Bewildered by the buying process of QLD, and open for any suggestion

Discussion in 'The Buying & Selling Process' started by henry_ip, 10th Oct, 2018.

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  1. henry_ip

    henry_ip Well-Known Member

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    I am having an interstate purchase of a unit in queensland (brisbane). In other state its possible to review the sales contract before putting forward an offer.

    But in brisbane, it seems that (at least I was told) the buyer can only do these work AFTER making an offer. If I / solicitor discover something off, the buyer can only rescind the accepted offer by forgoing 0.25%.

    ALSO, how about strata inspection and BP inspection?? Could these be done BEFORE an offer is made?

    Please correct me if I misunderstand the process. Thanks so much for any thought.
     
  2. jazzsidana

    jazzsidana Well-Known Member

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    I think you got it wrong..

    I just bought one in QLD a month ago. You (purchaser) signs the contract of sale with your terms and condition (subject to finance, B&P inspection bla bla) and once seller has agreed and counter signed the contract, normal rules apply...

    And of-course you can request your solicitor to review the copy of the contract before signing and returning it to the agent or sellers conveyancer.
     
  3. Marg4000

    Marg4000 Well-Known Member

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    In Queensland you make an offer by signing a contract and forwarding it to the seller for their signature. Of course you can first have your solicitor check and include any clause you want.

    It is usual to allow for B&P inspections within a time frame, also to add finance clause/s. Depending on the wording, results of these clauses can terminate the contract without penalty.

    The 0.25% penalty only applies if you withdraw during the cooling off period, when no reason needs to be given.

    Once a contract is signed, the rights to withdraw from the contract rest with the buyer, so long as time frames stipulated are strictly complied with. Extensions are at the discretion of the seller and can be refused.

    Your solicitor should be able to explain all this better than I can.
    Marg
     
    significance likes this.
  4. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    14 day or 21 day finance condition is normal. And you can terminate and get all of your deposit back as long as you apply for finance - you don't have to be reasonable about it, you can get an offer of finance from CBA for 2% and not like it and terminate.
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Just be sure to give yourself enough time to settle - going over on the settlements in Qld can have brutal repercussions.
     
    RPI likes this.
  6. gman65

    gman65 Well-Known Member

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  7. dabbler

    dabbler Well-Known Member

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    You put conditions into contract.

    And I do not think there is any contract till money is also handed over.....so vendor accepts I believe that until you put a deposit it is not a contract & if it fails due to one of your conditions there is no cost unlike in NSW.....which is why there is more mucking around up there

    You can always have contract reviewed first if you cant read it....
     
  8. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    But you would never use it unless -
    1. you hadn't paid deposit yet - they can only retain the penalty from a deposit paid
    2. didn't have a finance or building and pest condition etc
     
    Marg4000 likes this.