Buy

Information for Buyers

Submitting An Offer

  • To submit an offer, your Agent will require the following information:
  • Do you meet Foreign Investment Review Board criteria (go to www.firb.gov.au if unsure)
  • The full name/s of the Buyer/s, and their address
  • The name of Solicitor who will be doing the conveyancing for you
  • The amount of deposit – between 5% and 10% of the purchase price is recommended (deposit can be paid by personal cheque or by electronic transfer)
  • The amount of the offer
  • Finance Approval from …… Bank within ….. days of the Contract date (usually 14 days for interstate lenders)
  • Building Inspection by a licensed inspector within ….. days (usually 7 days)
  • Any other special conditions?
  • Settlement Date (the date you take over ownership, and pay the rest of the purchase price) (usually 30 days).

Legal Costs
You will need a Solicitor, Lawyer or Conveyancer to attend to the searches and paperwork for the purchase or sale of a property. A Conveyancer will probably be the least expensive option, but may not be the best option for you. Many solicitors and lawyers specialise in conveyancing, and will also be able to help you with other legal matters, e.g. wills or Power of Attorney documents. It can be beneficial to have a relationship with a local solicitor or lawyer – the purchase of your property can be a great way to become acquainted with your legal representative.

As a rough guideline, buyers can expect to pay between $500 and $800 for the conveyancing, plus searches. The cost of searches varies greatly depending on the type of property (apartments and townhouses generally require more searches) – but allow around $1,000 for searches. Some Conveyancers will give you a quote that says “plus outlays” – the outlays are not necessarily just searches – make sure you ask!

We are delighted to recommend the following Lawyers, for all your legal requirements:
Law Power, Shop 18, Allsports Shopping Centre, 19 Kooringal Drive, Jindalee Qld 4074 (phone 3279 3330 and fax 3279 5661)
Pattisons Solicitors, PO Box 298, Mt Ommaney Qld 4074 (phone 3376 5411 and fax 3279 1013)

Consumer Information – Your Privacy
Many Agents illegally use the information they have legally been able to obtain through property data providers (such as RP-Data), despite being aware that it is against the law to do so. Confused? Let us explain. As real estate agents, we are allowed to access information about properties – for example, the owner’s name and address, sale date and price, and land size. However, we are not allowed to use that information in any way that breaches the Privacy Act – it is clearly a breach of the Act to write or phone an owner with information obtained through the data provider. Chances are, if you have received an unsolicited letter or phone call from a real estate agent you’ve never dealt with, that the Agent has breached the Privacy Act in doing so. At Ray White Middle Park, we don’t need to break the law to obtain new business – so we don’t. Our Privacy Policy is a formally-worded document, and has been developed to comply with The Privacy Act (1988) and the Privacy Amendment (Private Sector) Act (2000). Click here to view our Privacy Policy.

REIQ Membership
As members of the REIQ, we are able to offer all clients a superior level of consumer protection – Buyers and Sellers who deal with agents who are not members may not have as high a level of consumer protection. For example, one requirement for membership is that we carry appropriate Professional Indemnity insurance. Another is that we abide by the REIQ Code of Ethics (to which we are held accountable). And another is that we must keep up-to-date with legislative and other changes through compulsory annual training. Don’t assume that any Agent or Agency or franchise group member is a member of the REIQ. To learn more about why you should choose an REIQ Member Agent to sell your property, click here from this webpage you can search for a list of local agents.

Office Of Fair Trading
If you need more information check out the State Government’s Office of Fair Trading website or phone 13 13 04 (the fact sheet is obsolete. It would be preferable if a link was provided to the Buyers info on our website: http://www.fairtrading.qld.gov.au/buy-home.htm)

Documentation
Your Agent will ask you to sign a PAMD Form 27c. This is not part of the Contract, but it is a State Government requirement. Basically, the Agent needs to declare their interest in the sale … obviously commission from the Seller, but some Agents will have other interests. Make sure you know “what’s in it for them”. Click here to view a sample PAMD Form 27c.

If you are buying an apartment or townhouse, you will need to sign a Disclosure Statement before the Contract. This document sets out information regarding the Body Corporate. More Body Corporate information is contained in the Contract. Note that the balance of the Sinking Fund is not disclosed on either Disclosure Statement or Contract – make sure you find out what this amount is – the bigger, the better! Click here to view a sample Disclosure Statement.

You will also see a PAMD Form 30c attached to the front of the Contract. This is very strongly worded and appears a little scary … but take a few minutes to read through it, and you will see that it advises you (as Buyer) that you have five business days in which to change your mind. Be aware that if you do change your mind and terminate the contract under the provisions of the Form 30c, you will be charged a penalty of 0.25% of the sale price (eg, $750 for a $300,000 sale). Click here to view a Contract for House & Land with PAMD Form 30c attached.

The actual Contract documents can be initially executed by facsimile to start the ball rolling (approximately 12 A4 pages for houses; 30 pages for units), however originals will also be required. Transfer documents will be arranged by your solicitor, and will also be posted to you. Click here to view a Contract for Residential Lots in a Community Title with the PAMD Form 30c attached.

Once you sign the Contract, it is considered to be a “written offer”. There may be several “counter-offers”, when the price and/or terms are changed and initialed by the Seller and the Buyer … and then, once everything is agreed and fully signed and initialed, the documents are considered “fully executed Contracts”. The Agent will write on the Contract Date and the Contracts will be sent to the Solicitors for processing. You (the buyer) will be given a photocopy, and will be made aware of the dates by which you need to have completed the necessary steps. At Ray White Middle Park, we give you a list of “Diary Dates”, which guides you through the process. Click here to view the Diary Dates Page.

The REIQ and the Office of Fair Trading both provide comprehensive information for Buyers, and there is more information on stamp duty and legal costs on the “Information” page of our website. All we can add is that once you are confident that the property meets your criteria in terms of its attributes, location and price range … buy it! Being educated (through Open Inspections) in property values will give you the confidence to know that you are buying well. Take a deep breath … and go for it!