Selling a Property Question
| # | Post |
|---|---|
| 1 | We currently have our flat under contract. Edited by shannie1998 at 2:50 pm, Mon 12 Apr shannie1998 - 2021-04-12 14:48:00 |
| 2 | shannie1998 wrote: Firstly, take advice from your lawyer. But in general, no you can't accept the other offer as it is, as your first buyer has the rights as long as they declare conditions as complete and go unconditional. However, you can get the second offer made as a "back up" offer, which becomes binding if they first offer falls over. sparkychap - 2021-04-12 14:52:00 |
| 3 | sparkychap wrote:
It hasnt gone unconditional yet shannie1998 - 2021-04-12 15:05:00 |
| 4 | shannie1998 wrote: no but the existing offeror has the rights to complete their conditions and go unconditional. sparkychap - 2021-04-12 15:12:00 |
| 5 | I don’t think so,as you have signed a contract with the 1st person who is now doing some checks before going unconditional if they get fianance etc.,How did the 2nd offer come about?This woukd be a back up offer.Is this a private sale? didee - 2021-04-12 15:14:00 |
| 6 | shannie1998 wrote:
Yes you can subject to the earlier contract ending. johnston - 2021-04-12 16:59:00 |
| 7 | didee wrote:
Looks like a private sale. I wonder what an agent might have achieved. committed - 2021-04-12 17:51:00 |
| 8 | My Gosh! Did you take any advice at all before attempting to sell yourself? superdave0_13 - 2021-04-12 18:35:00 |
| 9 | shannie1998 wrote: don't allow any extensions, they will either go unconditional or bail. If they bail the 2nd contract is on foot. gabbysnana - 2021-04-12 18:47:00 |
| 10 | committed wrote: the back up would become the pawn. gabbysnana - 2021-04-12 18:48:00 |
| 11 | Good on you for selling yourself, no the contract on the table must end first, all good though as gives you a bit of confidence if things fall through, but even the other offer is not money in the bank until the sold signs go up, then there is the cooling of period?, wait and see. msigg - 2021-04-12 18:49:00 |
| 12 | msigg wrote:
We don't have cooling off periods. johnston - 2021-04-12 18:59:00 |
| 13 | johnston wrote: . sparkychap - 2021-04-12 19:01:00 |
| 14 | shannie1998 wrote:
Which is why you can accept another offer. johnston - 2021-04-12 19:01:00 |
| 15 | johnston wrote:
Yes we do. Just not in this situation. superdave0_13 - 2021-04-12 19:08:00 |
| 16 | superdave0_13 wrote:
Who said it was a private sale? The OP has not. tony9 - 2021-04-12 19:23:00 |
| 17 | tony9 wrote: No but the OP has a private listing described as under offer, so.... sparkychap - 2021-04-12 19:27:00 |
| 18 | superdave0_13 wrote:
Which was the bloody point I trying to make. What possible relevance does a cooling off period have in sale and purchase of real estate? johnston - 2021-04-12 19:54:00 |
| 19 | johnston wrote:
I suppose that the main one is that any agency agreement that results from unsolicited door-to-door or telemarketing sales fall under the classification of uninvited direct sales. 36K to 36S of the Fair Trading Act, superdave0_13 - 2021-04-12 20:23:00 |
| 20 | superdave0_13 wrote:
Agency agreement? pico42 - 2021-04-12 22:12:00 |
| 21 | sparkychap wrote: masturbidder - 2021-04-12 22:54:00 |
| 22 | masturbidder wrote: Not sure your point? masturbidder wrote: Possibly, but I've seen much worse. The house itself is well presented, especially the "Do not sit in the bed" note which reminds me of the open home I was at years ago when someone sat on the bed, which turned out to be a duvet over some cardboard boxes.... sparkychap - 2021-04-13 06:44:00 |
| 23 | superdave0_13 wrote:
I am perfectly aware of the cooling off periods under the REAA and FTA. Neither affects sale and purchase only entitlement to commission. johnston - 2021-04-13 06:57:00 |
| 24 | sparkychap wrote:
True about Tender, they all have to close at some point. But given that it’s closed, it might be a good idea to remove the closing date. As for photos, surely the point is that as the seller is saving a fortune on agent’s fees, they can afford to pay for a professional photographer. committed - 2021-04-13 08:07:00 |
