The most common error we are still seeing in Queensland Property Contracts is incorrect spelling of party names and leaving out middle names. Not having the correct party details can cause problems with finance applications and can increase your costs by having to rectify the spelling on the Contract or to having the original Queensland Property Contract rescinded. A very important step to get right.
A Buyer should also consider how they wish to purchase the property before entering a Queensland Property Contract and are best to take advice from their accountant or solicxitor before doing so, amendments to Queensland Property Contracts after signing can once again incur more costs to you.
Another error we see is failing to disclose encumbrances on the Queensland Property Contract which are shown on the Title search. These are items such easements and anything affecting the property should be disclosed. A simple Title search which costs approximately $25.00 should be used by your real estate agent to ensure all the information on the Queensland Property Contract is correct. This ensures certainty in the Queensland Property Contract and also ensures that the Buyer is not given any rights to terminate the Queensland Property Contract for the Seller’s failure to disclose this information.
Up until 1 December 2014 the correct sequence for a Queensland Property Contract is:
- Letter or statement directign the Buyer’s attention to the Form 30c Warning Statement;
- Form 30c Warning Statement;
- Form 14 Disclosure Notice (for a Community Titles Scheme Property).
This is set to change after 30 November 2014, keep a look out for our next blog post on this topic.
So there you have it, a short run down on simple mistakes we see in Queensland Property Contracts.
If you have any queries or wish to discuss your Queensland Property Contract please do not hestiate to contact us Ph: (07) 5413 9206