Hi everyone,
In a multiple offer situation, another buyer has come in out of nowhere and taken the property from us at the last minute (literally). However, in Queensland, we must have signed a "Acknowledgement of Multiple Buyers" form from the REIQ. The communication from the selling agent was not via this form, but via email. My question is,Can this other contract stand if I have not been presented with or signed the "multiple offer form"?
There is about 3 working days left before it goes unconditional. I would love for someone to advise me if this other contract is null-in-void.Please help!
Thanks,
BenThat is a question you should be asking your lawyer.
My understanding is that if you have made an offer and it has been accepted then your have a binding contract. But you will only be able to enforce the contract if you have exchanged – ie if you have a contract with their signature and a few other details on it.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I'm with Terry on this one. If you have exchanged, in the absence of a fault in the contract, or you pulling the deal within the cooling off period, then the vendor has accepted your offer (as they have signed the counterpart contract for sale). They cannot accept another offer without having recinded the first (yours).
I think that Ben is asking whether the contract between the vendor and the other purchaser (the one who came in the last minute) can be voided. My understanding of Ben's situation is that he did not get the property and now wants to know whether there is a way that he can argue that the contract with the successful purchaser is invalid. Correct me if I am wrong Ben.
I have had a bit of a look at the requirements and, from what I have read, it is not a legislative or contractual requirement to be notified that there are multiple offers. That means that the other contract is valid and you are out of luck. However, I agree with Terry that this is a question for your lawyer who will know more about this than I do.
Cheers
K
Thanks Linar, you have correctly interpreted my situation. Thanks too Terry and Scott. It appears that I will keep shopping around!
Enjoy the journey,
BenHi again Ben
I have been having a think about your situation. In a nutshell, there is nothing you can do.
A contract is between two parties. The only people who can bring that contract to an end are the two parties. The only real exception to this is statutory authorities. For example, if the contract is for an illegal purpose, the police can step in and end the contract. But I digress.
This means that the only people who can end the contract to buy the house that you wanted to buy are the vendor and/or the purchaser. The fact that you weren't given a 'multiple offer" form to sign is irrelevant to the contract on foot. Your scenario has absolutely no bearing on the agreement between the vendor and the purchaser.
As to whether you have a complaint against the REA for not letting you know that there were multiple offers, you would have to speak to your relevant RE Institute. But, no matter what, your situation will not affect the outcome of the contract.
Cheers
K
Ben, you call it a multiple offer others call it gazumping. If you were in the same situation which offer would you accept?
Conversely, was the sale price a matter of $ above yours or were other terms and conditions more acceptable to the vendor? In any case, the vendor had a choice and your offer albeit the only one on the table at the time was trumped by another.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
