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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5421
Experience:  Dip Law LPAB - Sydney based lawyer
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I want to resell my off the plan property before it is

Customer Question

I want to resell my off the plan property before it is settled, I just looked through the contract I have signed with the vendor and it did not say anything about the reselling policy, I want to enquire it about this
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Submitted: 1 year ago.
Category: Australia Law
Expert:  Patrick H. replied 1 year ago.

Essentially what you will be wanting to do is sell on your contractual rights to complete on your current purchase, rather than actually transfer the title to the property. It's a somewhat technical difference but it should be possible. It's essentially the same as selling an option on a property, you don't actually complete the contract yourself, but you assign the rights to a new interested buyer to complete on your behalf.

In some cases the wording of the contract may preclude this from being undertaken but it should be possible with the assistance of an experienced conveyancing lawyer.

Good luck and please rate my answer.

Patrick

Customer: replied 1 year ago.
Is it odd that in the resale agreement issued by the real estate agent, it states I can't disclose this statement to any other party?
Expert:  Patrick H. replied 1 year ago.

Hello again.

The clause is likely there for the purpose of keeping the negotiated price secret as the vendor of an off the plan sale will likely try to negotiate better prices with other buyers and it will undermine their bargaining position if the price of earlier sales is readily available to other purchasers. The clause does however create a risk that onselling your unit prior to completion may breach this obligation and will likely complicate the process of negotiating and formalising any onsale agreement. You may be able to negotiate with the agent to waive this condition, or could consider proceeding on the basis that you include a similar restriction when you assign the contract, such that the new buyer also must not disclose the agreement to other parties (this would still technically be a breach, but provided the breach is only confined to the new buyer, it would be difficult for the original party to demonstrate any adverse consequence from the breach and therefore there would be little point in their taking legal action over the breach.

Regardless, the process should be considered only with the involvement of an experienced conveyancing lawyer to ensure these issues are properly dealt with.

I trust the above assists.

Please rate my answer.

Patrick