While legally the Agent is entitled to half of the .25% and this is covered by clause 12 in the Form22a (Appointment to act), it has been my experience that most agents will waive this fee and just get on with the job of finding another buyer. In all my sales since this part of the legislation was introduced, I have never had anyone opt out using this condition.
The reason this fee on the cooling off period was introduced was to stop Buyers in an overheated market (like we have at the moment) running out and putting offers on several properties at the same time and then going away and deciding which one they want to keep and just cancelling the others – No buyer would ever do that would they?
Some people just want everything their way – which is ok if you can get it.
Jon
Jon Chown wrote:KA010, The cooling of period does not begin until either you or your solicitor receives a copy of the contract. As you state that you have not seen one, then you only have an offer and you can rescind your offer by email or fax to the agent advising such.On the issue of Tenancy on Purchase, it is my understanding that in Qld an Owner occupier must occupy the property at any time within the first 12 months (it used to be 6 months) in order to receive the concessional rebates.
On the issue of the sinking fund. It sounds like the vendor owned all units and has decided to sell them individually. As an inline owner there is no responsibility for him to have a sinking fund and provided that the property has been maintained in a good manner (Building Inspection should clarify) I don't see this as a stumbling block.
Jon
Hi Jon,
Unfortuantely the concessional period on stamp duty for a first time home buyer is 5 months and 29 days for a tenant to be able to occupy a property before you move in, otherwise you pay $8450 in stamp duty, if he moves out within the 5 months and 29 days you pay no $ stamp duty. The tenant is about 75 year old and extremelly stubborn. On the day of the inspection he was very fussy when it came to how long you were able to view the property, he had about 10 couples view the property and the tenant would be ok that is it next please, and that was after only viewing the property for less then 5 mins. Another contract has been drawn up but I doubt the tenant will be budgeCheers Mat
KA010 | Raw Profits Pty Ltd
https://lawseo.com.au
Phone MeHi Mat, I really hate being wrong so I checked and found out that I was correct for all Queenslanders. Here is a Link
http://www.osr.qld.gov.au/forms_publications/duties/info_sheets/concessions_homes06.pdf
In the sunny state you must move in at any time in the twelve months following the signing of a contract in order to be eligable for the First Home Owners Grant and Concessions on Stamp Duty.
Just another reason to come up here and join us – but bring your own water.
Jon
AmandaBS wrote:We actually had someone terminate a contract under the cooling off period several years ago on a property we had for sale, so the .25% was deducted from the buyers deposit. However we only got half of that as the RE agent kept the other half !!Check your appointment 22a in QLD the standard terms state the .25% will be shared between the agent and the seller. Its right there in the terms of the standard appointment to act.
KA010 wrote:Hi all,Iam in QLD. No I already have buliding and finance in contract. I understand that because my solicitor or myself have not seen a signed contrac from the Vendor and I have not paid my deposit that there is no binding contract?!
Cheers Mat
If no money is exchanged there is no contract.
Gaining a copy of the contract…well the Buyer was fully aware of the terms and condtions of the offer as presented to the Seller (its the Buyers' offer) gaining verbal confirmation from the Seller or the Sellers' agent that the communicated offers is accept provides for "offer and acceptance" (contract law).
Get the agent to send you a copy of the contract ASAP- it is their job, and let your solicitor peruse it – dont do anything until you see the contract as it may be fully signed up. Why hasnt agent faxed a copy to you or your solcitor.
I am a property advisor/ specialist and buyers agent in QLD/ NSW.
If there is a binding legal contract and also dated, then if you terminate during cooling off yes the seller is able to
request 0.25% held as a penalty.Aah- look at your contract asap
AmandaBS wrote:It looks like this matter is sorted out now, but my understanding of the Qld finance clause is that the buyer "must take all reasonable steps to obtain finance approval" I suppose what is "reasonable" is open for interpretation?Michael I don't think you could ask a finance broker to write a letter saying that your finance has not been approved without taking all the necessary steps.
The Buyer must take all reasonable steps to obtain finance when the finance clause is active in the standard contract used in QLD "6th" but the Buyer has the right to satisfactory finance.
So reasonable could (as you state) mean anything but the finance still has to be on terms satisfactory to the Buyer anyways. The Buyer may determine that XZY is the satisfactory provider and that provider was uncontactable or unable to process his/her application in time.
mcfarland@goldenedgehomes wrote:are agent's allowed to keep a portion of the .25% legally…. I don't know….they are contracted to sell the property & are payable on settlement usually… if the property does not settle
can they claim a payment.??.. let me know… or should this be a separate topic???michael
if the termination penalty (Cooling off 0.25%) is due and payable the Client and the Agent will equally divide that amount taken from the deposit.
Guess you're right in part that the "Commission" is payable at other times identified in the appointment to act.
The termination penalty/ies are under the standard terms and conditions of the 22a shared amongst the agent and the client.
Noting though that if the 0.25% exceeds the deposit there are no provision for recovering any difference from the Buyer. That's why agents insist on and so should the Sellers on obtaining a healthy deposit held in trust.
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