Handling a contract when purchasing property for your new home can be a complex and daunting process for any new or experienced homeowner. Knowing the process is a crucial part of a successful purchase, and hiring an experienced Brisbane conveyancing solicitor to help you is a wise choice. They can help you to understand terms such as the “cooling-off period” that is part of the process.
The cooling-off period runs five business days and begins for any property contracts not purchased from an auction. It commences the day you get the contract copy that contains signatures of both you, the purchaser, and the seller. Once this period of time is over, you as the purchaser are legally required to purchase the property as outlined in the contract. Hiring a quality solicitor to help you handle this end of the deal can make it easier to navigate.
At times there may be a disagreement or other issue that you come across during this period that requires certain procedures to be followed. A conveyancing QLD solicitor can make sure that you understand the legal aspects of the issue and how to handle it appropriately. This eases the worry and frustration that you may have. For instance, if a problem arises, the seller of the property has to produce evidence that you, the purchaser, has been given a legal copy of the selling contract.
Additional Aspects of the Cooling-Off Period
One instance that can arise is the desire for the purchaser to forgo the cooling-off period or to reduce the time period, certain legal actions have to be taken. The purchaser has to obtain a PAMD Form 32a that his or her solicitor must complete before the contract is signed. This form basically outlines that the solicitor is not connected to the seller of the property and the agent handling the sale will not gain anything from the transaction. Additionally by signing the form, the solicitor has explained to the client the purpose of the from and the contract.
At times, the purchaser may wish to not buy the property. A cancellation of the contract can take place before the cooling-off period ends. The purchaser has to indicate in writing that he or she wishes to cancel the contract. In turn, the purchaser’s deposit has to be given back, with a possible deduction for the cancellation. This deduction cannot be more than 25 percent of the total sale price.