Articles

10 Key Steps to Investing in Property

As cited by REIQ

The following are some of the key steps in the process of investing in property:

  1. Get an independent valuation by a professional valuer
  2. Obtain from the selling agent a PAMD Form 27c Disclosure to Buyer
  3. Obtain from the selling agent the REIQ/Queensland Law Society Contract of Sale with a PAMD Form 30c Warning Statement attached (which outlines your five-business day cooling-off period).  The Queensland Government forms recommend that the buyer seek an independent valuation and independent legal advice before signing any documentation.
  4. Put in an offer and sign a Contract of Sale noting Special Conditions making the contract subject to building and pest inspections, as well as finance if required
  5. Pay a deposit to the selling agent and receive a trust account receipt.  Some buyers may choose to use deposit bonds which act as a substitute for the cash deposit between signing a contract and settlement of the property
  6. The agent will then submit the Contract of Sale to the seller
  7. If you do not waive the right through a PAMD Form 32a Lawyers Certification, you may terminate the contract under the cooling-off provision within five business days of signing the Contract.  Penalties do apply;
  8. Seriously consider using a solicitor do your conveyancing.  During the conveyancing process your solicitor can make the appropriate checks
  9. Have the appropriate building and pest inspections carried out by a State Government licenced, fully independent inspector.  Whether you are buying a brand new property or one with some age to it, the REIQ always recommends building and pest inspections
  10. Once the Contract is unconditional, keep in touch with your solicitor with regard to any issues approaching the settlement date.