Conveyancing – more time needed for conditional dates and settlement

by Andrew Lind on 4 June, 09

The usual time limits that most buyers and sellers of real estate in Queensland agree to are:

  • Building and Pest Inspections = 7-14 days from the contract date
  • Finance = 14 days from the contract date
  • Settlement = 30 days from the contract date

In our recent experience, especially given the amount of time financiers (including the major banks) are taking to process finance applications these time limits are insufficient.

Tip: Ask your financier, “Worst case, how long will it take before I have written confirmation of an unconditional finance approval?” Get that in the contract from the “get go”. Yes an extension can be agreed to later, but what if the seller doesn’t agree?

The better rule of thumb time limits for conveyancing in Queensland are now:

  • Building and Pest Inspections= 21 days from the contract date
  • Finance = 21 days from the contract date
  • Settlement = 45 days from the contract date

Ask our Brisbane Conveyancing or Gold Coast Conveyancing team for advice in your situation today.

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