Property Law: Conveyancing
Conveyancing: What is it?
Conveyancing is the term used to describe the transfer of ownership of property from seller to buyer.
We can assist you with your conveyance, and aim to efficiently guide you through the transaction to ensure your interests are protected.
As each property is different, so is each conveyance. We can advise you on the need for special conditions in the contract.
The contract
A standard contract for the conveyancing of houses and land, as well as commercial property, has been developed by the Real Institute of Queensland and the Queensland Law Society.
When you have expressed your interest to purchase a property, the real estate agent will prepare a standard contract for you to sign.
Seek our advice before you sign - send a draft contract to us to make sure it is correct and meets your needs. A standard contract cannot deal with the individual circumstances of every transaction.
If necessary, we can add special clauses to the contract, for example:-
- the purchase may depend on the sale of your existing property
- building compliance is to be checked
In the case of residential contracts, there are a number of critical Warning and Disclosure Statements which must be completed and signed to ensure that the contract is properly formed. We can assist you with ensuring that these are satisfactorily completed before you sign.
Special points for townhouse and unit buyers
Townhouse and unit buyers should ensure they:-
- are informed of certain matters before you sign the contract, e.g., your annual contribution to the body corporate; and
- receive certain warranties from the seller, e.g., that there are no hidden or obvious defects in the common property.
If defects and liabilities are not disclosed in the contract you may cancel the contract and recover any money paid.
Cooling-off period
All residential property sales in Queensland are subject to a cooling-off period of five business days from the date the contract is signed.
If you decide not to proceed with the sale within that period, your deposit will be refunded less 0.25% of the purchase price of the property.
Auctions
No cooling-off period applies to buyers who purchase at auction under the fall of the hammer. The cooling-off period applies if a property is passed in at auction and a bidder subsequently buys the property.
Buying a house
We will do the following:-
- check details of the building inspection report
- check the title and plan of the land for easements, caveats, and other encumbrances
- make sure all necessary searches have been made
- advise on any zoning and planning regulations or other restrictions affecting the property
- check for any disputes or other charges affecting the land
- prepare all documents and make sure you gain good title to the property you are buying
- liaise with your lender, if any
- keep you advised of progress
- attend settlement
Selling a house
Once a buyer has signed a contract to purchase your property 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 house purchase
- capital gains tax, goods and services tax, general tax implications and estate planning
- ensuring that all Warning and Disclosure Statements have been satisfactorily completed.
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
Buying a townhouse or unit
When you buy a townhouse or unit you take on a legal relationship with the other owners and the body corporate committee, such as:-
- sharing the ownership of common areas - lifts, stairwells, front entrances, etc.
- becoming a member of a body corporate which is regulated by fairly complex rules.
The body corporate is made up of all the owners. It decides issues about the common property, concerns of owners and maintenance of the complex.
Owners regularly contribute money to the body corporate for day-to-day ongoing expenses and anticipated long term costs.
Selling your townhouse or unit
When your real estate agent finds you a buyer, you will handed the standard contract.
Before you sign the contract, speak with us about:-
- the need to disclose details on any defect or outstanding liabilities
- the disclosure statement
- your obligations to any existing tenant
- capital gains tax, general tax implications, and estate planning
- if necessary, an extension of the date for settlement to suit your needs
- ensuring that all Warning and Disclosure Statements have been satisfactorily completed.
During the conveyance, we will:-
- ensure all outstanding government charges have been paid
- arrange repayment and legal discharge of any mortgage on your property
- check that all documents you are required to sign are in order
- ensure that you are paid in full.
The costs involved
Legal costs
Ask us for an estimate of legal and other costs and details of the processes involved in the handling of your conveyance.
When buying
We will advise you on standard charges such as stamp duty, council and government search costs and document registration fees.
If you are going to live in the residence you will be eligible for a stamp duty discount. If you are purchasing for investment we will advise you about stamp duty payable.
When selling
Your are obliged to give clear title to the buyer.
Your real estate agent will charge a commission on the sale and there may also be bank or building society charges to consider.
Links to all Groom & Lavers' services
Wills & Estate Planning | Business Law | Property Law | Family Law | Tax Agency