a lesson learned - buying houses
#1
life's good
Thread Starter
Joined: May 2006
Location: mountain creek sunshine coast
Posts: 92
a lesson learned - buying houses
We have recently been looking for houses. Last week thought we had found the one. We decided to make an offer went through the process of making a formal written offer (normal QLD process) and it was accepted. All good or so I thought. My partner the very next day was having seconds thoughts and to top it all he found out we couldn't get broadband which he needs for work as well as us keeping in touch with the UK relies. We tried to back out of the contract offer thinking we were within the 5 day cooling off period. The agent then informed us that we would have to pay 0.25% of the offer. OMG I didn't realise this is the case in QLD. I thought cooling off meant you could change your mind without penalty.
To cut a long story short in the end we got our money back but we had to get out of the contract based on financial rejection.
Must admit we will be more careful when making an offer in future.
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
To cut a long story short in the end we got our money back but we had to get out of the contract based on financial rejection.
Must admit we will be more careful when making an offer in future.
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
#2
Re: a lesson learned - buying houses
That is a standard clause in Qlds, but not many sellers use it. You must all ways remember to put in a pest & buildings clause, and a Finance clause, which is sometimes used as a pull out clause when people have changed their minds on buying the house, although this is not recommended as it is illegal. Make sure it is the right house for you and have a second or third viewing before going to contract and don't let the agents push you into signing, as MOST will never mention the penalty payment in the cooling off period!
#3
life's good
Thread Starter
Joined: May 2006
Location: mountain creek sunshine coast
Posts: 92
Re: a lesson learned - buying houses
That is a standard clause in Qlds, but not many sellers use it. You must all ways remember to put in a pest & buildings clause, and a Finance clause, which is sometimes used as a pull out clause when people have changed their minds on buying the house, although this is not recommended as it is illegal. Make sure it is the right house for you and have a second or third viewing before going to contract and don't let the agents push you into signing, as MOST will never mention the penalty payment in the cooling off period!
#4
Re: a lesson learned - buying houses
Hi
much as I really appreciate the advice offered on this forum (and believe me I need it), where do you go to get the definitive official lowdown on house purchase? Is there a government website or suchlike?
We are going to Queensland (Townsville in a few months and intend to buy asap)
Ta
OLias
much as I really appreciate the advice offered on this forum (and believe me I need it), where do you go to get the definitive official lowdown on house purchase? Is there a government website or suchlike?
We are going to Queensland (Townsville in a few months and intend to buy asap)
Ta
OLias
#5
BE Forum Addict
Joined: Jul 2005
Posts: 1,808
Re: a lesson learned - buying houses
That is a standard clause in Qlds, but not many sellers use it. You must all ways remember to put in a pest & buildings clause, and a Finance clause, which is sometimes used as a pull out clause when people have changed their minds on buying the house, although this is not recommended as it is illegal.
Subject to Broadband is another condition.
WW
#7
Lost in BE Cyberspace
Joined: Apr 2004
Posts: 10,375
Re: a lesson learned - buying houses
The Queenland government form 30c with the Huge letters WARNING and, is put on the front of any QLD realestate contract, its a simple 2 pages, not legal mumbo jumbo, simple FAQ type format, again in huge bold is the Warning Statement it clearly states the termination penalty in the cooling off period is equal to 0.25% of the purchase price.
If that wasnt put on the front of your contract have a word with the agent.
If that wasnt put on the front of your contract have a word with the agent.
#8
Re: a lesson learned - buying houses
We have recently been looking for houses. Last week thought we had found the one. We decided to make an offer went through the process of making a formal written offer (normal QLD process) and it was accepted. All good or so I thought. My partner the very next day was having seconds thoughts and to top it all he found out we couldn't get broadband which he needs for work as well as us keeping in touch with the UK relies. We tried to back out of the contract offer thinking we were within the 5 day cooling off period. The agent then informed us that we would have to pay 0.25% of the offer. OMG I didn't realise this is the case in QLD. I thought cooling off meant you could change your mind without penalty.
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
Once you sign on the dotted line and all added clauses become unconditional; ............ you have purchased that property.
Don't just stick the yellow REIWA 16 page publication 'Joint form of General conditions for the Sale of Land' in the drawer.......... read it!
Remember, when purchasing property you can slant the O & A contract to suit your individual circumstances........... bearing in mind a 'clean contract' is more attractive to a vendor re them being likely to accept same.
If something is applicable to your circumstances and can be instrumental in that property being suitable for you; then get your Agent to write-up your offer subject to whatever is likely to affect you.
#9
Re: a lesson learned - buying houses
Some may laugh at the "subject to broadband" thing, but it's not all across the country and trust me, dial up sucks after being on broadband.
#10
BE Forum Addict
Joined: Jul 2005
Posts: 1,808
Re: a lesson learned - buying houses
The Queenland government form 30c with the Huge letters WARNING and, is put on the front of any QLD realestate contract, its a simple 2 pages, not legal mumbo jumbo, simple FAQ type format, again in huge bold is the Warning Statement it clearly states the termination penalty in the cooling off period is equal to 0.25% of the purchase price.
If that wasnt put on the front of your contract have a word with the agent.
If that wasnt put on the front of your contract have a word with the agent.
Why have a word with your agent????
WW
#11
Re: a lesson learned - buying houses
Most people i know who have backed out of a contract have done so on the financial clause.. but beware as the seller can also put one in saying that a cash buyer can effectively gazump you..
Just bought a lovely house in the hills in Perth, took all of 30 minutes to get to what in the Uk is effectively the exchange of contracts... very scary stuff but a better way to buy houses in my opinion.
#12
Re: a lesson learned - buying houses
When we nearly bought, the agent did point it out. Agent said it was to stop people viewing on Saturday, signing four contracts for the houses they liked to lock the seller, and then selecting the one they want over the following week.
Good tip on the broadband.
Good tip on the broadband.
#13
Re: a lesson learned - buying houses
Telstra put a whacking great satellite dish on our roof and satellite broadband was magic for the last 3 years or so. As soon as the switch got upgraded at Wanneroo we were able to change over to proper Broadband........ and I don't know how we managed with dial up before........no comparison.
#14
Account Closed
Joined: Jun 2007
Posts: 8,913
Re: a lesson learned - buying houses
We have recently been looking for houses. Last week thought we had found the one. We decided to make an offer went through the process of making a formal written offer (normal QLD process) and it was accepted. All good or so I thought. My partner the very next day was having seconds thoughts and to top it all he found out we couldn't get broadband which he needs for work as well as us keeping in touch with the UK relies. We tried to back out of the contract offer thinking we were within the 5 day cooling off period. The agent then informed us that we would have to pay 0.25% of the offer. OMG I didn't realise this is the case in QLD. I thought cooling off meant you could change your mind without penalty.
To cut a long story short in the end we got our money back but we had to get out of the contract based on financial rejection.
Must admit we will be more careful when making an offer in future.
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
To cut a long story short in the end we got our money back but we had to get out of the contract based on financial rejection.
Must admit we will be more careful when making an offer in future.
Does anyone else have similar experiences or things to watch out for in the buying process ( esp in QLD?)
Can't do alot of things here, that you could in UK. But i think the house selling business here is much better. (but more expensive unfortunatly)
#15
Australia's Doorman
Joined: Jan 2005
Location: The Shoalhaven, New South Wales, Australia
Posts: 11,056
Re: a lesson learned - buying houses
No joke for us either. We run a web design business from home - no broadband, no business. For all the houses we viewed, the first question wasn't number of bedrooms or size of block, but if it had demonstrable internet access.