The Process

Securing an apartment through CPS Property is made as simple as possible





Once you have decided to purchase a recommended unit the first step is to submit an ‘Expression of Interest’ form (EOI). This can also be referred to by others as an Instruction to Proceed (ITP) or Reservation Agreement.


The EOI is seen as a reservation form and is not a binding commitment. The information given on the EOI Form is used to create a Sales Advice which outlines the details and parties involved in the sale. The Sales Advice is sent to the vendor (developer), their solicitor, your solicitor and your broker within 24 hours of CPS Property receiving the EOI and confirmation of holding deposit.


Please note that a reservation will not be held until all details on the reservation form have been completed. You will be required to select legal representation to assist in your purchase. If you would like to use a CPS Property Panel Solicitor then please indicate this on the EOI.


Please refer to our guide below on completing the EOI Form.

Holding Deposit


Once you have completed and signed the EOI, the vendor will require an initial holding deposit. This amount is $1,000 and is fully refundable, should you choose not to proceed with the purchase.


The holding deposit is paid to the vendor’s solicitor’s Trust Account which is stipulated on the EOI form itself.


All holding deposits are required to be placed via electronic transfer and confirmation sent via email or fax to CPS Property. If this is not possible please contact the CPS Property office and we will look to arrange an alternative for you.





The contract of sale is prepared by the vendor’s solicitor upon receiving the Sales Advice and confirmation of holding deposit. In Queensland two copies of a contract
are sent and both are to be signed.


The vendor’s solicitor will issue contracts via express post, directly to your nominated solicitor, within 48 hours of receiving the Sales Advice. If you have nominated a
CPS Property panel solicitor they will contact you on the day they receive the Sales Advice to arrange an appointment with you to review your contract. If you are using your own solicitor we advise you contact them directly to organise this appointment. During this time, you should be speaking with your finance broker to organise any funds you require to pay the 10% deposit.





Once your solicitor is in receipt of the contracts, the vendor allows a maximum of 14 days for these to be reviewed, signed and returned.


CPS Property panel solicitors review a copy of a contract for every site we recommend. Therefore if you are using a CPS Property panel solicitor, they will be ready to advise you from day one of receiving your contract.


Your solicitor should advise you in detail of the nature of the contract and its conditions. If any amendments to the contract are required these should be handled by your solicitor, directly with the vendor’s solicitor and resolved within the 14 days allotted.


Remember time is of the essence and you have not legally secured the property until the contract is signed by both parties. Even at this stage the vendor is entitled to sell the property to someone else if they feel you are taking an unnecessary amount of time to complete the contract without providing a reasonable explanation for the delay. If however, there are any details in the contract that you still do not understand, or if you feel any of the information is incorrect, you need to discuss these issues with your solicitor immediately.


Once you are comfortable with the contents of all documents, you must sign the contracts where indicated. Your solicitor will then return them to the vendor’s solicitor for contract signing, the execution of the contract.


It is important to note that in Queensland, there is no “exchange” of contracts as is the case in other States and Territories.


It is only when the vendor signs and dates the contract that the contract is live and binding.


Please note that, at this stage, the vendor is still entitled to make alternations to the contract. If this occurs then contracts will be returned to your solicitor for your approval and further initialing. Only when both parties have countersigned the new terms and the contract is dated (by the last person who signs) does it become a legally binding document.


Even after all parties have signed, the contract is still conditional on the vendor and you, the purchaser, completing your obligations under whatever specific terms and conditions are included in the contract.



At CPS Property we assume that when you are referred to us by your mortgage broker, accountant or financial planner that your borrowing capacity has been determined and you have been pre-approved for any finance you may require to purchase a property.


However, please be aware that in most cases, settlement of the property is too far in the future for your pre-approval to still be valid. Therefore you will be required to update your information prior to your financier lending you funds at settlement.


For this reason off-the-plan contracts are not made subject to finance. Once the contract is signed we encourage you to stay in regular contact with your finance broker throughout the contract period, to update them on any change to your circumstances that may affect your borrowing capacity.

Cooling off period


Every contract for residential property in Queensland is subject to a 5 business day cooling-off period. The cooling-off period begins on the day that you are bound
by the contract, i.e. the day on which your solicitor receives a copy of the fully signed contract. If you receive a copy of the contract on a day other than a business day, the
cooling-off period commences on the first business day after you receive the copy.


During the cooling-off period, you have the right to terminate the contract. However, should you wish to do so, a signed and dated written termination notice must be provided to the vendor’s solicitor at any time prior to the end of the cooling-off period. Your cooling-off period ends at 5:00pm on the fifth business day after the cooling-off period started.


The vendor is obliged to refund your deposit within 14 days of termination of the contract, but may deduct a termination penalty equal to 0.25% of the purchase price as a result of the contract having been terminated under the cooling-off provisions.





The balance of the 10% deposit; that is 10% of the purchase price less the initial holding deposit, is required on contract signing unless alternate arrangements have been
agreed upon.