| 25 | johnston wrote:
Just buyers’ remorse. committed - 2021-04-13 08:09:00 |
| 26 | committed wrote: True, but at least they've put "under offer" compared to most agents that don't bother but still get people to come to open homes, even though the property will most likely sell to someone else. sparkychap - 2021-04-13 08:39:00 |
| 27 | johnston wrote:
This isn't true, Although commission can't be claimed without a sales and purchase agreement. The commission payable is only one term in a large document. There is actually stuff all you can do without one. The cooling off period has a huge relevance to the sale and purchase of real estate as you pretty much can't sell through an agency without one. superdave0_13 - 2021-04-13 09:15:00 |
| 28 | superdave0_13 wrote:
But in this case it’s a private sale. committed - 2021-04-13 10:17:00 |
| 29 | superdave0_13 wrote:
Total bs. johnston - 2021-04-13 10:31:00 |
| 30 | Commission can be claimed without a ASP. An agent cannot claim commission without any agency contract. A totally different agreement. johnston - 2021-04-13 10:33:00 |
| 31 | There is no cooling off period. End of story. johnston - 2021-04-13 10:35:00 |
| 32 | superdave0_13 wrote:
Sorry that should have read This isn't true, Although commission can't be claimed without an agency agreement. The commission payable is only one term in a large document. There is actually stuff all you can do without one. The cooling off period has a huge relevance to the sale and purchase of real estate as you pretty much can't sell through an agency without an agency agreement. superdave0_13 - 2021-04-13 10:40:00 |
| 33 | It was sold by way of tender - surely you would have accepted the best offer at tender date. The person who clearly came in after the tender had closed really is out of luck unless the first offer falls over. You should have an agent, they deal with this sort of thing, they also make sure photos look good so that the best marketing is achieved.... sellontrademe - 2021-04-13 11:36:00 |
| 34 | johnston wrote:
Interesting. In what situation would this occur? superdave0_13 - 2021-04-13 12:03:00 |
| 35 | superdave0_13 wrote:
Any where the agent has an agency agreement. Edited by johnston at 1:21 pm, Tue 13 Apr johnston - 2021-04-13 13:21:00 |
| 36 | shannie1998 wrote: Didn't you have a clause in your S&P agreement to cover the very scenario? A sellers condition along the lines of 'Conditional upon the buyer becoming unconditional in no more that (nominated number of working days) if the seller receives and accepts a favorable offer that is no less than the offer of this agreement solely at the discretion of the seller.??? OK - so i just read it as a 'tender' - even these I am sure are open to negotiation prior to acceptance, so even then one would be wise to put some sort of 'out' clause in to protect the seller in the event of a more advantagous offer. The buyer obviously has a couple. Edited by brouser3 at 1:43 pm, Tue 13 Apr brouser3 - 2021-04-13 13:35:00 |
| 37 | johnston wrote:
Example? superdave0_13 - 2021-04-13 13:40:00 |
| 38 | superdave0_13 wrote:
You continue to deliberately confuse the two contracts. Only one determines commission and only one determines the sale. The sale process does not include a cooling off period. Period. johnston - 2021-04-13 13:46:00 |
| 39 | johnston wrote:
No it can't and you have no evidence it can. superdave0_13 - 2021-04-13 14:17:00 |
| 40 | we were interested in property last year and put in offer $30,000 more than original. The sellers then activated a clause (sorry cant remember what its called) which then put the pressure on first offer to go unconditional in 10 working days. If the buyer cant complete then we get the house because our offer was an unconditional one. Sadly the buyers got finance on day 9. The sellers were apparently pissed cause they missed out on an extra $30,000. yorkygirl8 - 2021-04-14 11:04:00 |
| 41 | superdave0_13 wrote:
I am not going to waste any further time with you and your idiotic claims. johnston - 2021-04-14 20:37:00 |
