Deposit
All deposit monies paid under the Contract of Sale are held in an independent Lawyer's Trust Account until settlement. No monies are released or paid to the Seller/Developer during construction of long term “off the plan” projects such as High Rise Buildings and it is common provision in the Contract of Sale to provide for the investment of the deposit monies.

For a house and land package where the house is being built over a matter of months it is common for the purchaser to make progress payments as the house reaches a particular stage, which is generally stipulated within the contract.

Interest earned from Deposit Monies
If the deposit has been instructed to be invested, the interest received on the deposit monies will either be released wholly to the buyer or shared with the Vendor. The dispersion of the interest will depend upon the specific terms and conditions of the relevant Contract of Sale.

"Cooling Off" period
The Queensland Government provides all buyers of residential property in Queensland with a compulsory five business day “cooling off” period. During this period the buyer is legally entitled to cancel the Contract of Sale for no other reason than the simple fact that they may have changed their mind.

The “cooling off” period commences the day the Contract is signed by the Seller/Vendor and notification has been given to the Buyer and the Buyer’s Solicitor.

Law
Independent legal advice is a must and we are fortunate enough to have access to a number of law firms who are available seven days a week. They can help you with all of your needs and ensure your satisfaction and protection.

If you are purchasing property in Queensland then it is essential that you employ a solicitor who is registered to act in Queensland.

It is also important to consult with a solicitor for independent legal advice when it comes to completing a property transaction, so be sure to ask us for the details of a reputable solicitor, lawyer or attorney.