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Standard process in QLD?

Discussion in 'The Buying & Selling Process' started by EN710, 11th Sep, 2015.

  1. EN710

    EN710 Well-Known Member

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    Hi PChaters

    Maybe a silly question, but input is appreciated please.
    First time buying in QLD alone (before this BA take care of it all). I"m trying to get the contract for property I'm looking at and have so many noob question :oops:

    How much is for initial deposit? 0.25%? $1000? $2000?
    How many days for finance clause? e.g. 14? 15? 20?
    Standard settlement date?
    Conditional to B&P? (Yes, I don't think it's negotiable)
     
  2. montoya

    montoya Well-Known Member

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    You need to send the selling agent the following details for them to prepare a contract:


    Full names: (inc middle)
    Address:
    Best contact number:
    Solicitor:
    Finance: (usually 14 days)
    Building and Pest: (usually 10 days)
    Deposit upon signing: (usually 0.25%)
    Deposit upon contract going unconditional: (can be left at 0.25% or any other nominated amount, doesn't really matter much as it will most likely be held in trust by the selling agent)
    Offer: $
    Settlement: ( usually 30 days)
     
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  3. trivial

    trivial Member

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    My understanding is that $1000 is common for deposit in QLD.

    We had the B&P worded to say "B&P to buyers satisfaction"
     
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  4. Azazel

    Azazel Well-Known Member

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    Yeah, I usually put $1,000 and something like "Upon acceptance of offer".
    Then the balance to 10% at unconditional.
     
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  5. EN710

    EN710 Well-Known Member

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    Thank you :) sent the details through, then I'll get to contract to the solicitor
     
  6. Azazel

    Azazel Well-Known Member

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    Good luck!
     
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  7. EN710

    EN710 Well-Known Member

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    Thank you!

    Checking the zoning for the property
    - Transport Noise corridor category 4
    - Bushfire prone - medium hazard buffer area - potential impact on half the land

    Noise, ok, but bushfire??

    :eek:
     
  8. montoya

    montoya Well-Known Member

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    I've also insisted on 'finance subject to lender suitable to buyer", protecting us in the case that our preffered lender says no and we're not left having to source a loan from just any lender which could be charging well above market rate interest rates. Good luck with your purchase. Where abouts in QLD are you looking?
     
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  9. Art Vandelay

    Art Vandelay Well-Known Member

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    If it's a strata titled property, how do you go about getting the body corporate minutes etc.? Is this something the selling agent should provide, or do you have to arrange through your solicitor?
     
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  10. Fungus

    Fungus Well-Known Member

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    If the bit where it says "balance deposit" is left blank, does that mean I actually don't need to put down the 10%? My contract just went unconditional in Qld. Deposit of $1,000 was provided when first signed, but I can't find anywhere on the contract about a second deposit.

    Pretty interesting if a $1,000 deposit is enough until settlement.
     
  11. akira

    akira Member

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    Don't think the agent would be happy about the 1000. Not enough to cover their commission.
     
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  12. akira

    akira Member

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    All my conditional purchases are $0 on deposit and either 5 or 10% on finance approved (normally 21 days). The non conditional ones are 5% on sign up.
     
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  13. larrylarry

    larrylarry Well-Known Member

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    Any good BAs to recommend?
     
  14. Fungus

    Fungus Well-Known Member

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    Capture.PNG

    This is from the contract itself. Balance deposit from what I understand is the amount to be paid after going unconditional (e.g. Finance and B&P clause passed).

    So from that interpretation the $1,000 is enough until settlement. Happy to be proven wrong.
     
  15. Heinz57

    Heinz57 Well-Known Member

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    Yes I have done this. Agency fees paid from settlement disbursements.
     
  16. RPI

    RPI Property Lawyer, Town Planner Business Member

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    90% of contracts have no balance deposit in QLD. Often the contract has a special condition requiring the buyer to cut a cheque for the agent's commission at settlement.
     
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  17. EN710

    EN710 Well-Known Member

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    Quick update, offer rejected :oops::(
    Up for the next one then ;)
     
  18. larrylarry

    larrylarry Well-Known Member

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    Increase offer or move to the next one?
     
  19. EN710

    EN710 Well-Known Member

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    Residex and other sales doesn't justify the increase on offer - there will be someone offering for more, but likely not me
    On the other hand, I have offered right on top of my budget so... onto the next one, if I can find it :oops:
     
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  20. Kangabanga

    Kangabanga Well-Known Member

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    You'll find another one soon enough, its not looking pretty right now in Brisbane.