Buying or selling property is a big decision and an important milestone for most people. It is essential you have the help of an experienced lawyer who can guide you through the complex process and ensure your legal rights are protected every step of the way. We can assist with:
- Residential and commercial sales and purchases
- Strata, rural and vacant land sales and purchases
- Auction sales and purchases
- Off-the-plan purchases
- Mortgages and refinancing
- First home owners
- Property developments and subdivision
Buying and Selling Property in Queensland
Conveyancing is the process of transferring the legal interest (title) in property from one party to another. It involves numerous legal tasks and processes to ensure that the title to the property is correctly identified and transferred from the seller to the buyer and that the transaction is completed in accordance with the terms of the sale contract. The conveyancing process typically begins with the preparation or review of the contract for sale. It is advisable to seek professional advice and conduct thorough due diligence before signing the contract to ensure that all necessary information and obligations are properly addressed.
In Queensland, a cooling-off period of five business days applies for purchasers of residential property. This allows you to rescind (cancel) the contract without a reason at any time within five business days of signing it. If, however, you exercise your cooling-off rights, you will forfeit 0.25% of the purchase price.
The cooling-off period is sometimes used if a buyer signs a contract without first seeking legal advice. In that case, the five-day period allows for an urgent appointment to be made with a lawyer to have the contract reviewed. The cooling-off period may also be used to confirm that finance can be obtained for the purchase or to have a building and pest inspection carried out, although these items may instead be included as conditions in the contract itself. Cooling-off rights may be waived or shortened by agreement between the buyer and seller.
It is important to note that there is no cooling-off when a property is bought at auction. In such cases, the sale is binding and unconditional at the ‘fall of the hammer’. Accordingly, prior to bidding at an auction, you should arrange for the contract to be reviewed so you understand your legal obligations, your finance approval should be in place, and you should have conducted all due diligence on the property.
The decision to sell a property, whether it is your family home or an investment, is a big one and may come about for various reasons. Your agent will usually prepare the contract which outlines the terms and conditions of the sale, the deposit, the settlement date, and any special conditions. There are certain disclosures which must be made when drafting a contract – as each property is different, you should obtain advice specific to your property and circumstances. We can assist with all aspects of your sale transaction.
Various searches are conducted throughout the contract preparation and conveyancing stages to identify any potential issues or encumbrances that may affect the property, such as easements, caveats, or outstanding rates. Common searches include title searches, local authority searches, and land tax searches. These searches help ensure that the property is free from any undisclosed interests or liabilities.
The settlement process is the final stage of conveyancing, where the legal transfer of property ownership takes place. Settlement involves the exchange of legal documents, payment of the purchase price, and registration of the transfer of ownership.
The settlement statement will show the balance of money to be received from the buyer on settlement. This will take into account the purchase price, the deposit held by the agent and adjustments such as council rates, water rates and strata fees.
All our conveyancing work is carried out by experienced lawyers/conveyance clerks who have years of experience in Queensland conveyancing transactions.For expert legal advice, contact [email protected] or call 07 4982 4236.