the deposit to be returned.
A bit strange that you paid a deposit before the sellers had even signed, but perhaps there's a good reason for it.
A bit strange that you paid a deposit before the sellers had even signed, but perhaps there's a good reason for it.
Depending on the market and the agent taking a deposit with an offer on contract is quite common. I have done it as a purchaser to show the offer was serious and I have been burned as a vendor when we both signed and they balked and pulled out prior to paying the required deposit. Its frustrating at that end too. As a seller I would be inclined to tell my agent not to bother me unless they had an offer on a contract with a deposit.
Can a purchaser still withdraw his offer if the offer document is not signed yet by the vendor, but the vendor's agent has verbally communicated to the purchaser that " the vendor has accepted the offer" by a phonecall ?
yes - technically anyway.
But the purchaser would be in a very dangerous position because the vendor would have the purchaser's signed contract so they could just sign their contract and the purchaser could be locked in.
thanks, TerryW.
So does it mean that by just the vendor's REA merely communicating verbally to the offeror that the vendor has accepted, acceptance of the offer has occured , even if in reality the offer document has not been signed by the vendor yet.
So how can a purchaser withdraw an offer if the offer document is already in the hands of the vendor's party?
Would setting an offer and acceptance expiry date help the purchaser withdraw his offer if he changes his view on the wisdom of purchasing the property?
Is there a better way of making an offer from a purchaser's position, so that if he/she finds that the vendor's REA is not acting in good faith, one can still withdraw his offer?
So does it mean that by just the vendor's REA merely communicating verbally to the offeror that the vendor has accepted, acceptance of the offer has occured , even if in reality the offer document has not been signed by the vendor yet.
So how can a purchaser withdraw an offer if the offer document is already in the hands of the vendor's party?
Would setting an offer and acceptance expiry date help the purchaser withdraw his offer if he changes his view on the wisdom of purchasing the property?
Is there a better way of making an offer from a purchaser's position, so that if he/she finds that the vendor's REA is not acting in good faith, one can still withdraw his offer?
Contracts for the sale of land need to be in writing. So a verabl acceptance wouldn't mount to much.
A purchaser could, in theory, withdraw an offer by doing so in writing. But the problem will be that they have the purchaser's written acceptance of the offer and they purchaser would be locked in if the vendor signed the contract before they withdrawal. How do you prove when the vendor signed though/??
BTW, what state was this in?
in WA.
The purchaser cannot withdraw an offer verbally, the same way that the vendow can accept the offer verbally through his REA, because the the signed offer document is in the vendor's hands and therefore it will be difficult to know when the vendor actually signed the offer document or when the vendor actually accepted the offer by signing it. is this right?
I am trying to understand how/when the actual offer and acceptance would occur legally, to avoid making future mistakes in making an offer or accepting an offer.
The purchaser cannot withdraw an offer verbally, the same way that the vendow can accept the offer verbally through his REA, because the the signed offer document is in the vendor's hands and therefore it will be difficult to know when the vendor actually signed the offer document or when the vendor actually accepted the offer by signing it. is this right?
I am trying to understand how/when the actual offer and acceptance would occur legally, to avoid making future mistakes in making an offer or accepting an offer.
I think I like the NSW procedures of exchanging contracts as fair to both vendors and purchasers.
Thanks, TerryW.
Thanks, TerryW.
What's process in Victoria then? Seems the purchaser signs the contract, makes an offer and play the waiting game til the Vendor says yay or nay and signs the contract then? I would prefer the NSW equivalent TBH..
