How to Buy?
How to buy?
- Consult your bank or lending institution to determine your borrowing capacity.
- Choose the location you would like to buy.
- Research the suburb, median prices and the sales history of your chosen location.
- Utilize the internet to obtain important information.
The internet is an abundant source of knowledge
Sites you should consult are:
– The Building Services Authority
– Office of Fair Trading
– Queensland Government website
– Master Builders Association’s website contains information assisting when buying a home
– Housing Industry Association - Locate all property agents’ offices in your chosen area. Review listing magazines, newspapers and websites.
- Consult as many real estate agencies as possible and inspect as many properties as possible. Remember to take notes and accurately record main features of each property.
- Once you have identified the property you are most interested in; carefully work out a suitable price to offer. You should refer to the recent sales history of the area when determining this.
- Find an independent certified valuer to write up an official valuation of the property. You may obtain a list of certified valuers from the Australian Property Institute
API-QLD Contact Details:
Postal Address: PO Box 106 SPRING HILL QLD 4004
Phone (07) 3832 3139
Fax (07) 3839 0438
Email: api@qld.api.org.au - Next, obtain a PADM Form 27c Disclosure from the sellers’ agent.
- Acquire your copy of the REIQ or QLD Law Society contract. This should be accompanied by a PADM Form 30c which is a Warning Statement. It is recommended that you obtain legal advice on whether or not to waive the 5 day cooling off period.
– The Warning Statement:
– Indicates whether a cooling-off period applies to the contract
– Lets the buyers know their rights regarding the contract
– Recommends buyers seek independent legal advise and valuations
– Lets the buyer know that a proportion (0.25% of purchase price) of their deposit will not be refunded upon cancellation of the contract during the cooling-off period - Submit the offer and sign the contract of sale. Take into consideration all special conditions such as subject to building and pest inspection and subject to finance.
- Pay the deposit and receive a trust account receipt. Deposit bonds are often accepted. The buyer is obligated to pay the full purchase price (including the deposit).
- The sellers’ agent will then submit the contract of sale to the seller of the property.
- It is important to not that if the cooling-off period was not waived and the cooling-off period is exercised under the discretion of the buyer; penalties do apply.
- Use a solicitor to do your conveyance. Your solicitor may also aid in other services like title searches. It is possible for the buyer to assume the responsibilities of the solicitor. It is highly recommended for the buyer to use certified solicitors.
- The following checks will be done by the solicitor:
– Applications & permits
– Details of development and previously approved permits
– Notices, orders and certificates issued in previous years.
– Property ownership details
– Possibility of flooding reports
– Infrastructure connections and locations
– Details relating to sewage and septic tank installations
– Informs of easements on the proposed property - Ensure you as the buyer carries out all special conditions within the specified times. For example: building and pest inspections. The building inspection report will cover the soundness of the structure(s); legality of existing structures; existence of termites, etc. All inspections must be carried out by qualified/licensed professionals.
- If no problems are found with the property, and finance is approved for the buyer, proceed with settlement. The process is now complete. We recommend you remain in regular contact with your solicitor regarding any issues that may occur while approaching the settlement date.
