When it comes to buying a house in Cairns, there are a number of important dates you need to keep in mind in order to ensure a smooth real estate transaction. This post will provide a quick overview of the most important ones
The contract date is the date that the property actually changes hands from the seller’s to the buyers. Most of the other dates revolve around this one.
At 5:00 PM on the first business day following the contract date, the property is your responsibility. Any damage that may come to it is no longer warranted by the seller, and it is therefore imperative that you obtain insurance coverage for the house prior to this date.
Cooling Off Period
In case you change your mind, the contract may be terminated during the time known as the “cooling off period”. If you do decide to cancel the contract, the seller legally reserves the right to retain 0.25% of the deposit you have made on the home. The exact dates of the cooling off period vary from contract to contract, so be sure to know what yours is prior to making any arrangements.
Application for finance is due and notice of its approval should be delivered to your conveyancer no later than noon on the finance date (though preferably the day before), in order to allow the conveyancer to make all necessary arrangements with the buyer.
Pool Safety Inspection Date
If the house you are buying in Cairns has a pool, this is the date by which a certificate from a licensed pool safety inspector must be obtained. The buyer is responsible for arranging this inspection, but the seller also has the right to get the inspection completed if they choose. Typically if no changes are required for the pool, then it will pass inspection. You are legally entitled to terminate the contract if the pool is not up to code, but you may not request a lower price because of a failed safety inspection.
Building and Pest Inspection Date
A building and pest inspection report must be obtained and, if they are satisfactory, submitted to the seller. The contract may be terminated if the report is unsatisfactory and it has been submitted by noon on the building and pest inspection date, and it should be noted that you cannot negotiate for a lower price based on the pest inspection report. Should you not obtain this report, the seller has the right to end the contract.
Your journey through buying a house in Cairns is complete and you are ready to move in. At this point, any loans or additional funds required should be made available. Your real estate conveyancer will arrange your settlement, present the purchase price, and request the initial deposit be made available. Congratulations on buying a house in Cairns!
If you do need any help or advice with buying a property in Cairns, please call Cairns Conveyancing. Our conveyancing team can help with all your property needs.