Welcome to Top Tips Tuesday!

This week’s tip is for those looking to purchase property in 2022 in Queensland and looking to sign an REIQ contract. There’s been a recent change, which I think is a very positive thing. Prior to this, with our strong property market that we’ve had in the last 12 months, there has been a lot of issues with settlements, a lot of delays because the banks have been very busy and quite often, haven’t been ready to settle on the day of settlement.

Now this has allowed the sellers to cancel the contract and sell the property to another buyer. Quite often the buyers have missed out not only on the property, but on losing their deposit as well, which is a very sad thing. The sellers have the right obviously to grant an extension or not.

In the recent change by the REIQ to property contracts they now allow a five working day extension to the settlement date.  This will be applied to new contracts.

This can be cancelled or taken out of the contract by either party, but I would recommend that you have that installed in your contract. It’s going to give you extra time with the bank if they are not quite ready to settle on settlement day. It takes the pressure off everyone, and I think it is a positive thing.

If you would like to see the full video click here. 

If you would like to have a discussion about your property needs click here to book a time in my calendar and I will give you a call.

Regards,

Geoff Tomkins

Buyers Advocate

PH: 0404 852 781