QLD - Making an offer!

[neaka]

We are about to make an offer on a property in QLD. They have sent us all these contracts to sign simply to make an offer? We bought in QLD afew years ago and i swear we only made a verbal offer, it was accepted and then we signed? Have things changed in QLD?

Is there any need to have a solicitor involved when at this stage?

 

[plusnq]

We are about to make an offer on a property in QLD. They have sent us all these contracts to sign simply to make an offer? We bought in QLD afew years ago and i swear we only made a verbal offer, it was accepted and then we signed? Have things changed in QLD?

Is there any need to have a solicitor involved when at this stage?

Hi

You have to make a contract offer in QLD (does prevent gazumping once offer accepted). I would get my solicitor to look at the contract and put in the usual clauses, building/pest/finance and any others you may need.

Cheers

Shane

 

[boomtown]

per above

offers in QLD are done by way of written contract executed by the buyer - if the seller signs its done and dusted.

 

[tcocaro]

disagree.

Law does NOT require that all offers are submitted via contract.. its required that all offers "in writting" must be passed onto the vendors by the agent. In short theres nothing wrong with verbal offers its just that agents can legally choose not to pass it on to the vendor (oh so stupid).

There have been legal cases fought and won by vendors finding out only too late that agents didn't pass on verbal\email\fax offers only because it didn't suit the agent e.g. long settlement etc. i.e. get their commission later.

Problem is (most) agents dont care and wont budge.

Unfortunately there is "law", the interpretation of "law" and then theres "practical reality"...unfortunately in this case they are not same.

 

[willair]

We are about to make an offer on a property in QLD. They have sent us all these contracts to sign simply to make an offer? We bought in QLD afew years ago and i swear we only made a verbal offer, it was accepted and then we signed? Have things changed in QLD?

Is there any need to have a involved when at this stage?

IMHO,i would just to be safe,the money spent on a Solicitor will save a lot of stress and worry,i have nothing to do with this site but it may help you..http://www.relv.com.au/contract.asp
willair..

 

[Mart]

per above

offers in QLD are done by way of written contract executed by the buyer - if the seller signs its done and dusted.

The buyer can withdraw their offer - even after the seller has signed the contract - if the acceptance has not been relayed before withdrawal of the offer. Once acceptance is relayed, the contact is dated.

 

[Mark C]

Is there any need to have a solicitor involved when at this stage?

You don't have to have a solicitor invovled at all, however if you are not familiar with what you are doing then getting one involved could be cheap insurance.

If your solicitor is not available and you wish to tie a property up under contract but are still unsure of your legal rights you can make an offer and sign it with a "subject to" clause, something like:

This contract is subject to the buyers solicitor reviewing and subsequent acceptance of all contract conditions within 14 days of contract date.

Or something similar.

Mark

 

[Mart]

You don't have to have a solicitor invovled at all, however if you are not familiar with what you are doing then getting one involved could be cheap insurance.

If your solicitor is not available and you wish to tie a property up under contract but are still unsure of your legal rights you can make an offer and sign it with a "subject to" clause, something like:

This contract is subject to the buyers solicitor reviewing and subsequent acceptance of all contract conditions within 14 days of contract date.

Or something similar.

Mark

Good point. But the sellers agent would probably counter that Clause with one reserving "Right of sellers to make a contract unconditional if they secure a better offer" keeping the sellers options open as well

 

[Kevin Hockey]

disagree.

Law does NOT require that all offers are submitted via contract.. its required that all offers "in writting" must be passed onto the vendors by the agent. In short theres nothing wrong with verbal offers its just that agents can legally choose not to pass it on to the vendor (oh so stupid).

There have been legal cases fought and won by vendors finding out only too late that agents didn't pass on verbal\email\fax offers only because it didn't suit the agent e.g. long settlement etc. i.e. get their commission later.

Problem is (most) agents dont care and wont budge.

Unfortunately there is "law", the interpretation of "law" and then theres "practical reality"...unfortunately in this case they are not same.

Sorry but wrong on several counts.

Some agents may choose to negotiate on a verbal basis but any half decent salesperson won't, simply because it isn't a contract and has no binding power whatsoever. There is NO such thing in RE as a verbal contract. You are right the law doesn't stop offers being made verbally but obviously it's then not a contract and therefore not enforceable. Any and all discussions had are worthless.

