Buying in Queensland, Question

[eternit]

Hi There,

I have a question about a property I have made an offer on in Queensland. I have made an offer of X amount with subject to Building and Pest Inspection Report. However I am just wondering if there is nothing wrong with the Report can I still pull out just in case something else is wrong?

I have said not to have subject to finance because I my finance is ready to be used.

Thanks for your help.

Eternit

 

[LynnH]

eternit

You have a three-day cooling off period on a purchase contract signed in Queensland, so you should rescind the contract prior to the expiry of this period. If you want use the building and pest clauses to pull out of the contract, you will have to provide a copy of these reports to the vendor - and then hope that the building and pest clauses have been worded appropriately to enable you to do so. Otherwise you're all outta luck!

Cheers
LynnH

 

[HandyAndy888]

Pulling out on a building inspection is usually quite simple, since usually the inspectors find a problem anyway. However, sometimes the REA will ask for a copy/reason, and if the house comes back with a full bill of health, than they could theoretically sue...

Side note: Why would you want to pull out if the inspection comes up good?

 

[layer181]

Hi Lynnh

Isn't it five days cooling off from the date the vendor signs the contract?

Cheers

 

[eternit]

Pulling out on a building inspection is usually quite simple, since usually the inspectors find a problem anyway. However, sometimes the REA will ask for a copy/reason, and if the house comes back with a full bill of health, than they could theoretically sue...

Side note: Why would you want to pull out if the inspection comes up good?

Well the thing is I have been told that the house needs some work. Like carpet changed, Paint work and light changes and maybe fan changes in all the rooms.

The house is 4 bed, 2 bath and 1 garage. Do you have any idea how much money wise would need to be spent? I need to do some research.

But I am sure that if my offer is excepted then I am getting the property for about 30K below market value.


Thanks.

 

[eternit]

Ok I already made an offer but the managing lady for my other property has kindly offered to look at the property on my behalf which is very nice of her so this should give me better idea.

 

[s_t]

Yes, very nice of her to show interest in obtaining more management fees from you!

Eternit, you seem to be rather unsure about what you are doing. I would suggest when you make an offer that you be totally prepared to follow through with purchasing it. You should have done all that 'research' by then.

Whilst it may be possible to get out of a purchase due to the building and pest inspection, you'd be nuts to rely on that as an 'out' incase you change your mind or something.

 

[LynnH]

Hi Lynnh

Isn't it five days cooling off from the date the vendor signs the contract?

Cheers

Thanks for picking up my boo-boo, layer181. Indeed, it is 5 days.

I've been looking at property in Victoria (where the cooling off period is 3 days) and got the two mixed up!

Cheers
LynnH

 

[Qlds007]

If you terminate a purchase Contract in Qld using the "Cooling Off" period the Seller has the right to retain 0.25% of the purchase price.

Personally I would never use this clause to get out of the Contract myself but each to there own.

 

[eternit]

If you terminate a purchase Contract in Qld using the "Cooling Off" period the Seller has the right to retain 0.25% of the purchase price.

Personally I would never use this clause to get out of the Contract myself but each to there own.

Ya I would never do that. It would either be subject to finance or Building and Pest Inspection report. Since there wont be a clause for subject to finance it would have to be Building and Pest Inspection report if I need to terminate it.

 

[eternit]

Yes, very nice of her to show interest in obtaining more management fees from you!

Eternit, you seem to be rather unsure about what you are doing. I would suggest when you make an offer that you be totally prepared to follow through with purchasing it. You should have done all that 'research' by then.

Whilst it may be possible to get out of a purchase due to the building and pest inspection, you'd be nuts to rely on that as an 'out' incase you change your mind or something.

I can see how it might look like I am unsure of what I am doing but I know the area where I am buying very well and I have another property in that area and I know for a fact I would be getting this property atleast 30K under value even if it requires 20K worth of work done.

I do admit that today after like 2 months I looked at properties on the net for the first time but I have researched this area previously last year and have an LOC out on the property I bought in the same area.

I dont plan to get out of the purchase unless something is very wrong with the property.

Now I feel comfortable that the lady managing my other property is going to go see the property. Yes offcourse she will get more business from me if I buy the property but she is actually got my interest in hear because I know her well. I just never thought of asking her to see the property. Initially I only called to ask her about the rent I would get.

Thanks.