Private Sale - who prepares S&P agreement?
| # | Post |
|---|---|
| 1 | In a private sale, which lawyer prepares the Sale and Purchase agreement once a purchaser has made an offer to a vendor? huarau1 - 2020-12-12 15:43:00 |
| 2 | Iwas the vendor - so I prepared a S&P with my lawyer and gave the seller that. lissie - 2020-12-12 16:09:00 |
| 3 | Typically the buyer as they are responsible for any terms and conditions they want to apply to the offer. sparkychap - 2020-12-12 17:13:00 |
| 4 | The buyer did the S & P agreement in my case. We had already agreed in person on price and any conditions prior, which they included on the agreement. Just a matter of each of us signing after that. Edited by nzmax at 6:00 pm, Sat 12 Dec nzmax - 2020-12-12 17:59:00 |
| 5 | huarau1 wrote:
Either party's lawyer once verbal agreement has been reached on everything. As long as you have the other party sign, you can enforce the agreement. johnston - 2020-12-12 18:17:00 |
| 6 | An agent may have obtained a better price ,now you will never know. ginks - 2020-12-12 18:28:00 |
| 7 | ginks wrote:
As long as all involved are happy with the price I can't see any problem. Saves the hassle of Open Homes etc. kacy5 - 2020-12-12 18:39:00 |
| 8 | ginks wrote: funkydunky - 2020-12-12 18:43:00 |
| 9 | This message was deleted. andrew697 - 2020-12-12 18:44:00 |
| 10 | andrew697 wrote: There IS consideration. sparkychap - 2020-12-12 19:12:00 |
| 11 | No one, you come to agreement then shake on it, purchaser gives vendor a cheque and its all sorted. mrcat1 - 2020-12-12 19:25:00 |
| 12 | funkydunky wrote: +1 sr2 - 2020-12-12 19:59:00 |
| 13 | andrew697 wrote:
Consideration is the purchase price and the property. johnston - 2020-12-12 20:07:00 |
| 14 | mrcat1 wrote:
A handshake cannot be enforced so in reality there is no agreement. johnston - 2020-12-12 20:08:00 |
| 15 | Interesting comments! The purchasers solicitor draws up the agreement and submits to the vendors solicitor. Simple jeffqv - 2020-12-12 20:15:00 |
| 16 | johnston wrote: Not even if you spit on your hand first? sparkychap - 2020-12-12 20:16:00 |
| 17 | johnston wrote:
No, but if both parties had any integrity and honesty it wouldn't need to be enforced. Edited by mrcat1 at 8:26 pm, Sat 12 Dec mrcat1 - 2020-12-12 20:22:00 |
| 18 | mrcat1 wrote: Yep, much better to use a handshake and a court order... sparkychap - 2020-12-12 20:27:00 |
| 19 | sparkychap wrote:
No, just shows how people have lost the desire to show integrity and honesty. mrcat1 - 2020-12-12 20:52:00 |
| 20 | Not in the slightest. There have been any number of disputes in the past around enforcing verbal agreements. johnston - 2020-12-12 21:11:00 |
| 21 | mrcat1 wrote: Wth gabbysnana - 2020-12-12 21:11:00 |
| 22 | I think mr cat paints a romanticised picture of an era that really never existed. johnston - 2020-12-12 22:09:00 |
| 23 | my recent potential buyer was a RE agent .. came straight from doing his job selling a house at auction to hopefully buying mine at the 1st open home .. had the forms with him .. pf - 2020-12-12 22:22:00 |
| 24 | The member deleted this message. johnston - 2020-12-12 22:28:00 |
| 25 | I did a deal with Graham Hart's Rank Group on a handshake and they kept it to the "T" smallwoods - 2020-12-12 22:38:00 |
| 26 | johnston wrote:
It exsisted in certain circles where a handshake and their word was gospel, I think more in the rural setting than in towns though. Edited by mrcat1 at 1:58 am, Sun 13 Dec mrcat1 - 2020-12-13 01:56:00 |
| 27 | This message was deleted. andrew697 - 2020-12-13 06:07:00 |
