A Queensland residential purchase runs on dates. Miss one and you can lose a right, a deposit, or the property. This is the sequence in a standard REIQ contract.
Day 0 — Contract date
The contract is dated when the last party signs and the other is notified. Every other date counts from here. Send the contract to your solicitor the same day.
Days 1-5 — Cooling off
Residential buyers generally have five business days to terminate, with a penalty of 0.25% of the purchase price. The period can be waived or shortened, so check what you signed.
Around day 14 — Building and pest
Book the inspection the day the contract is signed. If the report is unsatisfactory you must give written notice by the due date — an unhappy phone call to the agent is not notice.
Around day 14-21 — Finance
Unconditional written approval must be in hand by the finance date. If it is not, ask for an extension in writing before the date passes. Once it passes without notice, the condition can lapse and you may be bound.
Between contract and settlement — Searches
Title, rates, land tax, body corporate, encumbrances, planning and, where relevant, flood and contamination. This is where problems surface while you can still act on them.
Around day 30-45 — Settlement
Time is of the essence. Do a pre-settlement inspection. Have your funds ready the day before, not the morning of.
After settlement
Transfer duty is paid, the transfer is lodged, and the keys are released. Notify your insurer, council and utilities.
General information only. Have your contract reviewed before you sign it.