Wylie
Having purchased in QLD (overseeing son's purchase of H&L package and signing & cancelling 2 x written contracts to purchase a block of land and a H & L package & having 2 offers for property turned down [properties sold for under our offer later] & attending auction at Calamvale).
Written contract only becomes binding when the other party signs it. If you change your mind before it is presented, or the other party doesn't sign, or countersign then you only need to cancel if you no longer with to go ahead. Even if you sign, and the other party countersigns, until you initial the countersignature, it is not binding. I don't see a problem with this, but I have never bought in another state. I do like the fact that in Queensland once signed it is "a done deal" and nobody can slip in a higher offer.
In NSW our experiences have been the REA agent picks you up in their car and drives you around looking at properties and you can discuss each property.
That is up to the agent. I know agents will pick up a purchaser in Brisbane too .
In my experience x 3 in QLD the REA drives themselves to the properties and you follow madly trying to concentrate on following the REA through the Brisbane traffic.
Is it really the case that all/most agents in NSW pick up prospective purchasers. I find that hard to believe, but happy to have it confirmed. My mother often drove her clients to different properties. I don't think it is a NSW thing.
Then the REA shows you the property, stands outside and says I will give you time to discuss whether you are going to buy.
In my experience no agent has ever stood around and given me time to discuss whether I want to buy. If I want to buy, I ask if I can please sign a contract.
In NSW - as you get out of the car (I do anyway) at your house I say to agent put in an offer $$$ with 60 day settlement subject to finance. Or I may say I will discuss with hubby and get back to you.
Same in Queensland if that is what you want to do. I generally want to buy it NOW . If I wait, someone else might snatch it from under my nose.
Agent may ring back and say offer accepted or rings back and says Vendor has counter offered with $$$.
Same in Queensland, but it is done on a piece of paper which becomes the contract. That way there is no "oh sorry but someone offered $1K more since I phoned you.
You decide to negotiate or accept Vendor offer etc.
Same in Queensland, but again, on paper, which becomes binding once both signatures are on it.
IN QLD we only have actually purchased once, more experienced at cancelling offers to buy in QLD as the lack of verbal offers hinders process IMHO.
Why do you cancel offers?
Regards
Sheryn