In today’s video I’m going to show you exactly what to do in order to fully complete a contract of sale in Queensland, like a pro, step by step so keep watching.
00:00 Real Estate Sales Contract [How to Complete a Contract of Sale in QLD]
00:40 How do you complete a real estate contract?
01:20 Step 1: Check you have a standard contract of sale in Queensland
02:37 Step 2: Fill out the deposit for your contract
04:40 Step 3: Subject To Finance Clause
08:00 Step 4: Adding a Building & Pest Clause
10:26 Step 5: Special Conditions on a Contract in QLD
12:30 Step 6: Settlement times frames
12:58 Step 7: Get insurance
13:39 Making an offer without pre-approval
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Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
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I’m Josh Vecchio, Mortgage Broker with Hunter Galloway, the home for home buyers Australia wide.
Today I’m going to walk you through 8 things you need to do to complete a contract of sale so that you can submit your offer.
Including the exact conditional clauses you can negotiate into a property contract of sale, and the 7/7/30 strategy that will help you negotiate like a pro!
1 Standardised Contract
Before we jump in just remember that everything I cover here is general advice only and if you’re looking to enter into a contract of sale always best get independent legal advice.
So the first step before completing the contract of sale is that you’ll want to be sure that it's standard. To do this you’ll want to ensure that either an REIQ logo appears, or that on the bottom of each page it shows “copyrite the real estate institute of queensland ltd”.
The reason you’ll want to do this is that if it’s not a standard contract you’ll need a solicitor or conveyancer to look over the contract to ensure that there are no clauses which are unfavourable or untoward. Essentially in using the standardised contract all clauses are evenly weighted, so that both the buyer or seller’s interest are being looked after.
It’s common for properties which are being sold off the plan, new or without intervention of an agent to have non standardised contracts. If this is the case you will need legal advice to safeguard your interest.
2 Deposits
Note that this is negotiable. Many agents will have you believe that it’s not, but that’s simply untrue. The maximum an agent can ask for is either 10% or 20% if the purchase is off the plan. If your agent is asking for more than this, then they’re in breach of the contract.
3 Finance Clause
The finance clause is incredibly powerful for buyers in Queensland.
Why? In other states, after you have signed a contract you can lose your deposit for pulling out. I'm talking about losing thousands of dollars of your hard earned deposit!!
In Queensland you can withdraw your offer under the finance clause and be entitled to have your deposit fully refunded.
Here in Queensland we have one of the best contract systems. Unlike many other states where if you don’t have pre-approval you leave yourself open for losing your dream property also known as gazump which is defined as “making a higher offer for a house than (someone whose offer has already been accepted by the seller) and thus succeed in acquiring the property.” which means that even if your offer was accepted by the seller, the seller still can accept a subsequent offer.
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