Being a mexican formerly from south of the border..things were done a little differently back there when it comes to the buying process for Queensland.
I thought I would share what I know and ask a few questions to spark some discussion on the topic:
It seems in QLD that on settlement day there is only one thing to do -> Settle. In NSW etc if you are late/delayed you can still end up buying the house, yes there may be penalties but usually the vendor submits a notice which you get 14 days to settle. in QLD it seems if you miss settlement day for whatever reason - 1 you forfeit your deposit completely and 2 you lose the house and basically the contract gets ripped up (if the vendor chooses to do this), and you have to start again with something else.
It's impossible to get gazumped in QLD, well at least I think it is, because to make an offer you basically sign the whole contract of the house and then fill out your proposed price etc it goes to the vendor they either sign to accept then contracts are exchanged or they cross it out write a different figure and send it back to you.
Settlement period in QLD is normally 30 days - why so short? Is it because there is such an efficient/effective conveyancing system here?? How on earth am I going to get my bank to be able to settle in 30 days when they can't even do a pre-approval in 7 days? I wonder when I get pre-approval, if the bank will guarantee they can meet the 30 day settlement, do banks guarantee anything?
In NSW, settlement is more likely 6 weeks. I dont know how many sellers in QLD accept 6 week or settlement terms beyond 30 days ?
QLD almost all contracts are subject to pest building and finance, because you just tick a couple of boxes and put your dates in and then its in the contract.
One thing im still working out is if you put an offer in via a signed contract, but only want it valid for 24 hours, you can write a clause in the contract but its not going to be binding because its not a valid contract until the other person signs it, so it seems if this happens the only way to deal with it is to collect your contract or fax a notice to the agent saying you no longer authorise them to accept/enter into the contract.
That should get things started Pls correct me if i'm wrong on anything.
I thought I would share what I know and ask a few questions to spark some discussion on the topic:
It seems in QLD that on settlement day there is only one thing to do -> Settle. In NSW etc if you are late/delayed you can still end up buying the house, yes there may be penalties but usually the vendor submits a notice which you get 14 days to settle. in QLD it seems if you miss settlement day for whatever reason - 1 you forfeit your deposit completely and 2 you lose the house and basically the contract gets ripped up (if the vendor chooses to do this), and you have to start again with something else.
It's impossible to get gazumped in QLD, well at least I think it is, because to make an offer you basically sign the whole contract of the house and then fill out your proposed price etc it goes to the vendor they either sign to accept then contracts are exchanged or they cross it out write a different figure and send it back to you.
Settlement period in QLD is normally 30 days - why so short? Is it because there is such an efficient/effective conveyancing system here?? How on earth am I going to get my bank to be able to settle in 30 days when they can't even do a pre-approval in 7 days? I wonder when I get pre-approval, if the bank will guarantee they can meet the 30 day settlement, do banks guarantee anything?
In NSW, settlement is more likely 6 weeks. I dont know how many sellers in QLD accept 6 week or settlement terms beyond 30 days ?
QLD almost all contracts are subject to pest building and finance, because you just tick a couple of boxes and put your dates in and then its in the contract.
One thing im still working out is if you put an offer in via a signed contract, but only want it valid for 24 hours, you can write a clause in the contract but its not going to be binding because its not a valid contract until the other person signs it, so it seems if this happens the only way to deal with it is to collect your contract or fax a notice to the agent saying you no longer authorise them to accept/enter into the contract.
That should get things started Pls correct me if i'm wrong on anything.