Also, the PAMD (our governing legislation) requires an agent to disclose to a seller "Every expression of Interest". Theoretically, this means even an enquiry is obliged to be notified to the owner. An agent CANNOT choose to ignore telling the owner of a verbal "expression of interest" but will most often recommend an owner instruct the buyer to put it in writing prior to negotiating. In fact many owners will tell their agent at listing to only bring written contracts and they will not discuss a verbal offer.

Any salesperson learns real fast that verbal negotiating has dire consequences as buyers often reneg on their agreement prior to signing when negotiations are made verbally.

Hope this helps.

Kev
www.gogecko.com.au

 

[wylie]

The buyer can withdraw their offer - even after the seller has signed the contract - if the acceptance has not been relayed before withdrawal of the offer. Once acceptance is relayed, the contact is dated.

Hi Kevin. Would be interested in your comment on this. It doesn't sound right because any contract I have signed or countersigned as buyer or seller has been dated at the same time of signing.

However, many years ago, an agent told us that he was required to call the buyer (and probably the vendor) and say the words "congratulations, you have just bought a house".

My mother subsequently sold real estate for ten years, but I cannot remember her ever confirming that this long ago agent's comment was valid.

 

[Kevin Hockey]

Hi Kevin. Would be interested in your comment on this. It doesn't sound right because any contract I have signed or countersigned as buyer or seller has been dated at the same time of signing.

However, many years ago, an agent told us that he was required to call the buyer (and probably the vendor) and say the words "congratulations, you have just bought a house".

My mother subsequently sold real estate for ten years, but I cannot remember her ever confirming that this long ago agent's comment was valid.

Hi Wylie,

It is true. Contract law states there must be offer and acceptance and the acceptance requires the buyer to know their offer has been accepted.

I know of a buyer who proved they had phoned and left a message on the agents mobile to say they had withdrawn their offer after the owner accepted the contract but before being notified. The owner claimed the contract was valid but he buyer won and the contract deemed invalid. The property was in Bracken Ridge but it was some years ago.

Kev
www.gogecko.com.au

 

[s_t]

and it's logical too IMO.

 

[HeadHunter]

Just reviving an old thread..

One of the agents asked me to put the offer via email. Is it a legal offer and binding if the vendor accepts it ?

Should I put the usual subject to finance/pest/building etc ?
Any other special conditions I should put in as well ?

 

[Fudge]

Just reviving an old thread..

One of the agents asked me to put the offer via email. Is it a legal offer and binding if the vendor accepts it ?

Should I put the usual subject to finance/pest/building etc ?
Any other special conditions I should put in as well ?

It would not be binding if it was a response to an email question. In Qld, there are about 3 or 4 bits of paperwork to make up a contract. Check recent news events and Premier is supposed to be "streamlining' this process for simplicity soon.

To add to the other older posts:

1. Whether it is an email, verbal or a signed contract, the truth is that there is no binding power until the cooling off period has been reached.
2. Generally, signing up with contract documents initially (if want property) is really intended to give the seller something to react to when the agent flashes the contract documents in front of his face. Sometimes, the price may be amended several times from this initial contract signing, but it is important to ensure it doesn't drag on. I tend to offer a lower price and sign everything up, to give the buyer incentive to 'take the money and run'.
3. For the purpose of things dragging on, and signing multiple contracts for the same property..... never do this. This may be a mistake by the RE if this happens, but you don't want to be thinking you have a couple of days left to still think about the property when you don't.
4. If you are getting tangled in offers and counter offers, it is always good to write in the contract the exact time and date in which the offer will be rescinded. (This also gives the seller an ultimatim, especially if there is not any other interest in his property)

A bit tangled up, but hopefully you understand what I am getting at.

WRT 'subject to' clauses, it depends how good a bargain it is and what the research you have done already on it tells you.

A clause I have come across before could be "subject to solicitors review". This could be widespread and delve into Flood searches, encumbrances, titles, etc, etc.

The more "subject to" clauses in a contract there are however, the less attractive they are to the seller.


F

 

[A'PEXi]

Thanks for the info Fudge, I think that this is something I would be doing in the future - "write in the contract the exact time and date in which the offer will be rescinded"