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Q1. WHAT HAPPENS TO MY CONTRACT?
A. Your contract will be processed by Colliers International Land Marketing within 1 business day of receipt and is forwarded to the seller or seller’s representative for signing. A fully executed Contract will then be forwarded to your nominated solicitor.
Q2. WHAT IS THE COOLING OFF PERIOD?
A. Refer to the back page of the first page of the Contract of Sale (this should be the Cooling Off/Warning statement page). The most commonly asked questions concerning the cooling off are noted here. The cooling off period is for a total of FIVE business days commencing from the date of receipt by the buyer or the buyer’s agent/solicitor of the fully executed Contract of Sale (this is the only condition that is counted as the first/day one).
Q3. DO I NEED FOREIGN INVESTMENT REVIEW BOARD (FIRB) APPROVAL?
A. If you are a foreign buyer you should make your contract subject to FIRB approval, unless prior written approval has been obtained to purchase the property or you are specifically exempted under the Foreign Acquisitions and Takeovers Regulations or if a home developer has obtained prior approval from the FIRB. Please seek further advice from your or solicitor if you are a foreign buyer.
Q4. WHEN ARE MY CONDITIONS DUE?
A. Effective communication to your Colliers International Land Marketing sales representative and solicitor during the conditional phase of your purchase is imperative. Conditions set out and nominated by you in the Contract of Sale will have been dated and noted to you via your solicitor on receipt of the official copy of the Contract of Sale.
Common conditions for the purchase of land include:
• Finance – most people require finance to complete the purchase of a block of land or house and land package. Generally 14 days is sufficient time to obtain a loan approval from a financial institution. Colliers Financial Services has access to over 400 loan products from 26 of Australia’s leading lenders. Securing the right loan at the right rate could save your thousands of dollars over the life of the loan. Should you wish one of our licensed professional representatives to contact you for an obligation free consultation (in your own home) please feel free to contact us on 3872 3500
• Soil Test – To construct a slab on ground house your builder will need to know what soil conditions exist.
To ensure slab design is appropriate your builder will nominate and organise a soil test with an accredited soil test company.
Should you wish to conduct your own please refer to soil testing in the yellow pages. In some situations soil tests are completed by the developer.
Please contact your Colliers International Land Marketing sales representative to see if this is the case. Regardless your Colliers International Land Marketing sales representative will have a good idea of potential soil conditions.
Note: it is imperative that your solicitor and sales representative are notified that any conditions have been satisfied (or otherwise) prior to the due dates. Your contract is at risk of termination by the seller if no notification is received by these dates.
Q5. IF PURCHASING A HOUSE DO I HAVE TO INSURE THE SAID PROPERTY?
A. Refer Chapter 8, Section 8.1 Risk, the said property is at the Buyer’s risk and you are required to obtain insurance for the said property from 5pm on the first business day after the date of the contract.
Q6. DO I HAVE TO NOMINATE A SOLICITOR?
A. Nominating a legal body to act on your behalf for real estate transactions is recommended by Colliers International Land Marketing but is not compulsory.
Note it is your responsibility to notify your Colliers International Land Marketing sales representative of your appointed legal firm of choice and or if you are self acting if not stated on the Contract of Sale on signing. Should you appoint a solicitor during the contractual period, please again notify your Colliers International Land Marketing sales representative.
Q7. WHEN IS MY DEPOSIT DUE?
A. Monies paid by way of part & or full deposit for a prospective purchase must be paid/finalised as per the amounts set out on the Contract of Sale. Colliers International Land Marketing is the Trust Account holder of all deposit monies (unless otherwise stated on the Contract of Sale).
Colliers International Land Marketing holds these funds until we have been given the authority to disburse them accordingly from the relevant legal or acting authorities in writing (refer to Chapter 2, Section 2.2 Deposit).
