How do I buy a property in Queensland?
You have found a property that you would like to buy and have decided to make an offer, what do you do next? Contact me and offer documents will need to be completed to submit to the seller. These documents become the contracts that are forwarded to solicitors when all parties have agreed to the price and terms of sale.
What will I require before I can sent you documents?
Full name, address, what your offer is, deposit amount (10% is the usual amount unless there is agreed variation), settlement period (usually 30 days), finance days unless it is an auction and if there is any other conditions that you may require.
I will then make arrangements to meet and go through all the documents and have them signed. Then I will present the offer to the owner. If you are successful we will require a solicitor or conveyancer that will be acting for you so we can send the documents.
What is an auction property?
This is a selling method that has a deadline, which is the auction day. The property is marketed without a price to find out what buyers feel the property is worth. This is a good indicator of both the market and for a seller offers, reducing days on market. Buyers at auction need to bid un-conditionally so all building/pest inspections are completed and finance approval does not apply.
You can make an offer prior to the auction day but the offer will still need to be under the same auction conditions.
This is a great way to buy property because it is a transparent way to buy; knowing who your competition is via bidder’s registration cards, which now must be used by Queensland law.
If you are the successful buyer at auction, you will need to complete a contract of sale and pay a 10% deposit or an agreed amount prior to auction.
Do I need a building inspector?
Many buyers will choose to have a building inspector to look at a property after there has been an agreed contract. Most building inspectors will take about 48 hours from when the contract is accepted. Cost does vary depending upon the company you employ.
When does my cooling off period start?
5 days of cooling off apply to standard contracts but not auctions. This means you have 5 days of cooling off. If the buyer decides to terminate the contact .25% of the purchase price may apply.
If a buyer buys at auction or elects to waive the cooling-off period, then a contract cannot be terminated.
Where do your buyers come from?
There is a broad range of buyers; approximately 60% of buyers come from the local area, 25% are coming from interstate and around 15% are overseas. Many of these buyers have made enquiries via the Internet, newspapers and referrals from previous clients.
Many other items can also be found on the REIQ website