Hi,
. I'm looking to buy property and owner accepted the offer verbally.
However, we waiting logistically for their solicitor to create their contract. Due to Easter we have to wait till Tuesday next week which is lot of days.
Just seeing if we can do token handshake like agents do where you pay 1-2k.
How does it work and if another anyone have knowledge on how to draft it.
I understand that it is not legally binding
The contract should already be prepared. It just take a few days to exchange contracts once signed.
If you know it is not legally binding then why even go through the trouble? Seller could accept a higher offer and renege on the "handshake contract".
Yes. Know that.
What's the point of any of this?
My opinion on this is clear.
If the owner accepted your offer and renege on his word.
Do not buy the house no matter how desirable it is. It is no good to you or your family.
If a man cannot abide by his word to sell you the property, he can hide other things from you as well.
Consider it bad karma and move on to your next house. No tears, no regrets.
In business, I have rejected higher offers because we shook hands on an earlier offer.
There is no substitute for integrity!
If a man cannot abide by his word to sell you the property, he can hide other things from you as well
And if it's a woman?
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If a man cannot abide by his word to sell you the property, he can hide other things from you as well.
Is that serious? .. accepts offer, still hides things from you… … or he sees another 50,000 in his pocket. Would you turn down another $50,000… na neither would I.
There is an inherent conflict between a handshake agreement and recording it in writing…
It will also create transfer duty issues - which document actually records the transfer and is required to be 'stamped'.
Why can't you use the standard offer to purchase land document used by your state's real estate institute?
If he acknowledges the agreement over text or email then that’s “in writing”. Also if anyone witnessed it they can back up that you two did come to an agreement. Though if I were you I wouldn’t push it, if they see how antsy you are they may come to believe your offer was too low and that you or other buyers will pay more. Maybe have your land lawyer call them or their land lawyer about getting the ball rolling if you think they may drag their feet after Easter by which time a better offer may come along.
Yeah. That's fair. I do have a text
If its not legally binding then there’s no point. Just be patient.
Thanks. I agree
Elbow bump instead of handshake due to Covid social distancing protocols
Tuesday next week! The price will go up 10% by then if what I read in the papers is true.
Due to Easter we have to wait till Tuesday next week which is lot of days.
lol, a weekend and two public holidays.
grow up
Was the seller drunk or high when he agreed to the selling price? Are you worried he'll sober up and realise the price is too low? lol
I have done this before a few times for purchase of properties. All worked out great. Deposit was paid when both parties signed up to the agreement for sale.
Would you mind sharing more detail on what you did. Do you have template document you used and how much amount did for the agreement.
PM sent
Cant enter a contract to enter a contract.
P.s. the contract will take atleast a week to prepare.