QLD Contracts

Hi,

Hopefully someone may be able to clarify the following regarding, "submitting an offer"!.

If we sign a contract on a property and submit it to the realtor, is he able to hold off on submitting that contract to try and gather more contracts on the property, or is he required to submit all offers to the seller once signed by the buyer? We instructed the offer was good for 24 hours!

Any clarification would be appreciated.

 

Hi cdrm,

The current practice in QLD is signing a contract to make an offer, although I still start with faxes to get things rolling (being interstate). I think this current practice has to do with ensuring that the buyer are aware of all the disclosure requirements (covering PAMD forms) as part of the government's efforts to rein in rogue REAs. Offers and counter offers can include pen amended prices until they print a final copy when everyone agrees. As far as I know, the contract still doesn't have legal status until both vendor and buyer have signed.

The agents are meant to present offers but there is no real time limit from what I can tell, having done this recently.

You took the right approach with putting a time limit on the offer. I usually give a couple of days but avoid the period over a weekend or open house. Say that you need to have a response by the Thursday / Friday because you have other houses to look at if the vendor doesn't accept the offer. It's a buyers market!

The agent could still use your contract and show other buyers without them knowing the offer has expired, so it may still create competition if you want to make a second offer. The agent can't / shouldn't use your contract if both you and the vendor have signed as this is gazumpting and has pretty much been banned. The vendor could still technically withdraw the house from the market and get around this.

Hope this helps, Dave