Making the decision to buy or sell a property is probably the biggest financial decision you will ever make in your life, so it’s important that you have a property lawyer on your side to protect your legal interests during the conveyancing process.
Our conveyancing solicitors can guide you through the sale or purchase process and have put together the FAQ below to help decipher some of the steps involved and make it easier to learn more about property law in general and how the conveyancing process in Queensland works.
If you would like any additional information, or have any questions, please feel free to contact us.
WHAT IS CONVEYANCING?
Conveyancing is the term given to the transfer of the legal ownership of property from one person to another. While this sounds simple, conveyancing is actually a very complex and involved process, filled with conditions and deadlines. In Queensland conveyancing is governed by over 20 pieces of State and Federal legislation.
Our lawyers will guide you through the conveyancing process and ensure that your legal rights are protected every step of the way and you obligations are met.
WHY USE Dylan & Inns GOLD COAST AND BRISBANE FOR YOUR CONVEYANCING?
At Dylan & Inns Coast and Brisbane your conveyance is handled from start to finish by an experienced property lawyer. Our clients are everything to us, so rather than using a paralegal or junior staff member, we always have a lawyer personally looking after everything for you. It’s all part of the Dylan & Inns difference.
We also don’t charge for any of the little things that many other firms will, such a photocopying, mailing or faxing. There’s no ‘sundries’ section on our invoices. The fixed price quote we provide to you covers everything!
WHAT IS THERE A DIFFERENCE IN THE COST OF CONVEYANCING FOR BUYING AND SELLING?
The conveyancing process differs quite significantly depending on whether you are buying or selling a property.
When buying a property the process is much more complicated and our lawyers carry out a large array of searches to protect your legal interests and ensure there is nothing wrong with the property. There is a lot of time involved in this, but it’s well worth it when you consider buying a house is the biggest financial decision you will make in your life.
It’s worth a few extra hundred dollars when you are paying several hundred thousand dollars for the property.
WHAT IS THE 'COOLING-OFF' PERIOD?
When you sign a Contract of Sale in Queensland you receive a five-day ‘cooling off’ period, in which time you can pull out of the Contract without having to provide a reason. It could be that you’ve gotten cold feet or changed your mind.
If you as the purchaser elect to terminate the Contract and pull out though, the seller is entitled to keep 0.25% of the purchase price out of the deposit you have made. The ‘cooling off’ period starts on the day you receive the fully executed Contract, signed by both you as buyer and the seller.
Learn more about the cooling-off period here.
WHAT IS TRANSFER DUTY?
Transfer duty (or stamp duty) is a tax paid to the State Government upon the transferring of ownership in property. It is payable by the buyer of a property and the amount to be paid is determined by the purchase price of the property. Depending on whether you are buying a house to live in, or as an investment the amount of transfer duty payable will also differ. There are also currently concessions available to first homebuyers in Queensland.
Learn more about transfer duty here.
WHAT IS INVOLVED IN THE CONVEYANCING PROCESS?
When you purchase a house, unit or apartment and have our lawyers manage the conveyancing process we will:
- Review the Contract of Sale to ensure your rights are protected, if you engage us before signing;
- Identify and notify you of all key dates and issues in the Contract, ensuring that each of these are met;
- Conduct searches into the property to ensure there are no issues with it, or hidden surprises;
- Liaise with your bank and all of the other party’s legal representatives;
- Keep you informed throughout the process;
- Calculate all the final figures, adjusting to take into account rates, water, body corporate and land tax;
- Arrange settlement of the purchase and attend; and
- Ensure everything is finalized and taken care of after settlement.
WHAT IS 'TIME IS OF THE ESSENCE'?
‘Time is of the essence’ is a term that governs all of the conditions under a standard Contract of Sale in Queensland. Essentially it means that each deadline must be fulfilled by 5pm on the due date. During the conveyancing process in Queensland there are many dates and times that must be adhered to and a failure to comply with these can place you in breach of the Contract and may allow the other party to terminate the Contract or sue for specific performance.
Learn more about ‘time is of the essence’ here.
WHAT HAPPENS IF THERE IS A LEGAL PROBLEM DURING THE CONVEYANCING PROCESS?
Because we only have experienced property lawyers manage the conveyancing process for you, they are equipped with the skills to handle any legal problem that arises and will fight to protect your interests and ensure the process stays on track.
There’s nothing our lawyers can’t handle and we’re always happy to assist.