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A copy of the contract has been emailed to you. Please check the contract carefully to ensure
that no alterations have been made since you signed it. IMPORTANT INFORMATION YOU NEED TO KNOW After you have read through the
'Important Information for Buyers', please complete,
sign and return DOC 2 the Confirmation of Instructions form and any further
instructions to us by return email to admin@conveyancingdirect.com.au or fax
07 5449 7685 IDENTITY All lawyers are
governed by guidelines set down by the Queensland Law Society which oblige us
to confirm your identity. Would you
please provide us with copies of two forms of photo identification e.g. a
driver's licence, passport or student card.
(This will not be necessary if you are already known to us as a past or
current client.) CONTACT PERSONS Your purchase will be handled by
a paralegal with the firm identified by
your file number and will be supervised by We are confident you will find
our services to be of the highest professional standard. However, should you have any difficulty with
either our service or the conduct of this matter and are unable to resolve that
difficulty with the person handling your file, you should not hesitate to
contact Joseph McMahon who is the Principal of this firm who
will investigate the problem and contact you to talk about it. This will be at
no extra cost to you. Please let us know if you have
any important time limits or if there is any item of particular importance or
concern to you regarding the property.
Don't hesitate to keep in regular contact and ask us if you are not sure
about anything. Please note that we cannot give you advice regarding the commercial viability of the transaction or the tax, succession or matrimonial consequences or financial implications. We suggest you seek the advice of a specialist such a financial advisor or your accountant. This is particularly important if you are purchasing the property as an investment. COOLING OFF PERIOD The contract
is subject to a 5 day cooling off period which expires at 5.00pm on the 5th
day after you or us received a fully signed copy of the Contract. You can change your mind about purchasing the property during
the cooling off period. If, during that
time, you decide to terminate the contract, the seller must refund your deposit
within 14 days less a termination penalty equal to 0.25% of the purchase
price. If you wish to terminate the contract, please contact us
IMMEDIATELY so that we have sufficient time to notify the seller. BUILDING & PEST INSPECTION
REPORTS Please advise us
of the result of the building and pest inspection 48 hours prior to the due date. (You should ensure that the inspector is
licensed by the Queensland Building Services Authority.) Under the terms of the contract, if we do not
advise that the building & pest report is unsatisfactory by that
date, it will be taken as being satisfactory and acceptable to you. If the report is not satisfactory to you,
please contact us and provide a copy 48
hours prior to the due date. SETTLEMENT NOTICE We will lodge a Settlement
Notice at the Department of Natural Resources & Water (Titles Office). A Settlement Notice when recorded on the
seller's title seeks to provide protection of your interest under the contract
and alerts any party who searches the automated Titles system to the fact that
your intended lodgement of a transfer is imminent. ITEMS INCLUDED IN PURCHASE Items which are included in the
purchase price are all stoves, hot water systems, fixed carpets, curtains,
blinds and their fittings, clothes lines, fixed satellite dishes and television
antennae and in-ground plants. The contract also specifically includes the as per inventory attached to contract. INSURANCE The contract provides that the property
is to be at your risk from 5.00pm on the next business day after the date of
the contract although the seller, whilst continuing in possession, is
required to use the same with reasonable care.
This means that if the improvements on the property and/or any chattels
were destroyed before settlement, you would still be obliged to complete the
purchase. Please note that you are responsible
for insuring the interior of the unit
(including contents) as well as public liability insurance for the interior. If the property has common walls, the
body corporate is responsibility for the building insurance and public
liability insurance in respect of the common property. Please note however, that if there are no
common walls, the body corporate is responsible for the public liability
insurance for the common property but not the building insurance. Sometimes, the body corporate will insure the
building with the agreement of all owners.
