I was wondering if there were any rules around the timescale that an agent had to abide by once a contract was signed by a potential buyer to present this to the seller. I have an agent (QLD) who is finding every trick in the book to delay presenting the contract as she is waiting for other offers to come in (and there aren’t any at the moment).
Also I was asked to sign the buyers declaration about my price being final even though we are not in a multiple offers situation. Is this OK?
Thanks for any help anybody can offer.
Hi Keith
In Qld there is no legal requirement as to time frame when a contract needs to be presented to a seller.
Signing a buyers declaration means nothing. If your offer is the only one and they want more for the property they can always counter sign your contract and see what you say.
Sounds like the agent has no idea. Good luck.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Keith,
Also I was asked to sign the buyers declaration about my price being final even though we are not in a multiple offers situation. Is this OK?
This sounds to me like a “function of that particular agent” rather than a normal way of doing business. Is this one of the “Jenman approved” ways, perhaps?
I was wondering if there were any rules around the timescale that an agent had to abide by once a contract was signed by a potential buyer to present this to the seller. I have an agent (QLD) who is finding every trick in the book to delay presenting the contract as she is waiting for other offers to come in (and there aren’t any at the moment).
Have a read of the REIQ website (Real Estate Institute of Qld) – they issue “guidelines” around how an agent should act, but they are known up here as a toothless tiger !!
As far as I am concerned, the agent will be working for the seller (as always) but then, that SHOULD include “presenting all offers in a timely manner” and letting the seller make up their mind re whether YOUR offer is good enough, rather than taking the opportunity away from the seller. Of course, the agent might know the seller is away for a week, and to “hold all calls” (or that might be what they tell you) – but then, don’t we have mobile phones?
This sounds like a good time to mention adding a “sunset clause” to all of your offers (e.g. “this offer will stand only until 4pm on xxth of May 2017 – beyond that date/time it shall be void”). It is a good way to get an agent like this off their butts and doing their job for the vendor !!
Oh, and do get your solicitor to provide you with a “sunset clause” – that one of mine is unlikely to be a “right and proper clause” to use.
Benny
PS Maybe call the agent to suggest you should come in and ADD a sunset clause to the contract. ;) See, if the vendor hasn’t signed it yet, you should be able to do anything you want, including tearing it up !! Maybe suggest THAT one to the agent – their answer could be quite telling !!
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