Going overseas during contract period - Risks?

Hi Property Chat.

We've just bought our first house in QLD with a 30 day settlement.

The plan was to go overseas very soon for 3 weeks but the house popped up and ticked all the boxes for the right price.

We are thinking of going overseas anyway during the contract period and be back before settlement.

The B&P is done and it is a cash purchase.

I am not sure what risks are involved with us not being there, Is it relatively low risk since many people are purchasing interstate anyway.

 

You’ll still be contactable when away? If so, you should be fine.

 

I bought an IP when the owner was overseas.

I think the agent signed everything on her behalf lol.

Can't see any problem. Unless you're carrying some contraband and end up spending 40 years in some overcrowded, infested hell hole.

 

Yes, via email in a similar timezone.

Thanks! I did not think of this type of risk.

What are the transfers?
Deposit is only $1,000.

 

Prob not a good idea to go overseas but possible.
Have you appointed an attorney while away? Loan approved? Loan docs signed? Will lender accept an attorney? Who will do final inspection?

 

Yes, we already have a solicitor.
It's a cash purchase.
We will be back a few days prior to settlement so I figured we will do the final inspection, does that sound right?

 

Check with your solicitor as there might be some documents that have to be physically signed and can't be electronically signed.
In Perth the land transfer document has to be done that way and is done about 1 week before settlement. If known up front then documents such as that can/might be able to be signed before you leave if necessary.

 

If a cash settlement that makes it much easier and less risk of something going wrong. Solicitor can probably sign the transfer

 

Thank you, I think this might present a problem. From here

 

To transact property, the POA must be lodged at the land titles office.

 

registered - which is easily done.

 

But it may take a few weeks.

 

Took me about 20min for the most recent.

 

The wonders of privatisation?

 

Is the LTO privatised yet? I remember they were talking about it, but did it go ahead?

 

@Terry_w - just a little while ago linky

 

I recall seeing that video now. disgraceful! sold with the money spent on a football stadium refurbish.

 

Done this twice before. One sale & one purchase .... no issue if you have good conveyancer with access to appropriate funds in case of any small hiccups.

Just ensure you have some form of communication (email is sufficient) to check in around settlement.

 

I’m currently having big issues with this selling a property in QLD, dealing with the title transfer form having to be signed/witnessed and be an original copy (no emailing)