How can I get out of a signed contract for the purchase of my home. I am in a Joint Tenancy. The other Joint Tenant wanted to sell, but has not dealt so close at hand as I have with the REA.
I believe that the business practice of the Real Estate Agent has some fatal flaws and one of these was not informing me of certain issues so that I could better decide upon the progress and future of any sale.
This practice of the REA disempowered me and undermined any strategy I may have had to ensure a better decision making application on my part.
Information would be withheld from me and then after days had passed and there was nothing more I could do about the issue, the REA would just casually mention it to me.
In Australian Property Law under the Conveyancing Act (NSW) 1919 does not the Real Estate Agent have a duty of care to inform, and advise their seller of the best opportunities and also of information that would assist the seller to better make decisions based upon the big picture and not a micro picture.
Also, is not the Real Estate Agent required to ensure that deposit cheque amounts are correct at time of writing from the Purchaser and to point out any errors on the cheque before the Purchaser leaves the Real Estate Agent's office, in this case the Purchaser left for overseas knowing full well that he had written the wrong amount on the cheque and would recoup the difference between the contracted deposit amount and the overpayment amount he wrote on the cheque citing that he had mistakenly written, 110 instead of 101, but neither the REA or the Purchaser did anything about it whilst the Purchaser had time whilst he was in the REA's office.
Another point is that initially the Real Estate Agent quoted us a higher price guide, but I later found out that was only to gain the selling rights to the property.
Thereafter at Auction, the REA did not advise us to accept the vendor's bid at $1.2 million but to pass in the property. The Auctioneer gave the vendor's bid at $1.2 million, one bidder bid that bid, then the REA came back to us to advise us to pass in the property.
After than we were on the market for just on three and half months as a Private Sale (Private Treaty).
Next issue, the REA was "crunching" us until he got us down to a price guide of between one million and $1.050.
Only one buyer came forth after the REA had issued over 50 contracts; and bid $1.010 m.
I later find out from the REA that the Purchaser had the money to have bid more. The REA said he did not want to lose the Purchaser and did not want to push him any further than what the Purchaser had offered.
I feel that the REA was in the Purchaser's corner, but also that the REA was never going to give up this property until he had won it and his commission.
Now I am sorry that I buckled under the pressure of both my older sibling and the REA and wish that there was a way that I could get out of this contract, even though the contracts were exchanged. I don't even know fully what that means, I guess it means between the solicitor for the Purchaser and the Conveyancer engaged by us.
If it were just me then it would be easier, but because there are the two of us, and the other Vendor may not agree to back out of the contract, then I am stuck at this time.
Thanks
I believe that the business practice of the Real Estate Agent has some fatal flaws and one of these was not informing me of certain issues so that I could better decide upon the progress and future of any sale.
This practice of the REA disempowered me and undermined any strategy I may have had to ensure a better decision making application on my part.
Information would be withheld from me and then after days had passed and there was nothing more I could do about the issue, the REA would just casually mention it to me.
In Australian Property Law under the Conveyancing Act (NSW) 1919 does not the Real Estate Agent have a duty of care to inform, and advise their seller of the best opportunities and also of information that would assist the seller to better make decisions based upon the big picture and not a micro picture.
Also, is not the Real Estate Agent required to ensure that deposit cheque amounts are correct at time of writing from the Purchaser and to point out any errors on the cheque before the Purchaser leaves the Real Estate Agent's office, in this case the Purchaser left for overseas knowing full well that he had written the wrong amount on the cheque and would recoup the difference between the contracted deposit amount and the overpayment amount he wrote on the cheque citing that he had mistakenly written, 110 instead of 101, but neither the REA or the Purchaser did anything about it whilst the Purchaser had time whilst he was in the REA's office.
Another point is that initially the Real Estate Agent quoted us a higher price guide, but I later found out that was only to gain the selling rights to the property.
Thereafter at Auction, the REA did not advise us to accept the vendor's bid at $1.2 million but to pass in the property. The Auctioneer gave the vendor's bid at $1.2 million, one bidder bid that bid, then the REA came back to us to advise us to pass in the property.
After than we were on the market for just on three and half months as a Private Sale (Private Treaty).
Next issue, the REA was "crunching" us until he got us down to a price guide of between one million and $1.050.
Only one buyer came forth after the REA had issued over 50 contracts; and bid $1.010 m.
I later find out from the REA that the Purchaser had the money to have bid more. The REA said he did not want to lose the Purchaser and did not want to push him any further than what the Purchaser had offered.
I feel that the REA was in the Purchaser's corner, but also that the REA was never going to give up this property until he had won it and his commission.
Now I am sorry that I buckled under the pressure of both my older sibling and the REA and wish that there was a way that I could get out of this contract, even though the contracts were exchanged. I don't even know fully what that means, I guess it means between the solicitor for the Purchaser and the Conveyancer engaged by us.
If it were just me then it would be easier, but because there are the two of us, and the other Vendor may not agree to back out of the contract, then I am stuck at this time.
Thanks
