I have a couple of questions about contracts to buy property in Queensland.
1. Is there an automatic cooling off period? If so, how long?
2. Can you sign in your name and/or nominee? This would be to give time to decide what entity to purchase the property in.Thanks for your help
Cheers
K
Hi Linar,
I would go direct to a conveyancer in QLD to make sure that you get the right answer on this one.
From the property I did in QLD, I seem to remember that there was a cooling off period of 5 days.
http://www.quicklaw.com.au/legalinformation/convey_qld/2c_cooling.asp
I use and/or nominee on all my contracts in all states to give me the flexibility to change names at a later date (especially important in off the plan purchases)
Yes cooling off in Qld 5 days.
No I dont use or nominee on my contracts- my solicitor will not allow us to do this-as ther eis the risk of getting double stamp duty and this has happened many times to people in Qld.
I put a change of entity clause in which means I can change entity 14 days prior to settlement as long as I pay the sellers and my own legal cost in changing the entity, then there is no risk of ever getting a double stamp duty slam by the Gvt.
My solicitor is a head lecturer at REIQ and works on major crown law matters and contracts in Qld so I am guided by his knowledge, so I would not run the risk of double stamping unless you have a wad of cash as a backup in case they levy it to you, as they go off the contract.
Change of entity clause is a more protective and cost effective method to use in your contract if you are not sure what entity to purchase in
Bye
Kylie
Thanks Kylie
That's a very clever tricky clause! I have since found out that, while you can cool off in Qld, there is a cost penalty, albeit quite small. I have also found out that you can use the and/or nominee addition, but there is a whole ream of paperwork, stat decs etc involved. Your change of entity clause sounds much simpler.
Cheers
K
Agree wholeheartedly with Kylie's answer although very few people know about the change of entity option and is rarely seen.
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