If you have advised the real estate agent that we are acting for you, they will provide a copy of the Contract to us. Once we receive the Contract, we will review it and contact you that day to discuss it with you. We will also send our engagement letter to you within 1 business day which will set out the next steps. There are some time critical issues that you should however be aware of: Payment of the deposit – payment of the deposit is due on the day that the Contract is signed unless another time is specified in the Contract. If you do not pay the deposit by the required date, the Seller may have a right to terminate the Contract and claim compensation from you even after you pay the deposit. It is therefore essential that you pay the deposit in accordance with the terms of the Contract. Cooling off – standard REIQ Contracts provide for a period of five business days cooling off – the cooling off period starts on the day you receive from the Seller or their agent a copy of the Contract signed by both parties or, if that day is not a business day, the next business day. If the Seller signed the contract before you did, the cooling off period starts on the day you signed the contract and communicated your acceptance to the Seller. The cooling off period ends at 5.00pm on the fifth business day. You are entitled to terminate the contract during the cooling off period for any reason whatsoever. If you do, the Seller may retain a penalty of 0.25% of the purchase price from the deposit paid under the Contract. The balance of the deposit (if any) must be refunded to you within 14 days after termination. Insurance – the property will be at your risk from 5.00pm on the first business day after the Contract Date with standard REIQ Contracts. We recommend that you immediately arrange insurance cover so that it is in place before the property is at your risk. Searches – in order to be fully aware of the risks you are taking on with a property, it is recommended that you instruct us to obtain searches as soon as possible. A failure to act in time in relation to a date relevant to the transaction may mean the loss of rights under the contract or an exposure of liability in connection with the property.