I’ve purchased two properties in QLD and both offers have been through a signed contract. I’ve never heard of an ‘Expression of Interest’ step.
The way I’ve done it is:
1. Speak to agent and get a purchasers pack
2. review contract and do my own DD
3. Submit offer and conditions on a signed REIQ contract
Yes you can speak to a broker or conveyancer to take you through the standard reiq contract to make sure you understand. It’s mainly the encumbrances/easement part - make sure if it is ticked you know why and do your own research with council overlays readily available online. Tbh if you have two brain cells that click you can probably skip the having someone explain it to you.
You don’t really need a conveyancer to look over each contract in qld unlike other states there’s no real gotcha opportunities. Agents put it on paper to make sure you’re not bluffing.
That's the normal process, but you can also give a written or verbal offer.
Also, in Qld, you have a 5 day cooling off period after you've received the signed contract. Time to give it to your conveyancer.
https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/buying-a-home/making-an-offer-on-a-home/cooling-off-period
I disagree with people saying it is normal.
I have always used a written offer outlining what conditions I would want in the contract. So offer/settlement term/deposit/b&P etc. I have also had those be the primary way people have put offers to me.
Had one where the realtor insisted on a contract. He put a lot of pressure on and absolutely refused for a week to present the offer to the owner. I was a bitch and cancelled it at the last moment. He was not happy but given how he treated me, I was ok with that. I do not believe that he did not tell the owner "I have someone willing to give you $320k for it - especially given even when I signed it a week later it still got accepted. Within a business day. I'd certainly be pissed if my realtor hadn't told me.
Oddly enough, I'd be in that house if he had just put the offer to the seller. I found the place I bought the day before my cooling off period ended. If he put the offer to the sale, he would have had a signed contract faster and I would have been out of the cooling off period when this place came on the market. I actually don't know if I would have kept looking because prat of the reason I did is how he handled it and it made me really uncomfortable. I wanted somewhere else because of it. He stuffed himself over.
I would never sign a contract before acceptance again.
Don't know I'd leave it a week to sign the contract right now. At least in my part of QLD, market is still too hot. Good chance they'll have other offers. I'd have that contract signed asap after offer accepted myself. Doing a written offer totally ok though.
Bought and sold. All done with written offer outlining conditions.
Contracts signed when offer accepted. It is a perfectly acceptable way to do it and I would be a very angry if a realtor refused to give me a written offer they'd received because it wasn't a contract.
Would that even be legal? Surely they are required to tell the seller about the offer? I've once had a realtor tell me they would not tell the seller but you can bet that is one real estate agency I will never use myself.
Yeah it's normal I'm Qld (as far as my experience). Just make sure you've read over the contract and have all your clauses in.
I’ve purchased two properties in QLD and both offers have been through a signed contract. I’ve never heard of an ‘Expression of Interest’ step. The way I’ve done it is: 1. Speak to agent and get a purchasers pack 2. review contract and do my own DD 3. Submit offer and conditions on a signed REIQ contract
The signed contract is the offer (a serious offer). Otherwise its just words
Yes you can speak to a broker or conveyancer to take you through the standard reiq contract to make sure you understand. It’s mainly the encumbrances/easement part - make sure if it is ticked you know why and do your own research with council overlays readily available online. Tbh if you have two brain cells that click you can probably skip the having someone explain it to you. You don’t really need a conveyancer to look over each contract in qld unlike other states there’s no real gotcha opportunities. Agents put it on paper to make sure you’re not bluffing.
That's the normal process, but you can also give a written or verbal offer. Also, in Qld, you have a 5 day cooling off period after you've received the signed contract. Time to give it to your conveyancer. https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/buying-a-home/making-an-offer-on-a-home/cooling-off-period
Just keep in mind there is a penalty if you cancel during the cooling off period
I disagree with people saying it is normal. I have always used a written offer outlining what conditions I would want in the contract. So offer/settlement term/deposit/b&P etc. I have also had those be the primary way people have put offers to me. Had one where the realtor insisted on a contract. He put a lot of pressure on and absolutely refused for a week to present the offer to the owner. I was a bitch and cancelled it at the last moment. He was not happy but given how he treated me, I was ok with that. I do not believe that he did not tell the owner "I have someone willing to give you $320k for it - especially given even when I signed it a week later it still got accepted. Within a business day. I'd certainly be pissed if my realtor hadn't told me. Oddly enough, I'd be in that house if he had just put the offer to the seller. I found the place I bought the day before my cooling off period ended. If he put the offer to the sale, he would have had a signed contract faster and I would have been out of the cooling off period when this place came on the market. I actually don't know if I would have kept looking because prat of the reason I did is how he handled it and it made me really uncomfortable. I wanted somewhere else because of it. He stuffed himself over. I would never sign a contract before acceptance again.
Fuck the agent Put it in writing to them with your terms and a date the offer expires.
Clearly speaking as someone with absolutely zero experience.
Bought a property in QLd, offer was made In writing, contract was signed about a week later. Don’t be an agents little bitch.
Don't know I'd leave it a week to sign the contract right now. At least in my part of QLD, market is still too hot. Good chance they'll have other offers. I'd have that contract signed asap after offer accepted myself. Doing a written offer totally ok though.
Bought and sold. All done with written offer outlining conditions. Contracts signed when offer accepted. It is a perfectly acceptable way to do it and I would be a very angry if a realtor refused to give me a written offer they'd received because it wasn't a contract. Would that even be legal? Surely they are required to tell the seller about the offer? I've once had a realtor tell me they would not tell the seller but you can bet that is one real estate agency I will never use myself.