Buyers Important Information
COOLING OFF PERIOD
The contract is subject to a ‘cooling off period’ which allows you to withdraw from the contract after 5 business days. This is from the day on which you, or we (as your lawyers) receive a copy of the contract which has been signed by you and the seller.
If you do change your mind about proceeding with the purchase of the property wityhin the 5 day cooling off period, please contact us URGENTLY. If you do decide to terminate the contract during this time, your deposit will be refunded within 14 days, less a penalty of 0.25% of the purchase price.
APPROVED ELECTRICAL SAFETY SWITCH
The Electricity Regulation 1984 requires a seller to advise you, in writing, if an approved safety switch has, or has not, been installed on the general purpose socket outlets of the residence.
The contract will indicate whether or not a safety switch has been installed on the property. If the contract indicates, or the seller confirms in writing, that there is not a safety switch installed it will become your responsibility to ensure that a safety switch is installed within 90 days of you taking possession of the property. If you fail to install a safety switch within that time you will incur a serious penalty.
If you are unsure as to whether a safety switch has been installed on the property, or you have not received notice in writing from the seller.
Foreign persons acquiring land in Queensland are required to give notice of the acquisition to the Foreign Investment Review Board. This also includes a person whose presence in Australia to a time limitation imposed by law or Australia is not their permanent home. The obligation to notify also arises where the land is acquired by a person as trustee for a foreign person.
Under the terms of the contract you, as the buyer, are responsible for payment of Government stamp duty. There is a time limit imposed for payment of this duty of one month, and we draw your attention to the fact that in the event the stamping takes place beyond that date, a penalty is likely to be imposed by the Office of State Revenue.
Stamp Duty needs to be paid by a bank cheque.
Stamp Duty payable will be dependant on whether this is your first property you have purchased and whether you will be residing in the property after settlement.
‘Joint Tenants’ – this is usually appropriate between married parties and on the death of a joint tenant the property passes automatically to the surviving joining tenant/s.
‘Tenants in Common’ – the property is purchased in shares between the purchasers and on the death of an owner, their share forms part of the estate. Unlike a joint tenance, the parties do not have to hold in equal shares, the shares can be divided to take into account your requirements, ie equal or divided (ie 2/3 and 1/3)
You will need to make sure that you tell us how you want to hold the property.
SELLERS DUTY TO DISCLOSE (WARRANTIES)
The seller is required to disclose specific information to you under the terms of the contact. See clause 7.2, 7.4 and 7.7 of the Terms of Contract.
To ensure that the seller has complied with their duty to disclose it will be necessary to undertake searches of various authorities, together with other optional searches you may wish to instruct us to undertake.
SPECIAL CONDITIONS OF CONTRACT
If the Contract is subject to any Special Conditions such as:
The payment of balance deposit by a certain date
Obtaining of finance to enable you to proceed with the purchase
Certain work to be carried out by the vendor before completion
If you require a survey of the land, it is your responsibility to attend to any or all of these matters promptly. You should also advise us of the results of any Inspections, or regarding the answer to your finance application, as soon as possible, so that the vendors or their solicitors may be notified by the due date.
INSURANCE OF PROPERTY
This should be attended to immediately as it becomes your responsibility from the date of the Contract.
If the property you are purchasing will be mortgaged, the Insurance policy must be for an amount and on terms acceptable to the Mortgagee. The Mortgagee’s interest must be noted on the policy.
If the property you are purchasing is an Investment Property you must advise the Insurer as an ordinary Householder Policy often does not cover Landlord-Tenant situations.
INSPECTION OF PROPERTY
when purchasing a residential property, you should arrange with the Agent so you can make an inspection just before settlement. You can then check if the property is in the same state of repair as it was when you entered into the Contract to purchase.
The Council rates are adjusted at settlement. If the Vendor has paid the rates for the relevant period an adjustment is made in settlement figures, so that you will reimburse the Vendor for your share of the assessment. If the Vendor has not paid the rates by th date of settlement, an adjustment is usually made so the Purchaser allows for the appropriate share of the rates and the Vendor produces a Bank Cheque at settlement payable to the Local Council for the full amount owing.
Notification of Change of Ownership will be forwarded by the Titles Office to the Local Council and other relevant Authorities. This notification sometimes does not reach the Council for some time after settlement.
In the case of the house property being purchased as your principal place of residence, you should notify us whether you are moving to the property immediately and also supply us with a phone number where you can be contacted immediately prior to and on the day of settlement. If you cannot be reached by telephone, it is your responsibility to maintain regular contact with this office. This is necessary because on occasions, complications arise with the conveyance and it is necessary for us to take instructions from you as to how you wish to proceed.
You should also notify your change of address to the following:
Any other regular services you receive
In the case of the Post Office, you will be required to lodge a Redirection Order and there is a cost involved in this. See your local Post Office for further information.
If you already have an account with Telstra and Energex, it is a simple matter to arrange for the connection of telephone services and power to a house property.