Queensland Numbered Acts Queensland Numbered Acts(1) This part applies to a contract, including a contract granting an option to purchase (a relevant contract)—
(a) for the sale of residential property; but
(b) does not include—
(i) a contract formed on a sale by auction; or
(ii) a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or
(iii) a contract (a later contract) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or
(iv) a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or
(v) a contract if the buyer is the State or a statutory body; or
(vi) a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract.
(2) This part also applies to any other contract prescribed under a regulation (also a relevant contract).
(3) In this section—
formed on a sale by auction means formed on sale by auction—
(a) directly on the fall of the hammer, by outcry; or
(b) directly at the end of another similar type of competition for purchase.
Examples—
1 A contract for the sale of property is formed on a sale by auction when the auctioneer declares the property sold on the fall of the hammer.
2 A contract for the sale of property is not formed on a sale by auction when the property is passed in at auction and a bidder subsequently negotiates and purchases the property.
3 A contract for the sale of property is not formed on a sale by auction when the contract arises directly out of a sale by tender process.