All Topics / Legal & Accounting / Sale subject to agreement to sign section 27?

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  • Profile photo of fxdaemonfxdaemon
    Participant
    @fxdaemon
    Join Date: 2013
    Post Count: 114

    Hi experts,

    From vendor’s point of view, can a sale be made conditional upon buyer’s agreeing to sign
    section 27 for deposit release?

    If so, can it be further condition to have deposit release within certain days/weeks?

    I am selling a property and I raise the question to my solicitor and the response I get back
    is “buyer is not obliged to sign section 27”.

    And then he went on elaborating section 27 is supplied by my lender and the hold up may be
    combination of how soon lender produces s27 to buyer and how much time buyer takes to respond.

    Is there really no way to legally enforce deposit release as condition of sale before settlement?

    Thanks,
    FXD

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Victoria?

    Have a read of the relevant section. Off the top of my head i think it could be a condition.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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