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Buying or Selling a Home/Auction sale
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Question
A property was sold at auction, The chq for the deposit of $50000 was handed to the real estate agent as stakeholder, in accordance with contract. The agent agreed to replace the deposit with a chq for $25000 and a deposit bond for $25000. This was done without knowledge of purchaser or solicitor. Is the variation of the contract binding on the purchaser?
Hello Jodie;
It depends what the contract said and what you signed for. If it required $50,000 and now the check they are holding is for $25,000 then you are in violation of contract and while the contract can still be in force they may ask you to reflect the change in writing. Igf they do not agree with what was done, they would probably notify you in writing and request the change in order to have an executable contract. Then, if you refuse to do so the contract may be null and void. If things are done differently in Australia, you may need to check with the solicitor. However, in the US certain conditions in a contract are binding and others are not. They simply set actions in motion.
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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