Are multiple offers allowed?

[Terry_w]

PRIOR to an agreement .

An agreement is an offer and its acceptance.

 

[AVS]

I am confused after reading so many contradicting posts so would just like to confirm my understanding : (I am also interested to know for QLD in case if it is different for all states)

Once a written offer is accepted, it is considered as contract or legal agreement.

Considering above, it sounds like it is safe to put only one offer at a time with 24-48 hrs expiry period before making another offer?

Where can I find examples of offer?

 

[danwatto]

Hmm I didn't think there was any risk.

I've made about 30 offers recently and I can only afford to buy 3.

But many agents never get back to me or take forever so I just consider those expired.
They all specify the contract will be subject to finance and that I will conduct a building inspection if the offer is accepted. If the inspection is bad can lower the offer or withdraw.

Then there is the cooling off period, and the searches, the finance, so many ways to pull out of buying...
This is not QLD though

 

[Terry_w]

I am confused...

Where can I find examples of offer?

Offers can be binding and enforceable if done by signing a full contract.

An offer could be a contract if accepted by the other party.

For real estate it will need to be I writing and contain certain info. But if the required disclosure documents are not included then the buy may be able to terminate

 

[Jaggannath]

This is an area frequently misunderstood. There is no magic division between "documents that are contracts" and "documents that aren't contracts" - contracts are contracts by nature of the information recorded, not their format, or whether they're called contracts. Bus tickets are contractual documents, for example.

Some contracts, such as those for real property, have formal requirements in order to be deemed an enforceable contract. In the case of land, the legislation requires that contracts for real property be *evidenced in writing*, but that doesn't limit it to standard form contracts. Provided certain information is recorded in writing - such as a description of the land, the price, the buyer and seller, and a few other basic terms - and both parties have signed, it's a binding contract for transfer of land.

So if you make a written offer, it is likely to contain adequate information to create a binding contract if counter-signed by the vendor. Even if it's a letter and the vendor just signs and dates underneath your signature. It's the information, remember, that's important - not the form.

Submitting an unsigned contract with a signed cheque attached is also likely to create a binding contract under the joinder doctrine, whereby documents can be "joined" together to fulfil the formalities requirements. (So the fact that the cheque and the unsigned document are clearly "joined" may mean that your signature on the cheque is as good as a signature on the document, from a legal perspective.)

I think one clear way to avoid finding yourself bound against your will would be to include a statement in your letter of offer that the parties do not intend to be bound until the preparation of a formal agreement, as in Masters v Cameron). I am not a lawyer and would not presume to word such a clause myself, but I would ask for legal advice on an appropriate clause to include in your offer.

No, an accepted offer *is* a contract. (As always in the law, with some exceptions.)

Yes, unless you protected yourself with some wording as I alluded to above, that you've had approved by a lawyer. Otherwise, offers are considered available for acceptance until revoked, or lapse of "a reasonable period" - and who wants to fight out in Court what that is?

I thought it wasn't a contract until you'd met the three parts of a contract: offer, acceptance and consideration (i.e. some form of cash or asset transfer). This is very hazy school memories from over 15 years ago, so it's just a question for clarification.

 

[Perp]

I thought it wasn't a contract until you'd met the three parts of a contract: offer, acceptance and consideration (i.e. some form of cash or asset transfer). This is very hazy school memories from over 15 years ago, so it's just a question for clarification.

Quite right. The promise to pay the purchase price (less deposit) at settlement is the consideration. A purchase price is an element of the offer and is thus also present.

Another element is "intention to create legal relations", which is why including a statement that the offer is "subject to preparation of a formal agreement by the parties' solicitors" may prevent a contract being formed, as the court is likely to view that intention is absent in such a circumstance.