Hi,
I am the seller of my PPOR and signed the real estate sales contract on Monday 26th. (NO SECTION 32 DONE AT THIS STAGE)
Due to unforeseen circumstances, I need to cancel this sale and keep this property.
The real estate agent came to the house and gave me a contract which had a price of $500k which i told him earlier that he will most likely get the sale at that price. At that stage I told him I still need to speak to other share holders of the property. He went back to the buyer and they were a bit concerned and wanted to close the deal that night. They then came back and offered $505k. Which I then proceeded to sign and initial my name near the $500 figure and dropped off to their office.
Does this initial mean that I agreed to the price change?
Should the real estate agent have to draft up a new contract if there was a price change (500k from 505k) even though i initialled next to the 505k?
The settlement date is also incorrect on the contract.
One of the conditions was that “Contract of sale is subject to and conditional upon a section 32 being completed before 29-03-12. Does that mean if I don’t get the section 32 done by that date, the contract is void?
What is the best way to get out of this sale without any ramifications?
If there is no section 32 how can a sale take place?
But if i where you call a conveyancer asap
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Yep I would call your solicitor quick smart. Just because you do not produce a Section 32 doesnt mean that the contract is void- if you haven't even attempted to get one then that would give you no grounds to try to cancel the sale. Also from the purchasors perspective the settlement date on the contract is correct- it was written in the contract and you signed it so it is done and dusted.
Probably not a good idea to sign your property away without being 100% sure of everything but I suppose there is no point harping on a lesson learned.
Cheers,
LukeHmm…
Would having a third party place a caveat void any sale of the property?
Could this be done asap?
This is so helpful!
Thanks guys.
My solicitor is handling it now.
It’s just one of those terrible family situations that i’ve been dragged into. Hopefully it works out.
Cheers,
ksun1985NHG wrote:Hmm…
Would having a third party place a caveat void any sale of the property?
Could this be done asap?
Could you please explain this as i’m not sure what this means?
Thanks,
Just a thought, best talk to a lawyer, just something I heard.
"Law . a legal notice to a court or public officer to suspend a certain proceeding until the notifier is given a hearing".
My understanding of it is, a third party can place a claim on your property in which case you are prohibited from doing anything with it until a court proceeding takes place or they remove the caveat.
MAYBE, if it is placed before the cooling off period, you will be unable to sell the property and the other party will exit the contract.
Again, i'm not a lawyer, i'm not sure how they actually work.
If there was no section 32 attached to the contract at the time of the contract being entered into then the purchaser may be able to rescind the contract under certain circumstances. So best to seek legal advice asap.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
