QLD Multiple Offers

Modified on Thu, 14 Mar 2024 at 03:56 PM

In a multiple offer scenario, real estate agents are required to navigate a delicate balance between their obligations to both the seller and potential buyers. The Property Occupations Regulation 2014 (Qld) mandates that agents must follow their seller client's instructions, unless these are contrary to legal provisions or result in unlawful actions. Moreover, the Australian Consumer Law (ACL) prohibits misleading or deceptive conduct in trade or commerce. Thus, agents must ensure that their representations are accurate and not misleading.

Agents are obligated to inform their seller clients of all offers immediately and seek to obtain the maximum sale price for the property, while treating potential buyers honestly and fairly. Misleading tactics, such as falsely indicating the existence of higher offers, are strictly prohibited. In cases of multiple offers, agents should inform potential buyers of the situation and obtain written acknowledgments from them, using tools like the Acknowledgment of Multiple Offers Form. This practice allows buyers to understand they are in a competitive situation and may adjust their offers accordingly, without being subjected to undue pressure.

In summary, while it is the seller's right to decide on the handling of multiple offers, agents must ensure their actions are in compliance with legal standards and ethical practices. They are required to inform potential buyers about multiple offers, fostering a transparent and fair process.

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