Before buying a property, it’s important that you first consult with a conveyancer in Cairns. You will want to be well-informed before signing or entering into a legally binding Contract. Having a conveyancer read over the Contract helps ensure that your interests are protected in the transaction.
Here is some basic information you should know before buying a property.
Before signing a contract
As the potential buyer, you should inspect the property and negotiate prices with the seller.
If you wish to proceed with a formal offer to the seller, an initial Contract will be drafted and signed. This Contract will specify the deposit amount you should pay. After signing, the Contract will be forwarded to the seller. If the terms are acceptable, the seller will then sign the Contract which will now become legally binding. You should first ensure that the conditions you want met are already detailed in the Contract because altering the Contract after it becomes legally binding is problematic and the Contract cannot be altered unless agreed to by all parties.
Cooling off period
Aside from auctions, all other contracts for a residential property in Queensland require a cooling-off period of five (5) business days. This period starts on the day the buyer receives a copy of a fully signed, legally binding Contract.
During this period, the buyer may terminate the Contract as long as a signed and dated written termination notice is given to the seller or the seller’s agent before the cooling-off period ends. If you do terminate the Contract during this period, the seller will refund your deposit within fourteen (14) business days of Contract termination. However, the seller is entitled to deduct a termination penalty equal to 0.25% of the agreed-upon purchase price.
Finding a qualified conveyancer in Cairns
If you are in need of help in conveyancing in Cairns, get in touch with Marino Lawyers today. Call our team at (07) 4081 6700 and meet with us to discuss how we can best help you navigate the conveyancing process.