Question about making an Offer on Property in QLD

Hi Guys
Have just come back from the sunny north and found a couple of places that I would like to make an offer on. Told the agents verbally what we would offer and also confirmed by email. Confirmed terms B&P, val by bank settlement etc. Both agents have sent contracts to be signed before they take to vendor. Have been told "that is the way we do it up here (I'm from NSW and this is first IP) and it is not really a binding contract" even though it says it is. It is a Queensland Law Society Contract for Houses and Residential Land.
What's the deal? does it need approval by my solicitor before submitting or do I wait till they agree the price.
Your help and advice much appreciated,

 

Hi Samtem

Absolutely the way it is done up here.

If your contract is subject to finance and you take reasonable steps to obtain finance you can terminate and get your money back. Even if your finance is approved you can terminate (you don't have to be reasonable about the acceptability of the offer).

 

@Samten Yep, that's the way it is in QLD, most agents want a signed contract to submit an offer.
There is a 5 day cooling off period if they accept.

 

@RPI thanks for that. So just to clarify OK to sign and submit contract. If they accept then deposit is paid at that point. We are doing a deposit bond thru bank so they need to val first to approve. So do you pay say $1k then the balance of the 10% within so many days? then a 6 week settlement from contract subject to the B&P which is I believe 14 days from contract. Is that about right. Sorry if these q's are a simple but just learning to navigate the differences in QLD.

Cheers

 

Also are agents obliged to submit your offer to vendor or can they just say no vendor is looking for $X and dismiss out of hand if offer is below listed price?

 

Just do the $1k depoist, no need for deposit bond. $1k deposits are extremely common in QLD.

Normal in QLD is
7 days B&P
14 days finance
30 days settlement

But your time frames are also very common.

 

Thanks

 

Just last week I did:
14 days B&P
14 days finance
30 days settlement

You also have 2 days to pay your initial 1k deposit.

 

I would have a lawyer check your special conditions before submitting.

 

So what if the vendor doesn't accept the price ?
do we get the $1k deposit back ?

 

yes

 

Yes, but it could get a bit funny if you're submitting many offers at the same time - in the off chance a few of them got accepted.

 

Yeah, that's when we as the buyer rescind the offer for some reason, then we would lose the $1k deposit.

 

You need to learn more about the norms in QLD and contract law.

 

you can have your solicitor draft a special condition allowing you to terminate if more than one offer accepted.. One of mine if floating around on either this forum or somersoft.

 

@RPI would you care to share or point to where it might be. Many thanks

 

Your solicitor should really be across all of this and advise you accordingly.

We usually offer;

14 for finance, pest & building and due diligence.

And a 35 to 40 day settlement - 30 days puts people under pressure and 'time is of the essence' in QLD - you should familiarize yourself with this part of the contract especially.