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Urgent! Special Condition in contract (QLD)

Discussion in 'Legal Issues' started by Kai41314, 17th Jul, 2015.

  1. Kai41314

    Kai41314 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    112
    Location:
    Melbourne
    Hi,

    I am about to sign an offer and discovered the seller added a special condition in the contract and it looks like on settlement, buyer needs to pay for the commission and marketing cost. Why is that?
    Can anyone let me know if there is anything wrong with the condition?

    Condition details:

    "The seller acknowledges that if the deposit held by the deposit holder is insufficient to cover the agent's commission and hereby irrevocably authorises and direct to the Buyers Solicitor to draw a separate cheque at settlement to cover the agent's commission plus GST together with any marketing cost, less any deposit held by the deposit holder."
     
  2. KDP

    KDP Well-Known Member

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    Location:
    Singapore
    The money will just come out of the purchase price. It won't affect you.
     
    Terry_w likes this.
  3. Pistonbroke

    Pistonbroke Well-Known Member

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    Guangzhou
    That is what happens when you only put a small deposit down or the deposit holder isn't the agent.
     
  4. Kai41314

    Kai41314 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Melbourne
    Ha! I see. Thank you for the explanation.
     
  5. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Location:
    Brisbane
    Standard in 90% of contracts we see
     
    Last edited: 18th Jul, 2015
    Subodh Shirodkar likes this.