Letter of offer

[1911naomi]

What is it with letters of offers before signing a contract in qld
Agent said it was so if there are negotiatons you don't have to keep re signing/initiallintg the contract.

This has been on last property I put offer on and now another agent is using it on the current property I want to put an offer on

Is it standard?

 

[wylie]

I've never seen this or even heard of it in Queensland. I would insist on signing a contract. Perhaps this agent is not local?

 

[1911naomi]

both were/are local lj hooker and ray white office a few k's from property on the gold coast

 

[Aaron_C]

Sounds like a waste of time because the only thing that holds up in Court is a signed contract.

 

[Terry_w]

What is a contract? An offer and its accceptance!

 

[Peterw]

An "Offer and Acceptance" form is occasionally used to see how close parties may be, particularly when there may be a lot of people interested. We had a situation with over 10 parties interested, so the " Offer and Acceptance" form helped us sort every one out. There was $80k between the offers. Sending out and going through that many Contracts would have taken a lot of time. While yes that are not binding, however Contracts are conditional as well, as until settlement, nothing is a certainty.

 

[neK]

An "Offer and Acceptance" form is occasionally used to see how close parties may be, particularly when there may be a lot of people interested. We had a situation with over 10 parties interested, so the " Offer and Acceptance" form helped us sort every one out. There was $80k between the offers. Sending out and going through that many Contracts would have taken a lot of time. While yes that are not binding, however Contracts are conditional as well, as until settlement, nothing is a certainty.

Is that really that difficult to email out contracts?
Isn't it really the front page that's important?
Just make the purchaser note down any change in the conditions in a post it note to make it quicker to reference.

 

[wylie]

Is that really that difficult to email out contracts?
Isn't it really the front page that's important?
Just make the purchaser note down any change in the conditions in a post it note to make it quicker to reference.

For me as a vendor and also a purchaser, it is the whole contract that is important, especially but not only, the signature page, but the whole thing.

My understanding of letters of offer used in different states is that until the actual contract is signed by both parties the purchaser can be gazumped. In Queensland, once both sign the one contract, it is a contract. Nice and simple.

 

[neK]

I agree with what you're saying - but my response was to PeterW comment saying its too time consuming to go thru each contract.

Assuming each contract is the same, just with some conditions deleted / added, if a purchaser sums up those differences, it becomes a one pager, making it quicker to run through.

Once decided, the vendor should run through the entire contract to make sure what is stated on a post it note matches what's in the contract.

 

[chindonly]

Never seen it, never used it.