Bargain Buys at Repossession auctions come with a host of extra costs

In this particular case, the court decided that communication was not necessary as the agreement required the seller to specify when he signed acceptance, the court felt that, if there was no binding contract until acceptance was communicated to the other party, then when precisely the Seller signed it would have been irrelevant and the contract would not have called for that information.

The Alienation of Land Act is silent on whether communication is necessary so the court looked at the wording of the agreement to determine the parties' intent. If, for example, the agreement had specified who was authorized to accept communication of acceptance, as the Seeff "Offer to Purchase" document does, then the court would, in all probability, have come to a different decision, with very different financial implications for the parties.

In terms of the estate agency board's code of conduct, estate agents are required to protect the interests of the public and to perform their function with an acceptable level of professionalism. A significant part of this responsibility lies with the documentation the agency uses.

Ian Slot, Seeff, Alienation of Land Act, Offer to Purchase, estate agents, estate agency board, code of conduct, property, sale agreements, Withok Small Farms, Amber Sunrise Properties, legal insights, investment insights 04 August 2009 04 August 2009

 

Article by: Real Estate Web