All Topics / Help Needed! / QLD buying process

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  • Profile photo of swampy30swampy30
    Member
    @swampy30
    Join Date: 2003
    Post Count: 85
    September 7, 2004 - 10:22 am

    Hi All,

    I’m in the process of buying my first QLD property, and have been spooked by the “time is of the essence” situation in QLD. (Because I went 2 days over settlement date on another IP in NSW, and got whacked penalty interest – once bitten, twice shy). Although broker and bank are not incompetent, basically I believe SNAFU is the rule not the exception!
    So my question is, is it accepted practice to negotiate longer settlement periods in QLD?

    Thanks in advance

    Swampy30

    Profile photo of BlitzemBlitzem
    Participant
    @blitzem
    Join Date: 2004
    Post Count: 19
    September 7, 2004 - 10:48 am

    Hi Swampy30

    You can negotiate a long settlement, ofcourse the vendor has to accept this and hopefully you don’t have competition on the property.

    I have seen contracts with 6 month settlements.

    I would suggest you settle on or before the settlment date, otherwise you’ll get in trouble again.

    Hope this helps

    Chad

    Profile photo of craftcraft
    Participant
    @craft
    Join Date: 2004
    Post Count: 4
    September 11, 2004 - 8:06 am

    Hi there, I am an Agent in Noosa and with regards to your question – In Queensland your offer is how you want it i.e. if you wish a 120 day settlement then you can in your offer put that to the Seller – It is however up to the Seller whether he or she accepts it.
    Derek
    [email protected]
    Happy to give you all the advice you nedd

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