Countersign offer QLD

Discussion in 'The Buying & Selling Process' started by Micasa, 2nd Sep, 2020.

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  1. Micasa

    Micasa New Member

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    Hi
    I am unfamiliar with the concept of a buyer making an offer on a contract, dictating terms of sale and requesting I as owner countersign. The price and deposit is well below what I would accept.
    REA is suggesting I put my price on the contract as the only way to get the buyer to negotiate up from their rejected offer.
    What are my obligations if I sign?
    Does it lock me into a sale in that range with this particular buyer?
    If I get a better offer above my price can I walk away once signed, even if the buyer matches my sale price on the countersigned contract.
    This seems like a tool for the agent to ensure a quick sale, well below the value we discussed only a few weeks ago.
     
  2. wylie

    wylie Moderator Staff Member

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    If I as a vendor get an offer lower than I want, I'd countersign at the figure I'm happy to sell for.

    If the purchaser then initials this new figure, then it becomes a contract and I cannot walk away, even if someone offers me substantially higher.

    Only the purchaser can walk away using cooling off, building and pest clause, or finance clause.

    This is not advice specific for you but just what I know of Queensland contracts.
     
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  3. Andrew Allen

    Andrew Allen Well-Known Member Business Member

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    Counter signing in that scenario would allow the buyer to just agree, sign the contract at your price and they have strong control of the property subject to all terms and conditions. You mention your price, if you want above that price then why not counter sign with that number you would accept?

    Details matter a lot and can change general guidelines. Generally from what I have read of your scenario I would be thanking the buyer for their offer and inviting them to make a stronger offer if they want serious consideration.
     
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  4. Andrew Allen

    Andrew Allen Well-Known Member Business Member

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    Don't be afraid to make the sales agent work harder, really this is their job to represent your best interests.
     
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  5. Mark F

    Mark F Well-Known Member

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    A contract is only a contract once both sides sign and once signed neither side can walk away without penalty unless it is allowed for by the contract.

    What the potential buyer did was offer you a proposed contract dictating price, settlement etc that could be made final by your signature without them being able to withdraw the offer (other than cooling off period or other stipulations in the contract). You sign - you're locked in. You can modify price and conditions and return it to the buyer for their acceptance or rejection. If they accept by counter signing the changes the contract is made.
     
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  6. gman65

    gman65 Well-Known Member

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    You don't have to sign anything... get a new REA, they're being shifty. What they are telling you is b/s.. you can totally ignore it, and verbally tell them no you will not accept that offer. Then they can go write another one with a better offer.
     
  7. wylie

    wylie Moderator Staff Member

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    I think the agent is suggesting you counter offer at a higher price so that it then goes back to the vendor to either sign at a price you want, or not. I don't think the agent is being shifty.

    But you could also say (as mentioned above) that you won't put in a higher figure, that their offer is insulting and they can increase their offer or go away.

    Don't sign until you are happy with the price. How the agent gets the buyers up is all part of (hopefully) their negotiating skills. Nobody is forcing you go counter their offer with anything less than you are willing to sell for.

    I've had this done to me, and I've countersigned at the asking price, just to annoy the purchaser and prove my point that they can be cheeky, and so can I, :p (but only if I'm prepared to lose that buyer if they walk away).
     
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  8. Rich2011

    Rich2011 Well-Known Member

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    You'd be locked in at the price you counter sign at if the buyer initials your change, it won't be a 'range'.

    What price has the buyer offered and what was the price the agent suggested you might achieve?

    Making offers on a contract is very common in QLD it's usually to show the buyer is genuine and not just throwing an offer to try his/her luck.

    If you're not happy to put your figure on the contract ask the agent to get the best and final price from the buyer.
     
  9. Archaon

    Archaon Well-Known Member

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    Do you have a conveyancer/property lawyer you can ask these questions to?
     
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I am no property lawyer, but... if you sign their offer you would have accepted it. But if you amend the contract and then send it back that is a counter offer which they would need to accept before you are in a contract.

    You shouldn't be signing contracts without seeking legal advice first.