Hi We recently made an offer for the property and REA made us sign the sale of contract with our offer price. However the owner doesn't seem really happy with the offer so REA told us it might take time for the owner to respond back and exchange the contract. (We have not paid the deposit yet). Then we realized that the house we offered has been taken down from real estate sites and has been put up again for a rental. REA told us the owner is motivated to sell, but what would be the reason that they took down the listing for sale? I started to get a bit confused here..is this even legal? to exchange contract when they have put down the listing?
In NSW, the agent/owner must declare that the property is for sale to any prospective tenant, if they don't, then the tenant can choose to break the lease without penalty. Starting a tenancy
The contract is not valid unless signed by you [purchaser] and vendor. Make sure any contract you sign has Vacant Possession at Settlement clause. Start looking for another property ...
Did you inform the agent of a sunset clause or when your offer will expire? If it's passed the time, then my guess would be the owner is not interested and time to move on. Suggest you provide in writing that you have withdrawn your offer
You didnt "exchange contracts"...you submitted a offer. They can ignore it if they wish. Agents often encourage a contract offer since it shows intentions and its a true ofer. But the vendor may have hated the price.
Whether or not the listing is on the internet or has been taken down has no legal bearing on whether the owner can sell it or not.
