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Australian property law. Victoria. I need to write my own…

Customer Question
Australian property law Lawyer's...

Australian property law

Lawyer's Assistant: Where is the property located?

Victoria

Lawyer's Assistant: Has any paperwork been filed?

I need to write my own contract of sale aggreement

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, Just advice on drafting up a contract

Submitted: 4 months ago.Category: Australia Law
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Answered in 4 minutes by:
11/24/2017
Solicitor: Leon, Solicitor replied 4 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,239
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question today. I may ask a few questions. I can call you for an extra fee.

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Solicitor: Leon, Solicitor replied 4 months ago

Good Afternoon

So you do not have a contract?

Have you appointed an agent?

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Customer reply replied 4 months ago
hello?
Customer reply replied 4 months ago
The apartment is being sold by the bank. There's a parking space at the complex which is on a seperate title. The parking space and he apartment both have separate titles. The apartment is owned by the bank.The owner of the parking space has agreed to sell the parking space to me for $50,000.I want to draft a contract up that states he has legally agreed to sell me the carspace IF i win the apartment at auction and he must sell the space to me for the amount agreed upon prior to auction.
Customer reply replied 4 months ago
Sorry, to clarify: he must sell the carspace to me IF i win the apartment at auction and he must sell it to me at the price we agreed upon prior to the auction.
Customer reply replied 4 months ago
I am interested in buying this apartment at auction. The apartment is owned by the bank - mortgagee in possession.Someone else owns a parking space at the complex and the parking space is on a seperate title all on it's own. This person has agreed to sell the space to me for 50k if I win the apartment at the auction.I need a legally binding contract for him to sign prior to auction.
Solicitor: Leon, Solicitor replied 4 months ago

Good Afternoon

The owner has to prepare the contract not you

The law has requirements that they have to provide detailed information.

Here is the link about what they have to provide you.

https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/conveyancing-and-contracts-for-sellers

If their is a mortgage on the car park the bank will have to release the mortgage.

What you can do is have a contract for the same entered into and that contract can be conditional on you being the successful bidder at the auction for the apartment.

You agree on a price now and enter the contract and if you are not successful you can terminate for no penalty.

This is your best option and offers you the best protection.

He should have the contract for the sale prepared for the $50K and you both sign it before the auction.

The contract is conditional on you being successful at the auction if not you can terminate.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. I am happy for you to ask further questions on anything you wish more detail on.

Regards

Leon

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Customer reply replied 4 months ago
This does not help as he is not going to organize is the contract because it cost $$$ to do that and he won't pay that.He said that if I write up an agreement he will sign it. I need to write up an agreement that obligates him to sell me the car space if I win the apartment. Is that possible?
Customer reply replied 4 months ago
Clarification: he will not organize the contract of sale because that costs money and the auction is tomorrow.
However he said he'll sign an agreement if I send it to him. I need to know if there's anything I can put in writing that will obligate him to go through with the sale if I win the auction
Solicitor: Leon, Solicitor replied 4 months ago

Good Afternoon

For your protection this is what has to happen.

Even if you do it as an option agreement you need a contract.

Here is an example

https://freelegalforms.uslegal.com/options/purchase-property/

But you should have the contract included as that is how it should be done.

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Customer reply replied 4 months ago
There is no contract and it's very, very unlikely one will be drawn up by tomorrow. Are you saying there is no point in the vendor signing this option or any other agreement if there is no contract?
Solicitor: Leon, Solicitor replied 4 months ago

I am telling you the best way is to have this done. If there is no contract, you can say that you will enter one at a later date.

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Customer reply replied 4 months ago
does the vendor stating in an email that they'll sell the parking spot after auction have any legal obligation?
Solicitor: Leon, Solicitor replied 4 months ago

It can be used as evidence of intention but it is not the same as a contract.

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Leon, Solicitor
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Satisfied Customers: 46,239
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