Buying a property in Qld? Things to keep in mind
Deciding to buy property? Whether it’s a first home, vacant land, or an investment property, it's always a big decision to make. Between finding the right property, negotiating the purchase price, and paying the initial deposit, there are a few things you should always keep in mind.
As discussed in our previous article linked here, many people don’t realise that property is at the risk of the buyer from 5pm on the first business day after the contract date. This risk extends not only to property damage but to also to personal injury that could occur on the property.
Building and Pest Inspection
Again another point that we have discussed previously here, a building and pest inspection is an important part of any purchase and should always be obtained to get a better understanding of the quality of the property.
However, the inspection is not all inclusive, and won’t include information on whether any structures on the property are approved by the local council.
A negative finding on the report also doesn’t provide an immediate right to terminate the contract, and buyers are required to act reasonably should they receive an unsatisfactory building and pest report.
Findings such as major structural issues or active termite infestations are generally enough to terminate a contract under building and pest, but legal advice should always be sought from your solicitor before taking any steps after receiving a building and pest report.
Chattels, like furniture and whitegoods, sometimes form part of the purchase price and agreement between a buyer and seller. Chattels usually are sold with the property for holiday homes or resort apartments, and it is important that what is agreed between the parties is noted correctly in the contract – otherwise that brand new dishwasher might go missing before settlement!
Is your purchase subject to a different property being sold? Or do you want some extra time to double check the gazebo out the back is built correctly?
If so, it might be a good idea to negotiate some special conditions to your contract to leave enough wiggle room should that sale fall through, or the gazebo be in danger of falling over from a strong breeze. Special conditions are input by negotiation by the parties, and usually operate to give a buyer a few additional rights before the contract is final.
Should you have any questions about your upcoming purchase (or sale) of a property in QLD, reach out to the team at SPM Law today for an obligation free chat.
Changes to REIQ Contracts for Houses and Land coming in January 2022
The Real Estate Institute of Queensland (“REIQ”) and the Queensland Law Society (“QLS”) have announced that the new standard contracts for sales of houses, land and residential units will be released in late January. The changes have been introduced to resolve some issues faced by buyers and sellers when dealing with financial delays to settlement, in addition to updating a number of issues.View All News