Offer to purchase question

LlamaParty said:
Transfer lodged yesterday :D Hopefully it's quick and painless from here!
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Congrats LlamaParty! Happy for you guys.

We just got a call from the agent this morning. Just stating what we already know. That we are still waiting for clearance certificate before they can proceed with lodging.
 
APoc184 said:
Congrats LlamaParty! Happy for you guys.

We just got a call from the agent this morning. Just stating what we already know. That we are still waiting for clearance certificate before they can proceed with lodging.
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Thank you!

Eug, I can just imagine how frustrating that must be. It makes no sense why it would take so long.

Have you made plans for occupational rent if you need to move before the transfer is finished?
 
LlamaParty said:
Thank you!

Eug, I can just imagine how frustrating that must be. It makes no sense why it would take so long.

Have you made plans for occupational rent if you need to move before the transfer is finished?
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Yes. All that is in place.

Registered or not, we are moving in on Sunday 1 November.
 
LlamaParty said:
At least that's sorted then!

Speaking of... we should probably start packing :unsure:
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I have transfers where after I register the old owners only then wake up and start looking for a place to stay.

Why would you do that? Drives me crazy.
 
bokka1 said:
I have transfers where after I register the old owners only then wake up and start looking for a place to stay.

Why would you do that? Drives me crazy.
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Hahaha, fair enough. We're luckily in the position that we own the house we're staying in, and won't be renting it out or selling it immediately (needs a bit of work), so we can move without too much of a rush.
 
So we just got word that our papers were rejected on a technicality. This has been fixed and they have resubmitted the papers again... hoping it doesn't take too long. Dammit.
 
So we put in an OTP that was signed by seller and kicked off our bank processes... we only needed to prove transfer funds etc. Now the agent contacts us to get the bank to hurry up on the valuation etc because there is another OTP active and that one already has a valuation....

Is it possible / legal / correct to have 2 OTPs active on the same property at the sametime or does the first signed OTP take precedence? It feels like:
1 - agent got higher offer and wants us to quit
2 - agent just wants us to hurry up?
 
powermzii said:
So we put in an OTP that was signed by seller and kicked off our bank processes... we only needed to prove transfer funds etc. Now the agent contacts us to get the bank to hurry up on the valuation etc because there is another OTP active and that one already has a valuation....

Is it possible / legal / correct to have 2 OTPs active on the same property at the sametime or does the first signed OTP take precedence? It feels like:
1 - agent got higher offer and wants us to quit
2 - agent just wants us to hurry up?
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That would depend on the details of the exit clause (if any) in your OTP.
 
powermzii said:
So we put in an OTP that was signed by seller and kicked off our bank processes... we only needed to prove transfer funds etc. Now the agent contacts us to get the bank to hurry up on the valuation etc because there is another OTP active and that one already has a valuation....

Is it possible / legal / correct to have 2 OTPs active on the same property at the sametime or does the first signed OTP take precedence? It feels like:
1 - agent got higher offer and wants us to quit
2 - agent just wants us to hurry up?
Click to expand...
Generally the otp will layout in which circumstances a second offer can be accepted.
 
powermzii said:
So we put in an OTP that was signed by seller and kicked off our bank processes... we only needed to prove transfer funds etc. Now the agent contacts us to get the bank to hurry up on the valuation etc because there is another OTP active and that one already has a valuation....

Is it possible / legal / correct to have 2 OTPs active on the same property at the sametime or does the first signed OTP take precedence? It feels like:
1 - agent got higher offer and wants us to quit
2 - agent just wants us to hurry up?
Click to expand...

Take your time. The other OTP means nothing while yours is still active. Unless there is a specific clause.


Sounds to me like option 1. Agent is seeing more bucks. They know it is a lengthy process so strange that they would try and hurry you up.

Until when do you have time to get the bond in place?
 
APoc184 said:
Take your time. The other OTP means nothing while yours is still active. Unless there is a specific clause.


Sounds to me like option 1. Agent is seeing more bucks. They know it is a lengthy process so strange that they would try and hurry you up.

Until when do you have time to get the bond in place?
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While most likely correct, it is worth reading the exit clause well. It may be that the seller can give notice to the purchaser to move to an alternate offer should the alternate have financing sorted.
 
Speedster said:
While most likely correct, it is worth reading the exit clause well. It may be that the seller can give notice to the purchaser to move to an alternate offer should the alternate have financing sorted.
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Here is hoping for @powermzii that it is a stock standard OTP.
 
APoc184 said:
Here is hoping for @powermzii that it is a stock standard OTP.
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Thanks so much guys for the input... This process is quite stressful so maybe I'm just feeling it

I rechecked the OTP and it does say the seller can accept a 2nd OTP but the 'purchaser' will be notified of said OTP details etc. The seller can also continue marketing



We put in 30 Oct as the end of validity for our OTP. Bank came back today with facility letter so only thing outstanding is their valuation which they promised by Friday.
dea7106ddc58f8a3395a360997610659.jpg
 
powermzii said:
Thanks so much guys for the input... This process is quite stressful so maybe I'm just feeling it

I rechecked the OTP and it does say the seller can accept a 2nd OTP but the 'purchaser' will be notified of said OTP details etc. The seller can also continue marketing



We put in 30 Oct as the end of validity for our OTP. Bank came back today with facility letter so only thing outstanding is their valuation which they promised by Friday.
dea7106ddc58f8a3395a360997610659.jpg
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Bummer!

I checked ours again this morning just to make sure. There was definitely no such clause in our OTP.

Holding thumbs the bank will come through today or tomorrow for you guys!

And yeah. It is quite stressful and tense in a scenario like this. Especially when you set your heart on the place.
 
powermzii said:
Thanks so much guys for the input... This process is quite stressful so maybe I'm just feeling it

I rechecked the OTP and it does say the seller can accept a 2nd OTP but the 'purchaser' will be notified of said OTP details etc. The seller can also continue marketing



We put in 30 Oct as the end of validity for our OTP. Bank came back today with facility letter so only thing outstanding is their valuation which they promised by Friday.
dea7106ddc58f8a3395a360997610659.jpg
Click to expand...

From my vague knowledge of things, they can only accept a second offer if you haven't paid a deposit. At least that's what our estate agent said. So perhaps if you're very keen on the house you could put down a 5% deposit or something?
 
LlamaParty said:
From my vague knowledge of things, they can only accept a second offer if you haven't paid a deposit. At least that's what our estate agent said. So perhaps if you're very keen on the house you could put down a 5% deposit or something?
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Deposit won't change anything. It's all dependant on the details in the OTP.
 
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