The Buying Process – Paperwork

Congratulations! You’ve found the perfect home or investment property – it ticks all the right boxes and it would seem your search is over!

But first things first; there is some paperwork that needs to be done and we thought we would explain some of the contract documents involved in purchasing a house for sale in Queensland.

To formalise your offer, the agent will prepare the contract of sale for you to sign. Don’t fret – until the final contract is fully signed and dated by both parties this is only an offer. Remember: It is always a good idea to seek legal advice from a solicitor before you enter into a contract.

A standard contract of sale comprises a PAMD Form 27c Disclosure to Buyer, a Contract of Sale with a Warning Statement attached and any other supporting documents such as a copy of the title.

What’s a PAMD Form 27c?

Essentially, the purpose of this form is to make you aware of any relationships your agent has with persons to whom they refer you, and of benefits that your selling agent and other people receive from the sale.

What’s Warning Statement (PAMD Form 30c)?

This form is a mandatory part of every contract and contains info on the following (Source www.reiq.com.au):

-         The ‘cooling off period’

-         Your rights

-         Advises you to seek independent legal advice and a valuation (if required)

-         Contract termination fees under the cooling off period

-         Special warnings on house and land packages

If you would like your sale to be subject to a building and pest inspection, finance or any other such conditions, the agent can do this for you on the contract.

What happens if there is more than 1 offer on a property?

There can often be a lot of interest in one property which the agent should alert you to via an ‘Acknowledgement of Multiple Offers’ form. This means that you are in a competing situation with other buyers and you should look to put your best offer forward. Details of your offer always remain confidential.

For more information or clarification on any of this information, please contact SPACE Property Agents.