Blog

January 28, 2017

Signing a Contract to Purchase

So you have fallen in love with your new home and are ready to take the next step. Its time to put your offer in writing. You’re personal @ Real Estate Yeppoon Professional Agent will arrange a standard REIQ contract for you outlining your offer amount and any conditions such as building and pest inspection and finance, usually 14 days. If the vendor choses to accept your offer they will then sign the contract, or they may choose to make a counter offer, in which case they would simply cross out your offer amount and write in a new amount and initial this change.  In Queensland you can negotiate to have your contract subject to finance and building and pest inspection, usually 14 days. Once the contract is fully signed by all parties the buyer will be required to pay a deposit into the agents trust account as well as finalising your finance, organize your building and pest inspection and insurance for the property. The team @ Real Estate Yeppoon will provide the buyer, seller and their respective solicitors with a fully signed copy of the contract.

Cooling Off Period

From the day the buyer receives a fully signed contract the cooling off period begins which is Five working days. This gives the buyer the right to terminate the contract for any reason, even an unconditional contract. A penalty of 0.25% of the purchase price may be charged by the seller.

Unconditional Contract

This is a contract of sale without any conditions or a contract of sale where all conditions such as building and pest or finance are met. The five day cooling off period still applies.

Please talk to the @ Real Estate Yeppoon sales team at 20B James Street, Yeppoon if you have any questions about making a written offer, accepting an offer or anything property related.