Agent wanting to see formal loan approval

Just in the process of buying first property in VIC. I am more used to NSW processes. Loan was approved & we have sent notice of this to our solicitor who advised the vendor's solicitor that contract is now unconditional. We did an EFT for the remainder of the deposit & sent a screenshot of this to the agent.

Thought it was a bit strange that the agent is wanting to see the formal loan approval. Is this normal?
I am a privacy nut so I don't like giving info unnecessarily.

The vendor had bought another property & was sweating on sale the so I am thinking maybe he wants evidence of the loan approval asap. Or there are still offically 3 days remaining of the finance approval period so maybe he is wanting to remove any possibility of us saying there was an unexpected problem with the finance because we have found something else about the property we don't like.

Thoughts?

 

Pretty common ask in SA.

 

Common in WA as well otherwise they have to rely on a verbal and you know how that could go!

We cc the REA and Settlement Agent into the "congrats" email, after a phone call to client to seek permision to do so.

 

None of their business

 

Haha classic lawyer response!

 

That's the auto responder.

 

What Terry said. Unless it's a special condition of the contract (which is extremely unlikely).

 

What are the risks involved in doing so besides client wanting to pull out of the deal, hence calling first and asking permission.

I see it as an added service to the client, REA and Settlement Agent.

 

I'd say no as well. Your conveyancer can advise theirs that its reached that milestone. Their conveyancer can tell their client or their client's agent if they wish.

Vendor or vendors agent doesn't need it for anything other than knowing they're getting their commission.

 

Not common - but I can't really see any huge issue with providing either (from a privacy point of view) - all the info on the letter is usually captured in the contract of sale (buyers names, address and often bank/loan sought for finance).

At the end of the day - if you don't feel comfortable with supplying then don't give it to them.

Cheers

Jamie

 

Unless the agent is suddenly a lawyer or conveyancer that happens to be representing you on this precise purchase, it is not their role to get tangled up in this. You can simply politely say your conveyancer is handling things.

You have declared unconditional on the finance clause anyway. It is possible it is an agent that doesn't fully understand the legal process and role boundaries. No doubt they are keen to slap you with a request for early deposit release, thus the desire to be "certain" that you are unconditional.

Once you are under contract you should be doing all your talking through your legal rep (solicitor/conveyancer). The conveyancer will notify the selling agent through the official channels as each milestone is achieved. If you start "communicating" things as well you can actually hinder your conveyancer. Leave it to them.

 

Nope.

 

Exactly what JacM said. Email from conveyancer that the contract is unconditional is enough. Congratulations on the purchase.

 

Deathly silence....doesn't deserve a response as the vendor can't pull out.

 

Like everyone else has said it is not common and I have never encountered it even when I was a REA.

Decline their offer all that matters is you have gone unconditional and it doesn't matter if you took a loan or not.

The only thing that now matters is meeting your obligation on settlement day.

 

Agree with most - don't do it. They don't need it. They have no business knowing it. The signed contract is all they need, and that's to pass onto the solicitors.

 

None of their business - we cc the agent in when the seller's solicitor is notified of finance approval.

 

I would think the solicitor passing on to the other solicitor that you have formal approval should suffice.
Can't think of a reason the agent would need to see it.

 

There is no legal reason to show it. No advantage but could be a disadvantage as they would know more about you.

 

Probably wants it so he can take his commission