| One of the most important parts of the property | | | | This arrangement needs to be made prior to |
| buying process in Queensland is the five day | | | | signing the residential property contract. |
| cooling off period that a buyer is entitled to. | | | | What If You Want Out? |
| During that window of time, the buyer can still | | | | It doesn't happen terribly often, but every now |
| back out of the agreement and opt not to | | | | and then a buyer realises that he doesn't want to |
| purchase the property in question. Once the | | | | go ahead with the purchase after all. Whatever |
| cooling off period is over, the buyer needs to hire | | | | your reasons may be, if you decide not to go |
| a conveyancing Brisbane firm to help them move | | | | through with it you can still get out - as long as |
| along with the process. | | | | you make that decision during the cooling off |
| The Basics Of The Cooling Off Period - | | | | period. You need to give the seller a signed and |
| In Queensland, the cooling off period begins when | | | | dated notice within that period of time, and the |
| the buyer receives the signed copy of the | | | | seller has to refund you your deposit. Usually, a |
| residential property contract. This contract needs | | | | 0.25 penalty fee is deducted from that deposit, |
| to have been signed by both the buyer and the | | | | but you will receive the rest of it back. |
| seller. Assuming that the contract is received on a | | | | Protect Yourself When Buying A Home - |
| business day, the cooling off period begins at that | | | | Although the cooling off period may seem |
| point and ends on the fifth day at 5pm. The | | | | unnecessary, it's usually a good idea to go ahead |
| cooling off period commences on the following | | | | and wait it out. Many people use this time to fond |
| business day in the even the contract is received | | | | an ideal conveyancing QLD firm and a financial |
| on a weekend or another non-business day. | | | | institution so that once the five day cooling off |
| What If You Don't Want The Full Five Days? | | | | period is up, they are well and truly ready to go |
| The cooling off period is devised to protect | | | | with the reminder of the purchasing process. |
| property buyers in Queensland. It has been | | | | From there, the solicitor will assist you with |
| implemented to assuage any feelings of misgiving | | | | getting through the rest of the complex and |
| or "buyer's remorse" that sometimes crop up and | | | | complicated conveyancing process. By the time |
| gives you a way out. Every now and then, | | | | settlement occurs, you will be the proud owner of |
| though, buyers don't want to wait out the full five | | | | a brand new home - and you shouldn't have any |
| days. If that's the case in your situation, you can | | | | regrets. |
| opt to waive or shorten the cooling off period. | | | | |