Hi,
What is the usual deposit amount when entering into a Qld sale contract? I have been advised by RE agent that it is 5-10% of the purchase price.
Can anyone tell me if this is correct/standard?
I have only ever bought in Perth were it is whatever you want to put down. The most ive put down on a Perth property is $1000.
Also, if anyone has any advice on things to be careful about in Qld contracts. Ive seen a few postings re: penalty fees for delayed settlement etc. On a couple of my Perth contracts i have had to get finance extensions and subsequent extended settlement dates and not had to incur costs/penalties. Have i just been lucky?
O.K. default interest rate: insert NIL
ask for 14 dats building and pest, 21 days finance and 45 days to settle. The standard REIQ Contract is 7Building and Pest, 14 Days Finance and 21 Days to settle. Oh and Default interest is generally charged at around the 11 – 12% mark. Refer to the clause naming the buyer as the at risk party and change that one too under the special conditions. Make the contract to remain at sellers risk.
If you are using the “ADL” Contracts clause 4.9 reads “In respect of White-Ants risk in itself will not constitute a reason for termination of this Contract.”
That particular contract has another couple of nasties in it such as 10.2 which says “it is acknowledged and agreed by the parties hereto that any building approval defect listed as a requisitor in the local authority’s building records does not constitute a Notice or an Order as contempletd by clause 10.1” 10.1 saying the seller has to repair defects etc;
Make sure you read your contract thoroughly and if in doubt ask your solicitor.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Thanks Stuart. Can you recommend a good solicitor in Brisbane?
Also what is the average cost for their conveyancing services?
Yes I can. I use Stephen Moore of Blair Anderson Solicitors. They are on Level 9 215 George St Brisbane City 4001. Phone is (07) 3220 2622. Feel free to let them know I reccomended them. They just invoiced me for $750 + GST + Outlays for searches etc;
Whilst you can go to a bucket conveyancer I always have firmly believed in the adage about getting what you pay for so I’m always happy to pay a bit more for a Solicitors services whilst conveying property.
Hope this Helps.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by Stuart Milne:Whilst you can go to a bucket conveyancer I always have firmly believed in the adage about getting what you pay for so I’m always happy to pay a bit more for a Solicitors services whilst conveying property
That statement is possibly one of the most underused, but powerful statement arround. It comes back to the old saying “You get what you pay for”.
How true it is, but some will not know it untill it is to late (which then costs you even more than doing it properly in the first place).
CATA
Asset Protection Specialist
[email protected]Thanks, I will definately speak to them when i buy something in Brisbane.
I agree with quality over price!
If you want an alternative talk to Leonnie at Melville McGregor on the Southside on 3807 1522.
They have been my solicitors for over 12 years and have done one or 2 conveyances for me.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I use O’Reilly Lillicrap in Brisbane
Ph – 07 3395 1800They were recommended to me by a friend and made my first IP purchase (even more easier) as I was an interstate buyer.
I’d definetely recommend them to anyone and will be using them again.[exhappy]
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