Contract of sale |
While your property is listed for sale, ask your agent for frequent written activity reports that show who has inspected the property, buyer feedback and general market updates.
Instruct your agent to inform you both verbally and in writing of all offers.
Accepting an offer
When the buyer signs a sales contract, do not accept it unless:
- you have read and understood all its terms and conditions
- the buyer has properly signed it
- you accept all the terms and conditions of the offer
- you can fully comply with all its requirements
- you have made the appropriate condition in the contract to pass any covenants or agreements onto the buyer
- the address and description of the property are correct.
Check that the deposit payment date is stated in the contract and is within a few days of the contract being finalised. This deposit is generally paid into the agent´s trust account.
Ask your agent to tell you immediately if they do not receive the deposit.
When a buyer makes an offer you can:
- accept the offer by signing the contract
- reject the offer by not signing the contract
- respond with a counter offer.
Counter offers
Be aware that it is common in Queensland to conduct negotiations on the sales contract. You make a counter offer by altering and signing the contract to suit your terms of sale.
If the buyer accepts the counter offer by initialling the changes, the contract becomes binding.
If either party alters a contract of sale in any way, ensure all parties to the contract initial the changes. Failure to do so may void your contract.
Real life story
Read a real life story about the importance of understanding your residential property sales contract.
Last reviewed 22/11/2011 |
 |
