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Old Jul 1st 2007, 6:49 am   #1
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Default 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?)
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Old Jul 1st 2007, 7:16 am   #2
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Default 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!
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Old Jul 1st 2007, 7:21 am   #3
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Default Re: a lesson learned - buying houses

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Originally Posted by Suni&Jay View Post
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!
Thanks definitely wont make the same mistake again
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Old Jul 1st 2007, 12:01 pm   #4
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Default 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

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Old Jul 1st 2007, 12:45 pm   #5
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by Suni&Jay View Post
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.
Also increase the time for building/pest/finance approvals (like a minimum 20 days), so you can make sure you have allthe info you need.

Subject to Broadband is another condition.

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Old Jul 1st 2007, 1:26 pm   #6
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Default Re: a lesson learned - buying houses

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Originally Posted by wanderingwombat View Post

Subject to Broadband is another condition.

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Old Jul 1st 2007, 10:25 pm   #7
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Default 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.
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Old Jul 2nd 2007, 5:44 am   #8
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by allison View Post
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?)
A word of warning to those purchasing property in Perth.......... there is no cooling off period in WA.

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.
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Old Jul 2nd 2007, 9:09 am   #9
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by wanderingwombat View Post
Also increase the time for building/pest/finance approvals (like a minimum 20 days), so you can make sure you have allthe info you need.

Subject to Broadband is another condition.

WW
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.
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Old Jul 2nd 2007, 10:16 am   #10
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by jad n rich View Post
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 the WARNING front page is not there you have an out from the contract. Most not so clever agents simply rip the front page off the contract out of habit and bin it. That action alone will give you an out.

Why have a word with your agent????

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Old Jul 3rd 2007, 2:07 am   #11
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Default Re: a lesson learned - buying houses

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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.
If broadband is such an issue can't you get satellite broadband? Most the rural communities in WA have it and you cannot get much more remote thsn that.

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.
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Old Jul 3rd 2007, 2:25 am   #12
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Default 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.
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Old Jul 3rd 2007, 3:14 am   #13
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Default Re: a lesson learned - buying houses

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If broadband is such an issue can't you get satellite broadband? Most the rural communities in WA have it and you cannot get much more remote thsn that.
We are 10 minutes from Joondalup/Wanneroo in Carramar; when I applied for Broadband it wasn't available due to the 'switch' being outdated and from the Arc. Bit odd really 'cos Carramar isn't really all that far up the bush.

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.
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Old Jul 3rd 2007, 3:27 am   #14
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by allison View Post
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?)
Good advice here.

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)
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Old Jul 3rd 2007, 5:20 am   #15
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Default Re: a lesson learned - buying houses

Quote:
Originally Posted by Dorothy View Post
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.
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.
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