Yesterday I had an agent show me several properties.
I would like to submit offers for two of the properties. Can I do this at the same time, or do have to submit the first offer and wait for acceptance/rejection, and then submit the second offer?
I am planning on submitting the offers via email or fax (does anyone have any good templates?). Is the offer only binding at the time the contract is signed?
Thanks.
what if they are both accepted?
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
I guess that's part of my question. If I put in an offer via fax or email, is that binding at that point in time, or is it only binding at the time of having the contract signed by BOTH parties? If it's not binding and both offers are accepted, it would then be my choice which offer to pursue. (or is this unethical?)
Alternatively, I submit an offer on the preferred property and then await a response before submitting another offer. How do I limit the time the vendor has to respond (i.e. I don't want to be waiting weeks for the vendor to make up their mind).
Cheers.
I guess that's part of my question. If I put in an offer via fax or email, is that binding at that point in time, or is it only binding at the time of having the contract signed by BOTH parties? If it's not binding and both offers are accepted, it would then be my choice which offer to pursue. (or is this unethical?)
Alternatively, I submit an offer on the preferred property and then await a response before submitting another offer. How do I limit the time the vendor has to respond (i.e. I don't want to be waiting weeks for the vendor to make up their mind).
Cheers.
Agents pull out of accepted offers all the time or i should say either the agent talks the vendor out or a vendor changes there mind. I had one accepted then rejected couple weeks ago. It is when the contracts are signed and exchanged that it is more concrete i think. So i would not be scared to have a few out. Though no right or wrong you could put a short sunset clause in and say to the agent you need a reply within one working day this time etc as you are keen on another property. This could go in your favor for the vendor to want to accept so you don't go somewhere else.
Generally if you make an offer and it is accepted then you have a binding contract. However, for the sale of land this contract can only be enforced if it is in writing. There is no requirement for a 'proper' or formal contract. Just writing on the back of an envelop could be enough to satisfy the writing requirement.
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
Really!
So if i'm talking to a bloke and we have a beer and draw on the back of an envelope and it's signed it's a done deal.
if the offer is verbal then no problem but if it is written and he signs it then it's a contract. In QLD anyway, I know some states have different procedures. I was always told that when it comes to contracts it boils down to intent, so arguably an envelope , if signed by two, is a contract.
Jaffasoft wrote:So if i'm talking to a bloke and we have a beer and draw on the back of an envelope and it's signed it's a done deal.Depends also on how many beers as if the bloke is intoxicated the contract is not enforcable due to lack of capacity to make a decision.
To be a contract for land it has to have a few details such as price, indentity of the land (like address or maybe name and your name.
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
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