For Buyers

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.

The buyer of a property under an REIQ contract is entitled to have the land surveyed. This will normally involve a surveyor going onto the property, ascertaining where the corner pegs are located and drawing a map showing the location of the boundaries and the buildings on the property in relation to those boundaries.

If a neighbour’s building extends onto the property being purchased, or a building on the property being purchased extends onto the neighbour’s property, then you may terminate the contract. You may also terminate the contract if the area of the property is substantially different to what was represented to you. Due to the large costs of conducting surveys, most buyers will only obtain a survey when they are concerned about a building crossing the boundary.

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.