Buying FAQ's

How many homes should I inspect when looking for a property?

Should I carry out a final inspection on the property I am buying?

What is the ‘cooling off period’ in a contract?

How many homes should I inspect when looking for a property?

It’s important to have an informed understanding of the current marketplace when purchasing a property. Looking at a number of homes will help gain a comprehensive knowledge of value for money as well as providing you a comparison between different properties.

Researching online at realestate.com.au will help you feel confident about your eventual purchase.

Alternatively, our staff at Yandina Realty can provide you with an up-to-date report of sale prices of similar properties in the area.

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Should I carry out a final inspection on the property I am buying?

It is highly recommended that you carry out a final inspection of the property you are purchasing. This ensures it is in the same condition as when you negotiated the deal. It’s important to make sure you check that all fixtures and fittings as stipulated in the contract are still there and that there has been no damage done over the duration of the contract period.

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What is the ‘cooling off period’ in a contract?

A cooling-off period of 5 days applies to contracts for the sale of residential property. It will start the day the buyer receives a copy of the contract (signed by both parties).

For contracts that arrive on a weekend or public holiday, the cooling-off period starts on the next business day. The cooling-off period ends 5pm on the final (5th) day. After this, the buyer must follow through on the contract and buy the property. This remains subject to the terms of the contract.

Exemptions to the cooling-off period include sale by auction, a follow-up sale after an unsuccessful auction or an option contract. If the buyer is a publicly listed corporation, the State or statutory body, or buying at least 3 lots at the same time, then they are also exempt from the cooling-off period.

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