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totally new to buying brisbane - contracts etc

Discussion in 'General Property Chat' started by mgmgrand, 6th Jan, 2016.

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  1. mgmgrand

    mgmgrand Member

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    totally new to the IP world....hi everyone! looking to gather as much wisdom as possible

    my wife and i want to buy a lovely property, that is a new subdivision...large land too, over 1200sqm.

    how the heck do you draw up a contract?? what should it include?? shoud soil be tested??

    who pays for the water, elec and sewerage connection??? i would assume the vendor considering it is their property that they are dividing??? there is elec, sewerage etc right out the front...just need to hook up i would gather...

    totally new at this, so please be gentle!! thanks and peace to all
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You don't draw up the contract, the vendor does. You then get it reviewed by your lawyer and ask for amendments if needed.
     
  3. mgmgrand

    mgmgrand Member

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    thanks terry


    i would assume that we would pay for the connection charges for utilities for the property??
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    depends what you agree upon with the vendor.
     
  5. mgmgrand

    mgmgrand Member

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    thank you terry...u r a gentleman
     
  6. RPI

    RPI Property Lawyer, Town Planner Business Member

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    1. Real Estate Agent will fill in proforma contract.
    2. Have a lawyer review (if existing dwelling may not be needed)
    3. You sign and give back to REA.
    4. REA gets vendor to sign (or the vendor may make amendments to price or conditions and initial and then return to you for signing)
    5. REA sends fully signed contract to your lawyer.
    6. Lawyer will lead you through the process.

    If the lot does not exist yet, or did not previously exist (as in it is being or has been subdivided) then before the vendor can seal the plan (have it signed off by Council for registration) they must install sewerage and water to the block. If it is an underground electricity area then they must put an electricity connection to the front also. If is an infill subdivision (as opposed to a new estate) then the vendor also has to get letters from electricity and telecoms companies confirming a connection can be made.

    D