Important Information When Purchasing
Step 1: Signing the Contract of Sale
- What is the Cooling Off Period?
The Cooling Off Period is a 5 business day period in which the buyer can change their mind about purchasing a property. The Cooling Off Period begins when you are bound by the contract which The Warning Statement is attached to. Both seller and the buyer are bound by the Contract as soon as the buyer or their agent, lawyer or personal representative receives a copy of the signed Contract.
Refer to page 1 of the Contract of Sale (Warning Statement) for more information.
- When do I pay the Deposit?
Monies paid by way of part or full deposit must be paid as per the amounts set out in the Contract of Sale. LJ Hooker Rockhampton will hold your deposit monies in our Trust Account until we are authorised to disburse them accordingly.
A deposit can be paid by the following methods:
- Credit Card (1.50% surcharge)
- Cheque – Personal Cheque, Money Order or Bank Cheque.
They are to be made out to: LJ Hooker Rockhampton
Step 2: Conditional Contract
- Building and/or Pest Inspections?
When you are organising your building and/or pest inspections, you will need to advise your inspector/s to contact us at LJ Hooker Rockhampton at least 24 hours prior to the inspection date so entry into the property can be arranged. If there are any issues arising out of the inspection, they must be notified to us in writing by 5pm on the stated date. In order to rectify any problems we need to know what they are and what you require to be done to rectify them.
To keep us up to date with your progress please ask your financier to forward your confirmation of finance to us as soon as possible.
- Do I have to insure my new property?
Your responsibility for insurance on your new property starts from 5pm on the first business day after the date of the Contract of Sale. This is important as the Seller is not required to have insurance over the property so should anything happen to the property during the period of the Contract of Sale, your insurance will be required.
Step 3: Unconditional Contract & Settlement
Once the contract is unconditional you will need to ensure you have your certificate of insurance ready for settlement, as well as the transfer papers to your solicitor, and any loan documents signed.
- What happens at Settlement?
Settlement is arranged and undertaken by your solicitor. A pre determined mutually acceptable time and place is confirmed between the buyer and sellers solicitors.
The settlement process usually only takes about 15-20 minutes.
Once notification that the settlement has been effected has been received to us in writing by both parties solicitors, we can then release the keys to the property.
Your LJ Hooker agent will contact you prior to settlement to arrange a time with you to collect the keys.
An Unsuccessful Contract
- When do I get my Deposit back if my Contract is unsuccessful?
In the event that your Contract of Sale is unsuccessful, any monies paid as part and/or for the full deposit, and that is legally authorised to be refunded back to you, will be done so once LJ Hooker Rockhampton receives written instructions from both the Buyer and Seller’s solicitors. Refunds will be paid by way of bank transfer to the person/s named on the Contract of Sale within 14 days of termination of the Contract.