Buyers Guide

Before you buy...

If you decide to buy a home unit or townhouse in a gated community or a duplex where a Body Corporate exists, you should be aware that you are buying into a community lifestyle with shared responsibilities and liabilities. Ensure that you are fully understand by law and what you expecting to pay for the Body Corporate fees before you buy any property.

Choosing the right property ...

The design of the home, how it functions and how it complements you lifestyle should be a major decision-making factor when buying a property. This way, you will end up in a home that will accommodate your needs now and for many years to come that can also save you money. Too, often, people fall in love with the ‘look’ of a home without considering how it will function. If you are aware of the impact that design features have within a home, you will be able to choose a home that is easy to maintain, efficient to run and will suit your lifestyle as you need inevitably change.

Benefits of sustainable housing

How will a sustainable house work for you?

• Increased liveability, comfort and peace of mind.
• Lower expenses and maintenance costs.
• The option of being to say in your home longer, among friends and familiar neighbours,
• Helping the environment.
• Improve resale value, your house will meet the needs of more people making it a more marketable property.

When are you ready to buy?

If you are dealing with real estate agents, auctioneers, property developers or their sales consultants, they must achieve the best price and terms for the property owner.

In Queensland real estate agents only work for the Seller for their best interest, however by law, the agent also must protect the Buyer (consumer protection) to ensure the seller and the agent disclose all the matter related with the property.

To obtain a property appraisal (Valuation)

It is a good idea to obtain a property valuation by professional valuer. The costs probably between $250 to $400 depend on the size of the properties or you can request a Competitive Market Analysis (C.M.A) from the seller’s agent which is a compulsory for the agent to provide one when the agent obtain a Selling Agent Appointment (Form 22a).

Please note that the licensed velures are only be able to charge a valuation report and the real estate agent can not charge to prepare the C.M.A to anybody unless if the agent have a license to value the property.

Getting ready to sign the contract

Before you sign the contract, make sure all the items to be included in the sale are actually included in the contract. The standard terms of the contract will provide for all fixtures and fittings (any item that is glued, bolted, screwed, joined, nailed or plumbed into a property) to be sold with the property unless other wise specified under ‘exclusions’ to the sale. Real estate agents and developers in Queensland often prepare their own contracts.

When you are ready to sign

When you are ready to sign a contract, take a copy away and discuss it with your solicitor, especially if you will be making an offer on the property subject to certain conditions such as finance or the sale of another property. Before the contract is signed by both you and the seller, the agreement is usually just verbal and it is not blinding. Up until both parties sign the contract, both you and the seller have the right to change your minds.

Don't be pressured into signing a contract unless you understand it fully or have had your solicitor check it for you.

Cooling-off period

Contracts for residential property not sold by auction have a cooling-off period of five business days so that you can evaluate you purchase. If you’re not totally happy, you can cancel the contract within the cooling-off period. However please aware that you need to pay penalty of 0.25% of the contract price according to a cluse in Form 30c WARNING STATEMENT.

The five day cooling off period starts next business day when you or your agent, solicitor) receive a copy of the residential property contract signed by both you the buyer and the seller, regardless if that day is a business day or public holiday.