| 28 | andrew697 wrote:
No. There is no need for a deposit at all. Six elements for a simple contract to exist and you correctly identified consideration. Where you misunderstood is not recognising that consideration can be a promise of payment. It need not be in the present. It cannot be in the past but that's another story. Trust all is well. johnston - 2020-12-13 08:56:00 |
| 29 | mrcat1 wrote:
I think it still exists now and most agreements can be enforced on a handshake (provided other elements are met) but the difference is that some agreements have additional requirements, e.g. disposition of land, credit contracts and so on. johnston - 2020-12-13 09:00:00 |
| 30 | andrew697 wrote:
You can sell a house for $1.00 but you cannot have a contract for zero. Which is why occasionally you read about about something significant selling for a dollar. johnston - 2020-12-13 09:02:00 |
| 31 | andrew697 wrote: zak21 - 2020-12-13 09:39:00 |
| 32 | zak21 wrote:
A deposit is not a requirement for a contract to exist. johnston - 2020-12-13 09:41:00 |
| 33 | johnston wrote: zak21 - 2020-12-13 11:26:00 |
| 34 | zak21 wrote:
The deposit is the consideration otherwise there would not be a contract. johnston - 2020-12-13 11:45:00 |
| 35 | mrcat1 wrote:
Sure. As long as that agreed by the handshake is recorded and that record agreed by both parties. tony9 - 2020-12-13 19:43:00 |
| 36 | 35 posts and I bet OP is none the wiser funkydunky - 2020-12-13 20:06:00 |
| 37 | funkydunky wrote:
Is there something confusing about #3? johnston - 2020-12-13 20:42:00 |
| 38 | johnston wrote:
No, but #2 escapes me. tony9 - 2020-12-13 20:45:00 |
| 39 | tony9 wrote:
Trademe MB seldom disappoints .. pf - 2020-12-13 21:18:00 |
| 40 | tony9 wrote:
Obviously integrity and honesty doesnt play much of a part in your life, others their handshake is their word, and they will stand by what is agreed without quibble. mrcat1 - 2020-12-13 23:29:00 |
| 41 | mrcat1 wrote:
How can you imput that meaning from what has been posted? Uncalled for in my opinion. johnston - 2020-12-14 08:04:00 |
| 42 | mrcat1 wrote:
Oh it does, and my personal commitment can be well demonstrated. However I fairly consistently have found that many others do not share those commitments. tony9 - 2020-12-14 08:08:00 |
| 43 | An apology is in order. johnston - 2020-12-14 08:14:00 |
| 44 | tony9 wrote: Agreed. Sure in a perfect world. everyone would do what they promise, but sadly that's not the case, so doesn't matter how warm your handshake is, I'll have it in writing please. sparkychap - 2020-12-14 08:15:00 |
| 45 | Having more than a passing interest in these matters I can assure readers that many of these disputes involve disagreement on terms and whether an agreement was concluded rather than simply a change of heart. Hence like some other contracts, the need to be in writing. Edited by johnston at 9:21 am, Mon 14 Dec johnston - 2020-12-14 09:20:00 |
| 46 | And to add to that ^^ checked by your lawyer. Whilst the standard ASP includes more standard terms for building / LIM and finance that in the "old days" of REINZ stick on clauses, there's still a risk that even standard clauses may not entirely suit. sparkychap - 2020-12-14 09:44:00 |
| 47 | Chattels can be a hand wringer.Seen court action over a mailbox on a rural property. zak21 - 2020-12-14 15:19:00 |
| 48 | zak21 wrote:
Agree. That's where agents are good. They generally step up and buy a garden shed or whatever regardless of any rights or wrongs. johnston - 2020-12-14 15:36:00 |
