REA issues

Sorry, should have mentioned I'm looking at purchasing in Brisbane

Yes, a letter of offer and if there is an issue then yes the vendor and purchaser can get out of with no charges/fees.

After inspection/pest I would review contract of sale through legal and sign if agreed.
 
Sorry, should have mentioned I'm looking at purchasing in Brisbane
I would check with a lawyer. I'm not sure, but I *think* they removed the requirement for pre-contract PAMDs a few months ago, and if so, then a letter of offer may form part of a binding contract in Queensland.
 
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