For Agents

The Property Law Act states that all agreements to sell land in Queensland must be in writing. This includes any amendment to the contract; therefore, if you wish to change the finance or settlement date, this needs to be in writing. Normally the solicitors for the buyer and seller simply swap letters. Notwithstanding, these people can still be held liable for verbal representations if the other person acted in reliance upon that representation. We generally recommend that all amendments and representations be confirmed in writing.

Occasionally after signing a contract, a buyer will realise that he or she wants to either add or delete his or her partner from the contract. This is not normally a problem, providing the seller agrees. The seller will normally agree as their rights under the contract are not normally affected and there is more chance that the contract will proceed through to settlement.

All that happens is that an amendment is made to the original contract and both the seller and buyer initial the change. Previously there was some concern that the buyer would have to pay double stamp duty, however the Office of State Revenue has confirmed in recent times that there is no additional stamp duty payable. Some solicitors may require a deed of rescission and a new contract to be signed.

In the absence of a real estate agent, private negotiations are usually conducted verbally, with offers and counter-offers going back and forth between the buyer and seller. The question often arises as to whether a verbal agreement will create a legally enforceable contract. Unfortunately, if you reach a verbal agreement, you rely wholly on another’s word, leaving the temptation open for them to accept a better offer, commonly referred to as gazumping.