Real Estate Sales Agreement

[Daddles]

I'd offer a rational, considered, sober appraisal of this situation but I passed that point about five glasses of red ago

Real estate contracts can be killers, but they can be benign depending on the people involved. If the other bit of the equation is okay with the deal, you're riding fine. If he's like the bitch I'm saddled with, you've got trouble. Notice that none of this has anything to do with the agent who is only interested in his commission.

I hope it works for you Judi. Contracts have all sorts of legal ramifications but in reality, it all boils down to how interested the parties are in making it work. I'm sorry if that offends the legal wallies among you but that is the reality of it all.

Richard

[bsrlee]

Do a quick legal check - some/most states have a 'cooling off period' proviso on contracts that allows either party to pull out if they feel they made a mistake - usually 7 to 14 days, and it may not apply to all contracts, so get onto a solicitor, the Clerk at the local court (who is often/usually the local magistrate as well) or your consumer protection department ASAP!

[Sturdee]

There is some very good advice here and also some well meaning waffle that is not worth the paper it is written on.

Judi, the contract you signed with the RE agent is a binding contract in which you agreed to sell the property, on the terms described, to a purchaser introduced by the agent and you may be required to enter further contracts direct with the purchaser to give effect to this. Normally at that stage you will arrange for your co-owner to also sign or you can sign under Power of attorney.

It doesn't matter that you are not the sole owner as the agent can properly assume that you have the right to sell and can produce title in due course. If you cannot you will still be liable to pay the agents commission and you may be liable for any potential loss that a possible purchaser may incur.

That the agent altered the rate of commission to a GST inclusive rate is irrelevant as you signed the contract after he altered it. In any case it is illegal to enter into a contract that is not an GST inclusive contract. I understand that the ATO now prosecutes in cases of contracts expressed in Amount + GST. Their period of grace has well and truly expired.

Although it is not necessary to employ a solicitor, you can use a conveyancer or do it yourself, I strongly suggest that you use a solicitor, and do this before even talking to any RE agents.

Remember that those who act as their own solicitor have a bloody fool as their client. Solicitors may at times stuff up but they have a guarantee fund and insurance to pay for their mistakes.

Peter.

[Studley 2436]

I wonder what you did sign Tikki. Was it a contract between you and the agent or you and the buyer? There is proper conveyancing that has to be done, exchanges that have to be made and so on.

Is it worth getting that fussed about? $1000 is a bit of a haircut but it may not be worth fighting over. Then again you might have a cooling off period that you can take.

More pulp to the mill from one more uninformed but well meaning friend

Studley

[Tikki]

I wonder what you did sign Tikki. Was it a contract between you and the agent or you and the buyer?
Studley

Studs, it was the contract to put the house on the market. I wasn't overly fussed about the $1000, it was more about not being trampled on. He increased the fee because I refused to have open inspections or photos of the house interior on the street sign ... he claimed it would make his job harder (read I won't get my commission as quickly and I'll have to actually work for it). I was met with silence when I reminded him I had made these conditions quite clear before he quoted the original fee.

Anyway, I got some advice today and both owners MUST sign the agreement. The ex will sign on the condition the fee is the first quoted (it's not a bitch Rich) and the agent has agreed ... I just wonder how much effort he'll put in now he's lost the first round I was also advised to contact the principal of the RE office, but will hold off and see how round two goes!

Thankyou all for your advice and opinions

Cheers
Tikki