I am wanting to submit offers to about 3 properties all at the same time, in the hope that at least 1 would be accepted.
I wondered what clauses or methods would be used in such a circumstance?
As I wondered what might happen (hypothetically) if all offers were accepted, I certainly wouldn’t want to be stuck trying or being forced to finance all 3.
Thanks.
Offers are treated differently depending on the state.
For instance, if you make an offer subject to finance in QLD or WA – you'd probably need to show proof that the finance has been knocked back if you decide not to proceed.
It's usually a different story in NSW or the ACT – offers aren't usually made via formal agreements.
What happens if all three are accepted? There are a lot of people being effected here.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Under contract law if an offer is accepted then there is a binding contract. But for land this is qualified by legislation which states that an offer to buy or sell land has to be in written form to make it binding. Doesn't necessarily have to be in the form of a formal contract. Could be on the back on an envelop
So if you are making written offers seek legal advice first.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for the responses.
The properties are in QLD so it would fall back on finance I would assume (without any other clauses nominated).
Although not sure if you could just pick which property you want to get in such a circumstance and then consequently turn down the other properties on the basis of not being able to get finance.As for the people being effected, I suppose its a point of view, I would see it as more of them at least having an offer for a potential sale than no potential sale.
I would like to get legal advice but I’ve obviously got to weight up the cost in doing so.
Don't tell me you are going to buy a property without legal advice?? Spending $1000 now could save you hundreds of thousands later.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
True. I would certainly use a conveyancer and could ask them. I never thought of it like that. I could get them involved earlier than I might usually.
Well you will be using one anyway so why not get them to show you how to make offers with a few conditions. Should cost much more if anything.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Great, well it seems like a good idea to me. Thanks for your help Terry.
Another tip is to read the whole contract word for word. You would be amazed at how many people who enter an agreement without knowing what they have agreed to.
Start at the special conditions and take special note of these and then read all the standard conditions clause by clause. If you want something changed then tell your solicitor and they can ask the otherside for it to be changed. It may not always be agreed upon, but doesn't hurt to ask.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Cheers
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