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Are you looking to SELL a house in Townsville?
Selling your property can often be stressful. At NQ Legal we are here to help make the process as smooth as possible. Here are some key issues you must consider before entering into a Contract of Sale:
1. Cooling Off Period
All residential property sales in Queensland are subject to a buyers cooling off period. The cooling off period is for five business days and commences on the day that the buyer or the buyer’s solicitor receives a copy of the Contract which has been executed by all parties.
If the buyer decides to terminate the Contract under the cooling off period, you as the seller are entitled to claim a termination penalty. The termination penalty is 0.25% of the purchase price i.e. if the purchase price under the Contract was $100,000.00, the termination penalty would be $250.00.
IMPORTANT NOTE: If your property was sold at Auction, no cooling off period applies.
2. Pool Fencing Safety Certificate
A seller is required to provide a buyer with either a Pool Fencing Safety Certificate or a Disclosure Statement advising that there is no pool safety certificate for the property. Please note that an owner of a property with a pool is required to have the pool registered with the Department of Housing and Public Works. Please note that if you are the owner of a Unit or Townhouse the Body Corporate is usually responsible for registering the pool. Fines of up to $2,000.00 may apply if your pool or spa is not registered.
You can check whether the pool is registered by clicking here
3. Smoke Alarm
Under the Contract of Sale you must disclose whether a compliant smoke alarm is installed in the property. If a complaint smoke alarm is not installed you must ensure that one is installed prior to settlement at your own cost. Please note that under the Fire and Rescue Service Act 1990 a seller cannot contract out of their obligation to have a smoke alarm installed.
Please visit the Queensland Fire and Rescue website for more information.
4. Safety Switch
Under the Electrical Safety Regulation 2002, all domestic residences built since June 1992 must have an approved safety switch installed. Under the Contract you must disclose whether an approved Safety Switch has been installed in the property.
Please contact us to find out more or to discuss our fixed fees and disbursements.
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