Buying process in queensland.

Hey guys ,

Currently have narrowed down my search for my next property to queensland.
How do i go about purchasing a property out of state, also is there anything I should know beforehand as i know each state has a different buying process.

Currently in NSW.

Cheers.

 

@Johnstone
1. Determine a solicitor & building & pest person you would work with
2. Find the property - request a 14 day finance clause, 10-14 days B&P clause (there is a 5 days cooling off as well if you aren't offering cash unconditional offer)
3. Sign the contract, have the vendor sign it
4. Send the executed contract to your solicitor and your broker to send to the bank
5. Negotiate if you need to on the back of the valuation and the building & pest inspection
6. Settle the property - Typically you have 30 days to settlement in QLD so it's a fairly quick process

Ideally only put a small amount of deposit upon contract signing and the rest to be funded at settlement. The reason being in QLD the vendor can walk away with the money if the settlement doesn't happen on time.

Hope this helps.

 

QLD is one of the better states to purchase property in (in terms of the process).

Subject to finance clauses are expected - and a lot of properties are sold outside of auction conditions.

Best of luck with the purchase!

Cheers

Jamie

 

@Johnstone have you narrowed down some area inside of Queensland that you like? Will you be using a BA or going up and inspecting/negotiating for yourself?

Good luck with the search mate.

 

Certainly is a great State to buy in as far as the Contract and settlement process and been buying here since 1993.

14 days Finance and 30 days settlement is the norm but in reality i usually find most selling agents are so badly organised you don't receive a copy of your executed purchase contract
for 3-4 days into the contract period so can be a rush at the end if you are not well prepared.

If it is a standalone property purchase totally doable but if you are restructuring your existing portfolio to access equity then can be hard to settle a refinance in 30 days in the current climate.

Richard

 

Don't use cooling off to terminate.

Finance you must take reasonable steps to apply, you don't have to be reasonable about accepting - you can terminate and get 100% of your money back.

B&P is wide open also.

Offers are made on a standard form contract that has been fully completed and signed by you, if the seller signs it is binding but with termination rights as above it is no big deal

 

Researching Logan at the moment.

I'll probably pick a few places that I've got an eye for and head down for the weekend.

 

Happy shopping. Logan is not as hot as it was so you should be lining up at open houses

 

Should be lining up or shouldn't ?

 

shouldn't
sorry type far too many things on too many screens these days so my stuff in forums and chat is sloppy.

 

Great mate. I always like it when people get on the ground and have a look for themselves. Would be great to hear a report when you get back.

 

Have the right team around you first - Solicitor (I recommend @RPI aka Darryl - have done several dozen properties through them), Property Manager, Building and Pest guy, Tradies etc.

Typically Logan slows right down in Winter as with most markets, but this year round, it has been going from strength to strength if you are in the market for "good deals". Well priced properties, not even bargains, are being snapped up within a day of listing or behind the scenes. In this case, the properties you've lined up to see on the weekend may not be the best value if not already under contract. Anything 'decent looking' getting a lot of FHB interest also

Try to be as flexible with your conditions as possible. Do you really need 14 days to do a B&P? Do you really need both B&P and finance conditions since they both do almost the same thing? (except you need to spend $450 or so to terminate on a B&P report). As Darryl said, cooling off period is pretty much useless if you have either/both finance and B&P in place

Good luck

 

*For a weekend in the future, sorry*
But I'll be making some comments when I do.

 

Also Ive seen on another thread that you've got some interest in the ipswich area, got any location tips ?
Places I should or shouldn't go.

 

My wife and I flew up to Brisbane early last year to have a look around namely at Logan and Ipswich. After driving around both areas we preferred Ipswich (inner suburbs) to Logan.

A couple of the main reasons were the livability of the area was far superior in my opinion, buying conditions were much more desirable at the time (we had the agent beg us to come to the open home for the property we ended up purchasing and were the only ones there) and I genuinely believe the prospects for the city are very good. My favourite suburbs were Eastern Heights (where we bought), Newtown and to a lesser degree Silkstone. If you wanted any more info feel free to ask away mate.

 

qld contracts are really geared towards the buyer. Seem to be a lot of ways to get out.
That is what I have experienced and also heard from others out of State.

Seek your own legal advice though. @RPI on here is really good.

 

Tell us more about this:
"Finance you must take reasonable steps to apply, you don't have to be reasonable about accepting"

I was talking to a broker who said he has had people come to him saying "we have changed our mind and want to get out based on finance can you get us a rejection letter from a bank?"

What are the 'tests' that the sellers solicitor will apply?