Standard process in QLD?

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

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)

 

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)

 

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

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

 

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

 

Thank you sent the details through, then I'll get to contract to the solicitor

 

Good luck!

 

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??

 

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?

 

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?

 

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.

 

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

 

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.

 

Any good BAs to recommend?

 

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.

 

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

 

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.

 

Quick update, offer rejected
Up for the next one then

 

Increase offer or move to the next one?

 

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

 

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