What are the terms of an auction? How do I bid?
Can someone else bid on my behalf at an auction?
I don't have 10 percent deposit - can I bid at auction?
I don't have "cash" - can I bid at auction?
What special conditions should I include on a contract?
Is there a first home owners grant?
What are the costs?
How much is stamp duty?
Body corporates - what are they and how do they work?
How can I tell if a property was flood affected?
Do I need a solicitor?
Can I read the terms and conditions of a standard contract before I sign it?


What are the terms of an auction? How do I bid? The terms of an auction are generally as follows - 10 percent deposit to be paid at the fall of the hammer on the day by the successful bidder at or above the reserve price, and a 30 day cash (not subject to finance or any other special conditions) contract. To bid at an auction you should catch the eye of the auctioneer and make a clear gesture of approval i.e. raise your hand, nod etc. The auctioneer will normally be asking for a particular amount to be bid or may ask for an increase of bid for a certain amount above the previous bid.                  Back to top

Can someone else bid on my behalf at an auction?Yes this is possible, although it is best to arrange this with the agent/auctioneer prior to the auction. A letter will be required from you as the buyer authorizing another person to bid and sign on your behalf. It is also possible to "bid on the phone" by making similar prior arrangements if you are unable to attend.                                                                                                                                                           Back to top

I don't have 10 percent deposit - can I bid at auction? While the 10% deposit is generally a auction requirement, often an owner will agree for a buyer to bid with a lessor deposit. Always check with the agent if this is the case for you.                                                                                                                                                          Back to top

I don't have "cash" - can I bid at auction? Most banks will pre approve a buyer's loan so they can bid at an auction. It is wise to do this at an early stage of the looking process so there will be no delay when the right property becomes available. Please check with your lender as not every one will provide this facility.                                                                                                                                                           Back to top

What special conditions should I include on a contract? It depends on the property and your experience. As a general rule I would recommend the following conditions - building inspection, termite inspection (most particularly with any dwelling that contains any timber)                                                                                                                      Back to top

        

Is there a first home owners grant? Yes there is a grant of $7,000 currently available.
For more information please click here.                                                                                                                                                       Back to top

What are my costs? Fee to the real estate agent - nil. The seller normally pays the agent. Banks or finance brokers - anywhere from nil up to five or six hundred dollars. It pays to shop around or use a broker. Please check with the lender of your choice to confirm the fees applicable. Solicitor - for buying its normally around $400-500 plus searches (approx. another $300-400) some will charge less and some more - you will get what you pay for. Stamp duty - depends on amount of purchase - click here to see stamp duty guide.                                                                                                     Back to top

How much is stamp duty?It depends on amount of purchase - click here to see stamp duty guide.

                                                                                                                                                          Back to top

Body corporates - what are they and how do they work? When there is a property with shared amenities (for example in a unit or townhouse complex) the Body Corporate manages the day to day running, maintenance, insurance etc. of the common areas. There are generally two parts of the fee, which the owner pays. The management fund and the sinking fund. The management fund covers the normal and expected cost on a daily/monthly/yearly basis i.e. Cutting grass, maintaining gardens, pools, lifts, pest control, while the sinking fund is a "savings account" for large and infrequent maintenance items ie. Painting of the external building, new roof, etc. The amount of the body corporate fee depends on who runs the body corporate and what amenities the complex has. For example a self run body corporate is usually cheaper than one run by a body corporate company; a building with either lifts or pools will generally have higher fees due to higher maintenance costs of these items. There are also a set of rules which the owners or tenants in the complex must abide by and there are also meetings where the owners can vote on any matters affecting the body corporate. For more details click here.                                                                                                                                                           Back to top

How can I tell if a property was flood affected? A simple phone call to the Brisbane city council with the address of the property will reveal weather the subject property was affected by flood. There has been significant improvement to flood mitigation over the last 25 years and less of Brisbane will be flood affected than it previously was.                                                                                                                                                   Back to top

Do I need a solicitor? We highly recommend the use of a competent solicitor or similar. It is possible to purchase without the use of a solicitor, however with the problems that could occur if something went wrong, it would not be worth the risk. Just like a good estate agent, a solicitor is a highly skilled professional and will take care of the conveyancing process.                                                                                                                                                           Back to top

Can I read the terms and conditions of a standard contract before I sign it? Yes, here is a copy of a standard contract - House and unit .

 Back to top

Disclaimer    Email   Privacy