Top 4 Contract Tips for Buyers

Looking to buy property?

Here are DSL Law’s top 4 contract tips for home buyers:

1. Obtain Legal Advice prior to signing the Contract – Please feel free to contact our friendly conveyancing team at DSL Law for expert advice and to obtain a Contract review before you sign a Contract to purchase in QLD.
2. What’s in a name? – Make sure your full legal name is noted as the buyer. You will be required to show 100 Points of ID so make sure your name on the Contract matches your ID
3. Know your rights – You have the right to terminate the Contract within 5 business days after signing the Contract under the cooling off period – When buying a residential property in QLD, unless you buy at Auction, the standard Contract of Sale provides you with a 5 day cooling off period. If you terminate under the cooling off period the seller has the right to charge you a termination penalty of 0.25% of the purchase price.
4. Buyers must insure the property – Under the standard terms of the Contract the property is at the Buyers risk from 5pm on the first business day after the Contract date. Buying in a Body corporate? It is recommended that you still take out contents insurance for the fixtures and fittings. The Body Corporate Insurance will only cover the outside of the building.

We know contracts can be tricky and there is a lot of fine print that has to be considered, so we are more than happy to help with any questions you might have.

1300 DSL LAW (1300 375 529)