Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Agent or Lawyer responsible for ensuring contract details are correct

Notify me of new replies via email
Poppy | 07 Feb 2018, 12:21 AM Agree 0
A real estate agent issued instructions to the vendors lawyer for a contract of sale of two properties in Victoria to the same purchaser. The vendors lawyer prepared the contract and arranged the signing of the contracts based upon written instructions from the real estate agent ie contract order. Subsequently it is determined that the contracted amount was the incorrect price and neither the lawyer or vendor picked up on the arithmetic error in the written contracts prepared by the lawyer and the signing of same overseen by the lawyer and the vendor client. The vendor client had his father liaising with his lawyer on his behalf. For example there were two properties and it was negotiated as one overall price of say $400,000 and the split into two contracts were to be two contracts of $200,000 each, this was inadvertantly split and sent to the lawyer as say $150,000 each. These are an example figures only. The contract was split in to two contracts and there was an error in the arithmetic of this split. The lawyer prepared the contract and oversaw the signing of the contracts on behalf of their client being the vendor. There is documentary evidence (email) where the agent wrote to the purchaser confirming their offer of $400,000 had been accepted. There were further or earlier emails where their earlier offer of say 380,000 was rejected and this was communicated via email in the negotiation process.. The purchaser is endevouring to take a position that they were always at $300,000 with their offer when this is clearly not the case, their offers were never anywhere near that amount as the property was essentially on the market at $450,000.

The purchaser
Post a reply