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Need to know: DUE DILIGENCE…

Put simply, due diligence is doing your homework prior to making an offer to purchase a property.

• Local Govt major projects
• Local Govt planning scheme
• Easements—shared access
• Property mapping
• Contour mapping
• Infrastructure services
• Flood mapping
• Soil classifications
• Coastal erosion
• Storm Tide mapping
• Rising sea level mapping

TIP: While due diligence is underway, think about any special clauses you may want in the contract of sale prior to submitting to seller.

TIP: You may also need to consider a longer finance clause to allow the bank to undertake a valuation of the property.

Want to learn more…
> Due diligence debunked

Need to know: BUYING COSTS…

Real costs of buying a Queensland residential property include:

• Purchase price
• Building pest inspection
• Transfer / Stamp duty
• Queensland Govt mortgage, registration and transfer fees
• Your mortgage lender (Bank), loan application fees and possibly mortgage insurance
• Council rates
• Moving costs
• Building insurance
• Land tax varies based on type of owner + value of land holdings

TIP: If you are buying an apartment / unit as well as rates there are also:

• body corporate fees
• sinking fund fees.

DID YOU KNOW…
You may need body corporate approval to make internal and /or external modifications.

Want to learn more…
> Buying a home in Queensland

Need to know: QLD AUCTIONS…

Prior to auction a real estate can NOT give you a price range. The agent can make bids on behalf of the vendor up to the reserve price.

If you are the successful bidder at an auction in Queensland, then you need to know there is:

• No cooling off period
• No finance clause
• No build / pest inspection clause
• If you are a successful bidder, you own the property with a deposit (usually 10%) due on the day or next business day.

BEST PRACTICE: Obtain a copy of contract of sale, and complete ALL due diligence prior to auction day.

IMPORTANT: If you were a registered bidder but the property was passed in (not sold) and you sign a private treaty contact within two business days of the auction there is no cooling off period.

Want to learn more…
> Buying at auction in Queensland

FAQs…

Why hire a buyers agent?

A buyers agent, also referred to as a buyers advocate, is a licenced professional who specialises in searching, evaluating and negotiating on behalf of a buyer. People who work with buyers agents, are usually time poor, or, looking to buy in an unfamiliar area so need someone with local knowledge.

Want to learn more…
> Why appoint a buyers agent

Real estate agent vs Buyers agent

• Real estate agents act on behalf of the seller.
• Buyers agents act on behalf of the buyer.
• Both are licensed real estate professionals.

What is an off-market property
A property is considered off-market if it is not currently listed for sale / advertised for sale.

Want to learn more…

> Pros and cons of off-market property sales

What is a pocket listing?

The seller has signed a contract of sale with a real estate agent, but property is yet to be advertised.