Below are the methods of payment available to you:
Cheque – all cheques are to be made out to :
Colliers International Land Marketing Trust Account
We accept:
• Money order
• Personal cheque
• Bank
Q8. HOW DO I CALCULATE DATES?
A. Dates affecting the Contract of Sale are calculated on a normal day (which includes weekends) unless it is otherwise nominated as a working/business day (refer to Chapter 9, Section 10.5 Business Days of the standard Terms & Conditions of the Contract of Sale).
In order to calculate dates correctly, use the below guideline to diarise dates for your records:
Normal Day = Date of Contract + 1 Day
eg. A 7 day condition with a contract date of the 10/02/06 would fall due on the 17/02/06
Business Day = Date of Contract + 1 Day
eg. A 7 business day condition with a contract date of the
10/02/06 would fall due on the 21/02/06
Q9. WHAT DO I DO IF I NEED AN EXTENSION?
A. Refer any extension of time requests to the solicitor acting on your behalf and advise your Colliers International Land Marketing sales representative. It is imperative that both parties are made aware of your intentions. Your Colliers International Land Marketing sales representative can often intervene and resolve situations directly with the Sellers of the property should an extension be required. Please note that if, for example, your finance and balance of deposit payment dates are the same, and you require an extension, then you need to make it clear in your
request that you need an extension of time for both conditions.
Q10. WHAT HAPPENS NEXT WHEN THE PROPERTY IS UNCONDITIONAL?
A. Once your Contract of Sale becomes UNCONDITIONAL this now means that all conditions have been satisfied and we now await settlement. You should make contact with you solicitor to ensure all balance funds that you are contributing to the transaction are made available for settlement.
Q11. WHAT IS STAMP DUTY AND WHEN IS IT DUE?
A. Stamp duty is a state government charge payable on all property transactions. The rates of stamp duty vary for First Home Buyers, Owner Occupiers and Investors. Your solicitor will be able to advise you the exact amount of stamp duty payable and when it is due.
Q12. WHEN DO I GET MY DEPOSIT IF MY CONTRACT IS UNSUCCESSFUL?
A. In the event your Contract of Sale is unsuccessful, any monies paid by way of part & or full deposit (that is legally allowed to be refunded back to you) will be done so once Colliers International Land Marketing has received written confirmation from both Buyer & Seller’s solicitors to refund the deposit. Refunds will be paid by way of Trust Account cheque to the person/s nominated on the Contract of Sale. Depending on the
date that the original deposit was paid, up to 10 (ten) business days may lapse before monies can be refunded in full.
Q13. WHAT HAPPENS AT SETTLEMENT?
A. Settlement is arranged and undertaken by your solicitor (or yourself if you are self acting) and your bank. A predetermined time is confirmed by both Buyer and Seller at a location mutually acceptable to both parties. The settlement process is quite brief and normally takes up to
15-20 minutes to effect successfully. Note that notification of settlement being effected must be in writing from both Buyer and Seller’s solicitors. Legally Colliers International Land Marketing cannot hand out keys until this time. Refer to Chapter 5, Section 5.1 Time & Date of the standard Terms & Conditions of the Contract of Sale.
Q14. WHEN CAN I COLLECT KEYS AFTER SETTLEMENT?
A. For the purchase of a house, on confirmation of settlement in writing, key/s will be made available to you from your Colliers International Land Marketing sales representative. Note that Colliers International Land Marketing sales representatives hand over all keys that our agency & client have in their possession. Refer to Chapter 5, Section 5.3 Documents and Keys at settlement of the standard Terms & Conditions of the Contract of Sale.
Q15. WHAT DO I DO IF I REQUIRE FURTHER INFORMATION?
A. For further information of a legal nature please consult your appointed solicitor. If you require further information on the land you are purchasing please contact your Colliers International Land Marketing sales representative.
Some common requests include:
• Survey Plan
• Contour Plan
• Services Plans (as constructed drawings) and
• Compaction Certificates
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