QLD sale Q-does this sound right? Desperate for some help?

[neaka]

Hi there!

Im hoping someone can help me.

We currently have an offer on our house which was made last week. The agent stupidly sent us the contract via normal post so we are still waiting for it 5 days on. I asked her today about the cooling off period which she said starts on the date we sign. Ok that sounded right.
Then she said the buyer has only left a $1000 deposit and has a further 21 days to have the B&P inspection done and then give us the other $4000??????
Then on top of that is normal 30 day settlement??????

The big issue with this is she has 21 days to decide she doesn't want to go ahead in which time we cant show anyone through and we only get 5% of the measely $1000 deposit if she pulls out? This would be devastating to us financially if this happened?? I am really stressing about it, and we may not even get the contract for another 3 days because the morononic agent sent it snail mail???!!

This doesn't ring correct to me at all, we recently bought and had 10 days to have the B&P done and then 30 day settlement???

Is this agent completely incompetent or am i missing something?

thank you in advance!

 

[Stella]

Last time we brought we negotiated 14 days for building - pest & 21 for finance (the banks were so slow) then settled in 30 days. We only put a $100 deposit & kept the rest until settlement because the agent let us (didnt put in the contract the balance due upon un conditional so we kept quiet e figured the $ were better off in our account until settlement).

If the terms/dates dont suit you, negotiate them with the purchaser prior to signing the contract.

Cant believe they sent the contract via snail mail tho - havent they heard of fax or email

Cheers
Stella

 

[Perp]

The purchaser can nominate any conditions - including time for inspections - that they want; it's up to you whether you're prepared to accept them. If you're not, then make a counter-offer with a shorter timeframe.

 

[vbplease]

neaka, you could say that the current offer is a no good and for the buyer to sign a new contract, with conditions you are happy with - this time express post

Actually, the cooling off period starts when the buyer receives the contract after you have signed it.

There is nothing stopping you showing the house to other prospective buyers in the meantime..

 

[urban cowboy]

Neaka, you're not missing anything - that agent is an incompetent moron.

do you still have the copy you signed??

check the page where it mentions the deposit - the balance would normally be due within 7-14 days at the most...it is most uncommon to be longer.

then check down lower on that page and the next for the other dates for building/pest and settlement dates. Those timeframes are concurrent, not cumulative. SO, if it says b&p 14 and 21 finance...and 30 days settlement, the property settles in 30 days from date that is written at the top of the contract when both parties have signed...the exception will be if the contract has a special condition written above the signatures page that says something along the lines of parties agree to a 30 day settlement period commencing upon satisfactory receipt of finance approvals...

as for snail mail...that is just a disgrace, especially given you are interstate. even the contract states that time is of the essence...

if you want me to cast an eye over it PM me and i'll give you an email address to send it too.

cheers