Tips for Buying

In the state of Queensland a property is NOT SOLD until a contract has been fully executed - that is until the seller has signed the contract and the buyer has been informed their offer was accepted.  A copy of that contract would then be provided to the successful buyer. It is important to note that even when a buyer makes an offer, at or above the asking price, either verbal or in writing, completes an online or hard copy of an EOI (expression of interest) or even goes so far as signing a contract, it is still only considered an expression of interest until such times as the seller has accepted and signed the contract.

MULTIPLE OFFERS

As a buyer in a multiple offer situation, you will be asked to sign an REIQ Acknowledgement of Multiple Offers Form. This form is to acknowledge that you have been informed you are offering on a property that has more than one offer, and is evidence that you understand that you are in a competitive situation with other buyers. You should sign and return this to the Agency immediately and will be asked to confirm your best offer in contract form.  

It is important to understand that if you find yourself in a multiple offer situation you will only have one chance to submit your best offer, you will not get another opportunity to counter offer or further negotiate with the seller.  The seller/vendor is responsible for making their own decisions on what they consider to be the best offer. Buyers should remember that conditions and settlement timing also form part of your offer.

 

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