How long to draw up the contract?
- Thread starter Blueberry
- Start date
Just realised I haven't seen section 32. *hits head against wall*.
They are claiming can't get a hold of lawyer. I asked them to draw up a couple of days ago. Although I suspect they only asked yesterday afternoon/this morning. I receptionist is claiming it will be Monday.
What a good opportunity for some fishing for new offers over the weekend
They are claiming can't get a hold of lawyer. I asked them to draw up a couple of days ago. Although I suspect they only asked yesterday afternoon/this morning. I receptionist is claiming it will be Monday.
What a good opportunity for some fishing for new offers over the weekend
Is property in Melb? I went to lots of open homes and they hadn't put together sect 32 yet. Contracts seem more extensive than in Bris where they are very "vanilla".
But I agree a few days should be plenty and you should tell them the verbal offer is subject to finance, B&P, section 32 etc.
Have you paid a holding deposit?
But I agree a few days should be plenty and you should tell them the verbal offer is subject to finance, B&P, section 32 etc.
Have you paid a holding deposit?
It isn't in Melbourne, but it is common around here. I generally ask for it as soon as I decide I'm interested in the place, but my usual routine was upset in this one and it was stupidly overlooked. All my other usual DD was done.
Having said that I have seen plans of the land and relevant easements etc.
I did not pay a holding deposit, although they did ask for one. I figured I was signing the contract the next day anyway and left it.
Wow, that's interesting. I've had agents actively discourage me from obtaining a section 32, saying it won't tell me anything, and that terrible records were kept back then etc, but saying "but, if you *really* want one I can get it for you". I figured they were being lazy and insisted anyway.
I think in this case they were probably planning in bundling it with the contract for us to sign. At least I hope so.
Do you draft the contract then they say "oh thanks, we are off to conveyancing works cya"?
Never known it to happen but possible.
Google conveyancing works and review and then see why I may not be worried about that.
My fixed fees for a purchase are actually less than theirs after their last price rise anyway and I don't charge extra for settlement, extensions, talking to a lawyer etc.
As each state has different rules, could you clarify which state you're buying in please?
I make offers on off-market properties all of the time in Victoria. The offer is simply a "Letter of Intent" and, as such, there is no legally binding agreement in place; both parties can walk away at any given time.
The letter is purely to get the negotiation process started as it usually assures the vendor that the potential buyer is willing to commit to paper. When terms/price have been more or less agreed then the contract and relevant paperwork will be ordered.
Drawing up a contract of sale and section 32 (VIC) can be very quick or take weeks depending on the type of property. Apartments, Villas, Townhouses and other forms of units are usually a part of a body corporate. Acquiring the information from the BC can take up to 10 days. This is the most common delay I experience in off market purchases.
The question I'd like to put to you though is: Why are you in such a hurry to wrap this up?
It's concerning for me to hear someone say that as it eludes to emotional investment, rash behavior, and eagerness. All of which a selling agent can use to screw you on price.
Take your time, make sure the numbers make sense and you've done your due diligence thoroughly. If the deal doesn't look attractive just walk away. Curb your enthusiasm
I make offers on off-market properties all of the time in Victoria. The offer is simply a "Letter of Intent" and, as such, there is no legally binding agreement in place; both parties can walk away at any given time.
The letter is purely to get the negotiation process started as it usually assures the vendor that the potential buyer is willing to commit to paper. When terms/price have been more or less agreed then the contract and relevant paperwork will be ordered.
Drawing up a contract of sale and section 32 (VIC) can be very quick or take weeks depending on the type of property. Apartments, Villas, Townhouses and other forms of units are usually a part of a body corporate. Acquiring the information from the BC can take up to 10 days. This is the most common delay I experience in off market purchases.
The question I'd like to put to you though is: Why are you in such a hurry to wrap this up?
It's concerning for me to hear someone say that as it eludes to emotional investment, rash behavior, and eagerness. All of which a selling agent can use to screw you on price.
Take your time, make sure the numbers make sense and you've done your due diligence thoroughly. If the deal doesn't look attractive just walk away. Curb your enthusiasm
Thanks for concern Jake. No, I don't believe I am emotionally involved in this property as such. I was actually tossing up between two properties and I chose this one because the other was just gorgeous and I would be devastated if anything happened to it. This one is stock standard, very in demand property etc. I'm happy with numbers and have run various scenarios with interest rates, etc
The reason I want it under contract is because I don't want to get gazumpt again and I don't want the agent playing games trying to find another buyer. If another buyer appears I will be gracefully bowing out. If the vendor thinks they will get more out of me, they are mistaken. I am quite happy to look for another one.
Oh and property is in Victoria
The reason I want it under contract is because I don't want to get gazumpt again and I don't want the agent playing games trying to find another buyer. If another buyer appears I will be gracefully bowing out. If the vendor thinks they will get more out of me, they are mistaken. I am quite happy to look for another one.
Oh and property is in Victoria
Last edited:
Appreciate your stand point but this can happen even if you've signed up an offer (before exchange). As you know, it is the agents job to act on behalf of the vendor and that means they'll usually try and create some competition unless you've an exceptionally strong relationship with them that creates trust and integrity.
It's a part of the game and you're right, make your offer and walk away if the deal is not as you like it.
Good luck!
