The 10 Steps to Buying Real Estate Investment in Queensland
1 – Valuation
The first step to buying real estate investment in Queensland is to seek out an independent valuation from a professional valuer who knows the area. To find a suitable valuer ask investors who have used a local valuer before or contact the real estate institute of Queensland.
2 – Disclosure
Buyers must obtain from the selling agent a PAMD Form 27c, which is an official disclosure from the seller to the buyer. The seller needs to submit this form to the buyer or risks facing a penalty. A copy of this form can be found by visiting the Fair Trading Queensland Government website. This form is essential to successfully completing a real estate investment transaction in Queensland.
3 – Contract of Sale
The third step to buying real estate investment in Queensland will require the buyer to obtain a REIQ/Qld Law Society Contract of Sale, together with a PAMD Form 30c Warning Statement. Buyers will need to sign this statement, but shouldn’t do unless they have received independent legal advice. This statement outlines the buyer’s five-business day cooling off period.
4 – Offer
While it’s important to have a Contract of Sale, it’s even more important to have an actual offer. This is perhaps the most obvious step to buying real estate investment in Queensland. Buyers need to put in a real offer and sign the Contract of Sale, carefully noting and special conditions.
5 – Deposit
Buyers must pay a deposit directly to the selling agent and in return receive a trust account receipt.
The 10 Steps to Buying Real Estate Investment in Queensland Part-2
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