Buying and selling property
Homes – Land – Units – Commercial – Buying and selling property will be one of the most important financial transactions you make. To be confident in your decision, do not sign any contract without first seeking our expert legal advice.
Property Transfers or Conveyancing
Property transfers or conveyancing are terms used to describe the transfer of ownership of property from seller to buyer. The Land Title Act 1994 is the main piece of legislation governing the transfer of property in Queensland.
Our service to you
From the commencement of your property transfer right through to completion you will receive specialist guidance to ensure your interests are protected.
The contract
A standard contract for the transfer of property has been developed by the Queensland Law Society and the Real Estate Institute of Queensland.
When you find the property you wish to buy, the agent will usually ask you to sign the standard contract.
Seek advice before you sign
Be warned. No standard contract can deal with the individual circumstances of every transaction. For instance, you may need to add special clauses to the standard contract to cover your particular circumstances, for example, your purchase may depend on the sale of your existing property.
You should also consider the entity you are purchasing the property in.
Please fax or email a copy of the draft contract to us before signing and we will discuss your needs with you immediately.
You may finalise the terms of your own contract, however most will join with us in recommending that you seek legal advice before signing.
When buying a property
If you are buying a residential property you will have a 5 day cooling off period. The cooling off period expires 5 days after you or we receive a fully signed copy of the contract.
If you wish to terminate the contract, waive the cooling off period or shorten the cooling off period, we suggest that you contact us immediately. If you terminate the contract during the cooling off period, you are liable to pay 0.25% of the purchase price to the seller as a termination fee.
We will:
- check the title and plan of the land for easements, caveats, and other encumbrances
- make sure all necessary searches have been made
- prepare all documents and make sure you gain good title to the property you are buying
When selling a property
Once a buyer has signed and paid a deposit, you will be handed the standard contract to sign. Before signing, speak with us about:
- the inclusion of fixtures and fittings
- any alterations you have made to the property
- the date of settlement and, if relevant, the timing of any new purchase
- GST, capital gains tax and general tax implications
- any encumbrances (such as easements) on the property.
Up to the date of settlement, we will:
- check that all documents you are required to sign are in order
- ensure all outstanding government charges such as water rates have been paid
- arrange for the repayment and legal discharge of any mortgage on your property
- ensure you are paid in full for the property
Legal Costs
You will receive information relating to costs up front. A Client Agreement will be sent to you at the outset which contains important details such as costs, work to be performed and the person who will perform the legal work for you.
Expenses
When buying
There will be standard outlays including transfer duty payable to the Qld State Government, Council and government search costs, and document registration fees.
When selling
You are obliged to give clear title to the buyer. Your agent will charge a commission on the sale and there will also be bank or building society charges to consider if your property is mortgaged.
Our Guarantee
We guarantee professionalism, personal service and knowledge. If you are not 100% satisfied with the quality of our service, we will do whatever is necessary to achieve your satisfaction.