As cited by REIQ
The following are some of the key steps in the process of investing in property:
- Get an independent valuation by a professional valuer
- Obtain from the selling agent a PAMD Form 27c Disclosure to Buyer
- 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.
- 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
- 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
- The agent will then submit the Contract of Sale to the seller
- 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;
- Seriously consider using a solicitor do your conveyancing. During the conveyancing process your solicitor can make the appropriate checks
- 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
- Once the Contract is unconditional, keep in touch with your solicitor with regard to any issues approaching the settlement date.