Pay the prescribed deposit and organise inspection:
Pay a deposit to the selling agent and receive a trust account receipt. The buyer may choose to use deposit bonds, which act as a substitute for cash between signing a contract and settlement of the property.
At settlement the buyer is required to pay the full purchase price including the deposit. Acceptance of the bond in lieu of a cash deposit is at the discretion of the seller.
The agent will submit the Contract of Sale to the seller.
The buyer may terminate the contract under the cooling off provision within five-business days of signing the contract, as long as they did not waive this right through a PAMD Form 32a Lawyers Certification. Penalties apply.
If your Contract of Sale is subject to a building and pest inspection, ensure you carry these out within the specified timeframe. The building inspection report should cover issues such as the soundness of structures; the legality of existing structures on the property; existence of termites, etc.
Building and pest inspection reports must be from licensed professionals. The cost of these can vary. It is required under Queensland law that the inspector must be licensed by the Building Services Authority and you can verify this by logging on to www.bsa.qld.gov.au.
