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Section 66W certificates

Discussion in 'Introductions' started by UpsetBec, 24th Dec, 2015.

  1. UpsetBec

    UpsetBec Member

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    Hi, I need help/advice and given everything is closed at Christmas time that's hard to get.

    We signed a contract agreeing to no cooling off period. Vendor then changed price and we signed a new contract three days later. Does this mean that the s66W does not apply as it was written to go with the first contract? Did they need a new 66W certificate to be issued?
     
  2. UpsetBec

    UpsetBec Member

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    Hi, I need help/advice and given everything is closed at Christmas time that's hard to get.

    We signed a contract agreeing to no cooling off period. Vendor then changed price and we signed a new contract three days later. No terms had changed other than the stated price, but I assume as it was a new document it constitutes a new contract? yes?

    Does this mean that the s66W does not apply as it was written to go with the first contract? Did they need a new 66W certificate to be issued?
     
  3. UpsetBec

    UpsetBec Member

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    Hi, I need help/advice and given everything is closed at Christmas time that's hard to get.

    We signed a contract agreeing to no cooling off period. Vendor then changed price and we signed a new contract three days later. Does this mean that the s66W does not apply as it was written to go with the first contract? Did they need a new 66W certificate to be issued?

    Apologies for posting this in multiple forums..
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    The effect of the certificate is that it confirms that you have received independent legal advice. It does not have the price or terms.

    Linky
     
  5. Dan L

    Dan L Member

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    The Section 66W Certificate makes no reference to price, merely the parties to the contract and the property and is, in effect a statement by your solicitor confirming that they have explained the effect of the certificate to you, i.e. that no cooling off period applies in respect of the sale.

    The section 66w certificate will apply if it was handed over on exchange of contracts. Did you instruct your solicitor to provide a section 66w certificate once the sale price was renegotiated?
     
    Terry_w likes this.
  6. UpsetBec

    UpsetBec Member

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    The 66w was handed over before we signed the first contract, at the lower price. This contract was not exchanged. There was no mention of a new one being needed for the revised contract at the higher price but I'm wondering if there should have been. We'd really like to pull out of the sale and feel trapped.
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Why was the price adjusted?
     
  8. UpsetBec

    UpsetBec Member

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    Because the vendors asked for more money and we stupidly agreed (three days after the initial agreement in price and signing).
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    Was it a private sale? Is it cold feet?
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Dan L seems to know what he is talking about.
     
  11. UpsetBec

    UpsetBec Member

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    Yes. Upset at myself as I'm hindsight I realise how played I was in relation to the price. Angry at my own stupidity.
     
  12. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    The 66W stands. Did you authorise the REA or the solicitors to exchange the contracts? If you did not sign an authority to exchange you might have a case.
     
  13. UpsetBec

    UpsetBec Member

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    The only thing we signed was the front page of the contract. We were told that the agent would be exchanging the contracts but I don't remember signing anything separately that said that in writing - were we supposed to?
     
  14. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I don't recall ever having to sign anything to authorise an exchange either.

    Have you paid a deposit?

    Contracts_and_deposits

    NOTE: A contract has not been made and is not legally binding before the exchange of contracts and the payment of a deposit.
     
  15. UpsetBec

    UpsetBec Member

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    We paid the deposit. We were asked to bring the cheque to sign the contract so we did.

    Feeling so so sick about all this. I realise it is my fault and I was silly to sign the 66w but feel played over it all - especially in the rush to do everything before Christmas so it's hard to even speak with our solicitor or the agent.
     
  16. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Ohhh... :(
    Next question... are you 100% sure your solicitor has absolutely nothing to do with the vendors? (I.e. not working for both parties)?.
    But it might be too difficult to pursue any legal action against your solicitor anyways. Thought I'd throw the question out there though for you to think about.

    Feel free to PM me any details of the purchase... maybe there is an undiscovered silver lining in it somewhere. Or maybe the buy isn't as bad as you thought?

    Anyway I'll put it down as a newbie mistake for you... (lots of newbies make mistakes!) I don't know where you are buying but if its Sydney feel confident it will bounce back... it might be some time but it should...

    If it's any comfort to you you'll definitely learn from this experience and won't do it again.
    Anyway, feel free to PM me.
     
  17. neK

    neK Well-Known Member

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    I have no idea what the increase is, but i'm guessing its probably a single digit in % increase.

    Sure you might feel you've overpaid now, but you'll look back later and will laugh at it.

    My first purchase (over a decade ago), I probably overpaid. Fast forward to now, its so insignificant - i bought at the peak and the property did nothing for about 5-6 years.
    Last purchase I paid $10k more than the under bidder (it was a silent auction).
    Wife told me i had paid too much. It was still good value to me.
    2 months after that purchase, house down the road sold for 45% more than what I paid for.

    Anyway, don't stress. Its Xmas, relax a little. Its only money, you can always earn it back :)
     
    Last edited: 26th Dec, 2015
    Propertunity and Gockie like this.