First State Conveyancing

Monitoring the Progress of Your Contract

There are usually several key dates related to your rights under the contract and under other laws during the time between when you sign a contract and settlement. These dates will normally include:

• the end of the “cooling off period” - the period of time during which a buyer can terminate your contract without needing to relay on a term of the contract and with a limited potential for the seller to charge a penalty;
• the finance approval date – the date by which a buyer must advise the seller that finance approval has been obtained;
• the building inspection date – the date by which a buyer must indicate to the seller their satisfaction or otherwise with the inspections they have obtained. Buyers should always arrange for a licenced building inspector to perform an inspection as quickly as possible to ensure that this can be done by the date required by the contract.

It is possible for some of these dates to be changed by agreement between the parties, however it is important to realise that in some cases it may not be possible to reach such agreements.

Back to - Searches ~~~~~ Next - Settlement Price Adjustments