If it has not, then you should insure the building. If you haven't already done so, would
you please arrange for appropriate insurance cover immediately. KEYS Unless we hear from you to the
contrary, we shall arrange for all keys and/or security devices for the subject
property to be delivered to the agent, where they will be available for
collection by you after settlement. PRE-SETTLEMENT INSPECTION OF PREMISES The contract provides that you may
enter the property once to inspect it before settlement for the purpose of
checking that no items included in the purchase have been removed and also to
ascertain that no damage has been done to the property since the date of the
contract. If you would like to inspect
the property, would you please make the necessary arrangements with the agent. Please note that we do not conduct a
physical inspection of the property at any time. That is up to you. Any issues relating to surrounding properties
that do not adjoin the property you are purchasing will not be discovered by us
in the searches we conduct. If you have
any concerns as a result of your own inspection, please advise us immediately. APPROVED
ELECTRICAL SAFETY SWITCH Under the provisions of the Electricity Regulation 1994, the seller is obliged to advise you in
the Contract whether or not an approved
safety switch for the general purpose socket outlets has been installed in the
residence. SMOKE
ALARM(S) It is now mandatory under the Fire and Rescue Service Act 1990 that smoke alarm(s) which comply
with Australian Standard AS 3786-1993 be installed in every domestic dwelling.
If the dwelling was built after 1 July 1997 or
significant renovations (more than 50%) were made to the dwelling after that
date, it should have at least one 240 volt (hard-wired) smoke alarm. The Queensland Fire and Rescue Service has a number of
fact sheets available to answer basic questions about the legislation and
explain how it will affect you. We
recommend you visit www.fire.qld.gov.au
for further information on smoke alarms and home fire safety. The seller is obliged to notify you in the Contract as
to whether they have been installed or not. TRANSFER DUTY First If
you intend to occupy the property you are purchasing as your principal home for
at least one year following settlement and that it will be your first
home duty is calculated at a reduced rate.
Note: If you are not able to occupy the property on
completion of the Contract the Commissioner of Stamp Duties has the discretion
to allow or disallow an assessment at the concessional rate provided occupation
is taken within twelve months of completion.
Please note that duty
must be paid within one (1) month of the conditions of the contract being
satisfied (and/or prior to settlement if finance applies) or the Office of
State Revenue will impose a monetary penalty for late stamping. TENANCY Would you please advise whether you intend purchasing
the property as ‘joint tenants’ or ‘tenants in common’. If you are unfamiliar with these terms, the
effect of joint tenancy is that if one of you die, that person's share in the
property automatically vests in the surviving owner. In the case of tenancy in common, the
deceased's share in the property would pass to the beneficiary provided in
their Will. If you intend holding as
tenants in common, please advise what shares each owner will hold (e.g. equal,
1/3 and 2/3 respectively, etc.). CORPORATE
OWNERSHIP If the property is being purchased by
a corporate entity you are no doubt aware of the differences between corporate
and personal ownership of a property, including that a change in the directors
or shareholding does not affect a company's ownership of property and stamp
duty concessions which a natural person may be entitled to are not available to
a company. We note that the property is being
purchased subject to a continuing tenancy.
At settlement, the seller is required to provide us with their copy of the Tenancy
Agreement, a Notice to the tenant advising of the sale and the documentation
required to transfer the seller's interest in the bond. We believe it is in your interests to be fully
aware of the tenancy arrangements, for example whether the tenancy is an
enforceable agreement, any special agreements, unusual provisions, disputes,
time left to run, etc. Please let us
have your instructions as to whether you require us to review the tenancy
arrangements prior to settlement. SELLER'S WARRANTIES The seller has a duty under the contract
and by law to disclose certain matters to you, for example, whether the land is
on the Contaminated Land Register, and for improved property, whether it was
'owner-built' and whether an electrical safety switch is installed. SEARCHES
(STANDARD & OPTIONAL) We will be conducting a number
of searches with regard to the property.
There are, however, a number of other optional enquiries which may be
made if you so require. We make no
additional professional charge for arranging these enquiries however there are
fees payable to the various government departments.
We will carry out the searches
marked as 'Standard' as a matter of course as these are the minimum required to
protect your interests. With regard to the searches
marked 'Optional', please carefully consider each search / enquiry and indicate
on the form whether you require us to undertake the search. If you require any 'optional'
searches to be conducted, they will need to be commenced without delay to
ensure that results are available prior to settlement so it's very important
that you complete and return the Confirmation of Instructions form to us by
return. If there are any matters
regarding the property which are of particular concern or importance to you, please let us
know so that we can determine whether any particular investigations should be
made. The only way to ascertain
whether the present use is lawful is by physical inspection by a town planner
and a detailed check against the codes which apply. If you any suspicions that the present use
may not be lawful, you should contact us immediately so we can discuss what
investigations can be made. The
certification in Form 32a is enclosed
for your information. |
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