The Benefits Of The Cooling Off Period
By: EvaJudge | Posted: 18th March 2010
Since buyer's remorse is such a common phenomenon in the home buying process, Queensland has implemented a five day cooling off period during which buyers can back out of the deal. This is a very important part of the process and is designed to protect buyers from making rash decisions that can cost them a lot of money.
The Basics Of The Cooling Off Period -
In Queensland, the cooling off period begins when the buyer receives the signed copy of the residential property contract. This contract needs to have been signed by both the buyer and the seller. If we were to assume that the property contract is received on a business day, then the cooling off period commences at that point and concludes on the fifth day at 5pm. The cooling off period commences on the following business day in the even the contract is received on a weekend or another non-business day.
What If You Don't Want The Full Five Days?
The cooling off period is devised to protect property buyers in Queensland. It has been implemented to assuage any feelings of misgiving or "buyer's remorse" that sometimes crop up and gives you a way out. Every now and then, though, buyers don't want to wait out the full five days. If that's the case in your situation, you can opt to waive or shorten the cooling off period. This arrangement needs to be made prior to signing the residential property contract.
What If You Want Out?
It doesn't happen terribly often, but every now and then a buyer realises that he doesn't want to go ahead with the purchase after all. Whatever your reasons may be, if you decide not to go through with it you can still get out - as long as you make that decision during the cooling off period. You need to give the seller a signed and dated notice within that period of time, and the seller has to refund you your deposit. Usually, a 0.25 penalty fee is deducted from that deposit, but you will receive the rest of it back.
Protect Yourself When Buying A Home -
Although the cooling off period may seem unnecessary, it's usually a good idea to go ahead and wait it out. During that five day period, you can look around for conveyancing QLD solicitors so that you are ready to go when the cooling off period is through. From there, the solicitor will assist you with getting through the rest of the complex and complicated conveyancing process. By the time settlement occurs, you will be the proud owner of a brand new home - and you shouldn't have any regrets.
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Conveyancing solicitors Brisbane such as Charter Conveyancing are well worth the extra money that you have to spend. Once the five day cooling off period is over, you should make sure to hire a conveyancing Brisbane firm right away. That way, the rest of the home buying process should go off without a hitch.This article is free for republishing
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Tags: phenomenon, money, period of time, feelings, business day, cooling off period, buying a home, remorse, residential property, home buying process, fifth day, rash decisions, queensland, whatever your reasons