There are two types of payments that are accepted by vendors; these include:


1. Cash Deposits


This is the most common method for securing a property.


2. Bank Guarantee


A bank guarantee is the written obligation of a bank to repay the beneficiary of the guarantee the sum specified in the agreement on the agreed terms.


A bank guarantee should not be confused with a Deposit Bond. A bank guarantee is secured against existing equity in property or against a cash deposit held with the bank; whilst a deposit bond is unsecured, allowing purchases to deal with their assets as they think best across the settlement period.


When secured against property, a mortgage or caveat is taken over the title. In the case of a bank guarantee being secured against cash, the monies are effectively “frozen” until settlement.


One thing to be aware of is that Bank Guarantees can take up to a month to secure, depending on the provider. Therefore, if you intend on using a Bank Guarantee to pay your 10% deposit, your broker needs to apply for this as soon as you submit your EOI.


3. Interest on Deposit


On this development the vendor has agreed to award 100% of the interest accrued on deposits to the purchaser at settlement





After the vendor has received the full deposit and all other conditions of the contract have been satisfied or met, the Contract of Sale will become unconditional. Once this occurs, there is now a legally binding document in place and all parties will be legally bound by the contract.


In the event that you decide at this point that you did not want to proceed with the purchase, the vendor has every right to claim your 10% deposit and any other costs they may have incurred. Notwithstanding this, most vendors will allow a purchaser to exit the contract without penalty if there is a genuine reason – such as the death of a party to the contract.

Construction Period


As part of our service to you, the vendor will provide you with regular monthly construction updates via email, on the development that you have purchased in. This is to keep you up to date with construction progress and anticipated completion date; and to inform you of any delays that may occur.


Please be aware that minor delays in construction are common and estimated completion and settlement dates may change dependent on the number of pre-sales being
met; weather conditions, trades etc. However we will endeavour to keep you informed of any changes that may occur.


Throughout the construction period, it is important that you read all emails sent to you from the vendor. In this regard, if any of your contact details change you must update us immediately.

Preparation for Settlement


Approximately three months prior to the anticipated completion date, CPS Property office personnel will begin to prepare you for settlement via a series of email. These emails will guide you through the following;


• appointing a property manager & ordering and fitting of blinds

• preparing your finances and Valuations

• pre-settlement inspections

• what to expect on settlement day (Keys, Property managers etc.)


You will receive this communication either from your referrer or directly from CPS Property. Your finance broker and your legal representation will also receive notification of pending completion to assist you in organising your finances for settlement.


We encourage all of our purchasers to contact us if they have any questions in regards to the settlement process, property managers and what to expect across this time. We are always happy to offer our advice and guidance across these areas should you need it.

Valuation of your property by your bank


During the pre-settlement process your bank will most likely order a valuation on the property you are purchasing. Generally banks will lend up to 90% of the property
valuation if you pay for lenders mortgage insurance. If you are borrowing 80% or less of the value of the property or if you are providing additional security to the bank, for example another property, and the total borrowings on the combined security (the two properties) are 80% or less, then lender mortgage insurance won’t apply.


As a rule we will monitor the process of completion on your unit and will advise both yourself and your broker once the property is ready for valuation. If you order a valuation on your property prior to satisfactory completion (i.e. All fixtures and fittings installed and present in the unit) you run the risk of the property being valued at completion as at that date. Meaning if they have only installed 80% of your fixtures and fittings and still need to lay down carpet or install aircon and appliances present in your contract then the Valuer will only value the property at 80% of its worth.

Completion of Site


As the development you have purchased in nears completion you will be advised of the official settlement date and will need to organise your financial arrangements in
readiness for settlement.


Your bank will normally request a copy of the certificate of currency (Occupation certificate), Body Corporate information, building insurances and sometimes fire safety certificates. We will be able to obtain these for you and will forward them to your broker or legal adviser as they require them. If you find that your bank requires any additional information on the property please let us know and we will be able to assist in this where applicable.


Once you have secured finance for the property you are ready to settle. Your legal representative will request a disbursement of funds from the vendor and this will
determine the amount of the cheque from your bank and who it will be addressed to. Please keep in mind that sometimes this amount may not be advised until the day
before or even the day of settlement so you may be required to attend a branch of your bank to obtain this cheque for settlement.


If your settlement is taking place interstate your legal representative will calculate a figure for the settlement cheque with a little to spare, with the surplus funds being refunded once settlement takes place, to allow this to be at the settlement on time.

Day of settlement


On the day of settlement your banks will meet at a designated time in the city closest to your purchased unit to exchange funds and deeds.


Once this settlement has taken place you will be able to collect your keys from your property manager. Alternatively, if you have appointed your own property manager to look after your investment they will be able to collect the keys on your behalf. Please note that some developers will require written notice from you to allow your property manager to collect the keys, if this is the case we will advise you to have this ready for them.