Under the stress of searching for a new home and with a lack of experience (but now I've had one) I recently made the mistake of signing a purchase contract for a property on the basis of it being a formal offer for the property. The property in question is in Queensland. This is something the real estate agents, acting in the best interests of the vendor, convinced me was necessary for everyone placing an offer on the property that day (at least 4 other parties were likely present in relation to this property, probably being put into the same situation - whether they accepted this or not, I can't be sure) Having not been through this process before, I do not know whether this is common practice or not. The agent did not put a contract date on the contract, but my understanding is this would normally (or always) be the date the final party signs the contract. The agent rang me the same night to advise that the vendor has accepted another offer. I thought this was the end of the story until I woke up the next morning and came to the realisation that I have signed a legal document which as far as I am aware could become binding at any time, if the vendor signs it (i.e. if they change their mind about the offer) - and I have no control over this. Is my interpretation correct? Does the verbal rejection of my offer somehow invalidate the contract under contract law? Do I have some other course of action available to me, such as formally withdrawing my offer and requesting the contract be destroyed? I do not want to find myself in a situation where I sign a contract for another property (on which I have made a successful offer) and some time after this, the seller of the original property does an about face and signs the contract, binding me to the purchase of both properties. In this instance I may have a number of ways to avoid the purchase of the initial property, some with financial penalty and some without, but with risk of legal recourse from the vendor. Thanks in advance for any feedback on this matter. While I'm here to ask a question, as a layperson is there anything I can do to contribute to this forum?