New to Contracts for Sale - OTP

Discussion in 'The Buying & Selling Process' started by awilliams, 1st May, 2021.

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  1. awilliams

    awilliams Member

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    Hello,
    I would like to know your thoughts and any advice on the contract for sale step when buying off the plan.

    How long is this expected to take and does activity typically occur on weekends?

    I have engaged a lawyer to review the contract via an online service. They were meant to call me to discuss the review at an agreed time.
    They did not provide any notice that they couldn't meet with me and now I can't get hold of them which is stressing me out.

    Any conversation or help would be much appreciated.
     
  2. Trainee

    Trainee Well-Known Member

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    Sometimes you wonder how many problems are self inflicted just because people dont know how to vet advisors.
     
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  3. awilliams

    awilliams Member

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    Would you have any suggestions on how to do that successfully?
     
  4. thatbum

    thatbum Well-Known Member

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    You used an "online service" for legal advice? Are they even lawyers?
     
  5. awilliams

    awilliams Member

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    In hindsight (which is always 2020), yes my decision wasn't the best but the company has an ABN and is registered with ASIC and they were contacted by the vendor' s solicitor.

    I'm just looking for some clarity now to try and understand their behaviour.
     
  6. Trainee

    Trainee Well-Known Member

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    Meaning, what?

    What does this mean?
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Obviously useless and don't value you as a client.

    Are they on the Law Society's list of practitioners? What do you mean by "contacted by the vendor's solicitor"? Did they recommend the online crowd or you googled/air taskered them?
     
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  8. thatbum

    thatbum Well-Known Member

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    None of those things have any relevance to whether they are able to give you good legal advice - and the last one makes no sense and sounds suspiciously like it could be a conflict of interest.
     
  9. awilliams

    awilliams Member

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    Sorry for confusion about that last statement but the contract for sale was sent from the solicitor of the seller (vendor) to the lawyer I engaged.
     
  10. Trainee

    Trainee Well-Known Member

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    Where did you find your lawyer?
     
  11. thatbum

    thatbum Well-Known Member

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    What does that have to do with picking the right legal service?

    Or are you talking about your original question? In that case, when was your last contact with your lawyers (I hope they are lawyers - you haven't actually said they are)?
     
  12. Trainee

    Trainee Well-Known Member

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    I get recommendations from experienced investors here, and have enough basic knowledge to understand what is important (such as deadlines).
     
  13. awilliams

    awilliams Member

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    Thank you for being the first person to send a tip. I looked them up and the lawyer and practice is listed. I guess this means they are legitimate? ...but like you suggest does not change their care factor.
     
  14. Trainee

    Trainee Well-Known Member

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    You haven't signed anything, right?
    Wondering if the best option is to let this go and start again.
    Don't look at property until you've nailed down a decent team of advisors.
    Haven't even got to whether otp is such a good idea anyway.
     
  15. awilliams

    awilliams Member

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    No nothing signed but have paid for the review.
    Will be looking into finding someone else. Thanks. Face to face and hopefully without too much drama.

    Yes... OTP... a bit controversial, maybe for another thread.
     
  16. Trainee

    Trainee Well-Known Member

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    It's not about face to face or phone or zoom. It's whether the lawyer is reliable and performs. Don't just google.

    Your money.
     
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  17. hammer

    hammer Well-Known Member

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    @awilliams why don't you either engage one of the lawyers on here or put a post up looking for recommendations?

    A lawyer is an important step... especially with OTP.

    There are soooooo many things that can go wrong....
     
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  18. The Y-man

    The Y-man Moderator Staff Member

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    Well that's a relief! :)

    What are you looking at? House? Apartment?

    The Y-man
     
  19. awilliams

    awilliams Member

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    Thanks. I am feeling less stressed now. Just a small price to pay.

    Townhouse 2/2/1 near The Hills... a few options in that area
     
  20. The Y-man

    The Y-man Moderator Staff Member

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    Ok - sounding better all the time - small developer or major (eg Mirvac)?

    The smaller they are the more likely the contract is negotiable to some degree (of course they might go bust and disappear half way!).

    The Y-man