Signed a contract that Vendor has yet to sign (Melb)

Hi all,

So was at an auction that got passed in to me.
Negotiated on a price.
Contract was sent to me which I signed.
Vendor still hasn't signed.

I want the the property but not sure what's going on.

I'm getting kinda pissy because the vendor obviously is probably looking for better deals. Now I accept if the vendor changes his mind and doesn't sign well then I'll have nothing.

But does anyone know what my rights are, let's say by tomorrow Vendor still hasn't signed, can I back out or am I screwed because I signed someyhing first. Surely he can't just keep it unsigned for a week while looking for someone else and then sign whenever he feels like if he can't find anything right?

 

You signed today ?
Shortly after auction ?
Vendor was probably on site, so should have been an easy exchange.
You just email the selling agent and say the offer you negotiated on will expire at 5pm on 1/5/22 unless accepted by exchange of contracts

 

Oh forgot to mention I'm interstate lol

 

Auction conditions ahould still apply, if the agreement was reached in the presence of the auctioneer,then they would have the power to sign the contract.

If you signed after the smoke had cleared, then it may be up to the vendor to sign (quickly) if they want it to be under auction conditions.

 

what if i e-signed after it was passed in like an hour later

and the vendor signs later that night like 8 hours aftwards, is that still auction conditions?

 

Each state has different requirements - linky

Most states would have a 2 day post-auction window

 

In Victoria, it’s 3 days for auction conditions to be applied after an auction.

 

It’s here:
Buying property by private sale

 

Did you put in a deadline/ sunset?

 

Get your solicitor to send them an email.

Edit: Also tell the REA you've found another property you're interested in and if it's not signed by 8pm tonight, you're backing out. This will get things moving.
There's a very good chance the REA is playing silly buggers.