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In Qld, if stamp duty is not paid on time (ie within 30 days of an unconditional Contract, or 30 days from the date it becomes unconditional) penalty interest to OSR is payable. Can't remember what the current interest rate is though.
Ring around and get some other quotes. If the $1,200.00 is just for costs, seems on the high side to me. If its with outlays included, would probably be quite good.
I would check on the length of time the property will be a rental before you move in – in Qld you can only rent a PPR to an existing tenant (or the seller) for 6 months after settlement.
If you are buying that sounds fine, but it is not up to the solicitor/conveyancer to do the pre-settlement inspection – that is a buyer's responsibility. I am a paralegal and we never do pre settlement inspections – we don't get paid enough for that lol!!!
Hi,
From my understanding, you would not be eligible as you would have previously owned a property.
We purchased our first house (PPR) in 1996 from a mortgagee in possession.
I'm a conveyancing paralegal, and obviously did all the legals myself when we purchased. The day we settled, the bank's solicitors said to me "whoever got this house got a good deal, it still owes the bank quite a bit". I used to wonder if the bank got the rest of their money out of the mortgagor.
From your post about "the buyer must act reasonably" – is the property in Qld?
I would say you are being reasonable if the house has issues such as you have described, but it would also depend on whether they have changed the terms of the building/pest inspection clause to limit to "structural defects" like a previous poster has said.
Can you get out of the Contract on finance? Not being satisfied with the terms of your finance approval perhaps, as standard contracts in Qld also state that finance approval must be on "terms satisfactory to the buyer".
Good luck.
If its at the Anaconda end, it is in a better area than where I had originally thought, but it has me stumped as to why it is listed as Caboolture South when Anaconda is definitely Morayfield. What is the street name where the house is?
Is this property off Torrens Road at Morayfield? If so, Moreton Bay Regional Council will have it rated as Caboolture South and not Morayfield when I agree that it is really Morayfield.
If it is in the one of the streets off the Morayfield Road end of Torrens Road, they would have to pay me to live there, so I would be hard pressed to buy there for investment either. Also, check the rental potential as in all honesty I can't see it renting for $350.00 per week when there are lots of much newer houses that are renting for $350 and less.
I have an IP at Caboolture South (purchased for less than $300K) lowset brick veneer, 3 bedroom, 1 bath, slug, and it is rented for under $300/week. Good luck if you decide to go for it.
Hi – I work in conveyancing in Qld. Pre-approvals are all well and good, but really aren't worth much at all. A buyer needs to have full unconditional finance approval. Here in Qld, you are not entitled to the deposit if the buyer has not approved finance – your only option is to terminate the Contract for their failure to provide evidence of approval of finance (or ask to extend). At the end of the day, you signed the Contact with the "subject to finance clause".
