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‍What potential issues might the contract itself have?

The contract itself may have issues such as

What are the requirements if my property has a swimming pool?

If there is a swimming pool on the property, you must provide a current Pool Safety Certificate (PSC)before settlement. Failure to do so could allow the buyer to terminate the contract.

When selling a property in Queensland, ensuring compliance with smoke alarm regulations is essential. Recent changes to the law have made it mandatory for homes to be equipped with specific types of smoke alarms before they can be sold. These requirements are designed to enhance safety for residents and must be met to avoid potential penalties or adjustments during the settlement process. Understanding and adhering to these regulations is crucial for both Sellers and Buyers to ensure a smooth transaction.

What warranties am I giving as a seller?

You warrant that you are the registered owner, capable of completing the sale, and that there are no undisclosed legal issues affecting the property, such as enforcement notices or pending claims.

When entering into a property contract, it's essential for both parties to fully understand the consequences of a default. A default occurs when the Buyer fails to fulfill their obligations under the terms of the contract. This can happen for a variety of reasons, such as failure to secure financing, not paying the required deposit, or simply not completing the purchase by the agreed-upon settlement date. The implications of default are serious and can lead to significant financial and legal repercussions for the Buyer. For the Seller, there are specific remedies available to mitigate the impact of a Buyer's default and to ensure that they are compensated for any losses incurred.

What is a pre-settlement inspection?

The buyer has the right to inspect the property before settlement to ensure its condition hasn't changed since the contract date. Cooperate with the buyer to facilitate this inspection.

What should I do before bidding at an auction?

If you are buying at auction, you should ensure that all of your affairs are in order before you bid at the auction. This is because you will be bound by the Contract upon signing the Contract on auction day. We recommend the following steps:

The deposit must be paid to the Deposit Holder as required by the Contract terms which can sometimes be immediately.

When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.

What should I check before signing a contract?

Beforesigning a contract, review key details such as price, deposit amount, and settlement period. Ensure any conditions, like finance approval or a buildingand pest inspection, are included. A conveyancer can help identify any hidden risks or unfavourable terms.