Getting offer accepted without contract - VIC

Found a house I really want to buy that has just come on the market. The agent has indicated the vendor would be open to accepting offers prior to auction for a quick sale.

Trouble is the S32 contract (Vic) is not yet available.

How do I go about getting them to accept an offer now (subject to citing the final contract) so I can get it off the market before any more open homes?

 

An oral contract cannot be enforced.
But you could enter into an incomplete written contract. This would mean you could probably rescind, but the vendor cannot, on the basis that the contract does not have statutory required documents attached.
But the vendor would probably not provide you with a written contract as they must give you a section 32 statement before you sign - s32 Sale of land act.

 

In Victoria, ifyour offer is accepted more than three clear business days before the auction date, you get a cooling-off period - according to consumer.vic

In Victoria you cannot contract out of the ability to cool off.

However, if the offer is accepted with less than three clear business days to auction, it’s accepted under auction conditions - ie. unconditional.

 

Thanks - this is a great tip! I hope their solicitor just happens to be punctual.

 

You can’t. But ensuring your finance is ready and getting a building inspection done (if you wish) now would help, so you can go unconditional on the contract when it’s ready (subject to the 3 day cooling off period, although that doesn’t apply if the contract is signed within 3 business days of the auction).