What is ConveyancingConveyancing is essentially the transfer of legal ownership of any property of real estate from one person to another. Our people at Case management systems will process the legal side of the conveyancing process as quick, efficient and hassle free as possible.
What does a Conveyancer do?Conveyancers take much of the work and worry of buying or selling off your shoulders. Apart from managing the lengthy and complex process of transferring ownership and ensuring that the interests of all concerned are fully protected, your conveyancer will advise you of your responsibilities and rights and deal with any legal issues that may arise from the transaction.
What is transfer duty, and do I need to pay it?Transfer duty (commonly referred to a stamp duty) is a tax imposed by the State Government on the purchaser for all properties purchased in Queensland and is calculated at either:
– First Home Buyer (full-concessional)
– Principal Place of Residence (part-concessional)
– Vacant land, Investment, Commercial (non-concessional)
As a percentage of the purchase price and yes, you do need to pay it!
Why 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 we 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 is certainly worth a few extra hundred dollars when you are paying several hundred thousand dollars for the property.
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.
Additional CostsWhen buying a property, you should be mindful of possible additional costs which can be associated with the process. Not all of the list below will apply to everyone, but these are some potential charges to consider:-
– Lender’s fees
– Inspection costs
– Moving costs
– Real Estate Agent fees/commission
Who notifies the Authorities when I purchase a property?When your Transfer documents are lodged for registration with the Qld Titles Office after Settlement, the Local Council, Public Utilities (eg: water), Valuer General and Office of State Revenue are all automatically notified. Other providers, such as phone and electricity providers will need to be notified by you.
What is a Cooling Off Period and why is it important?In Queensland the system of conveyancing is different from other states in Australia. Queensland does not operate on the basis of exchange of contracts but rather the buyer and the seller are bound contractually (subject to specific terms and conditions) immediately after the contract is signed by both parties.
A cooling-off period of 5 days applies to contracts for the sale of residential property. It will start the day the buyer receives a copy of the contract (signed by both parties). Please note:-
- For contracts that arrive on a weekend or a public holiday, the cooling-off period starts on the next business day
- The cooling-off period still begins if a representative takes it on the buyer’s behalf
- If there’s a dispute, the seller (or their agent) must prove when they delivered the contract
A contract is exempt from the cooling-off period for:-
- A sale by Auction
- A follow-up Sale after an unsuccessful Auction (before 5pm on the 2nd business day) in which the buyer was a registered bidder
- An option Contract (or a sale Contract formed as the result of an Option Contract)
The cooling-off period also doesn’t apply if the buyer is:-
- A publicly listed corporation (or their subsidiary)
- The State or a statutory body
- Buying at least 3 lots at the same time (whether or not in the same contract)
- To cancel the sale contract, the buyer must give written notice by 5pm on the 5th day. They can deliver it in person, by email or fax. If the buyer chooses to cancel during the cooling-off period, the seller:-
- May deduct a penalty of up to 0.25% of the purchase price from the deposit
- Will need to refund the rest of the deposit within 14 days
Waived or shortened period
The buyer can choose to waive or shorten the cooling-off period. They will need to put this in writing. This document will need to state that:
- They waive the cooling-off period entirely
- The cooling-off period will last until 5pm on a particular day
The buyer must pay the deposit at the time set out in the reference schedule of the contract. The seller’s agent is usually the deposit holder. The money held must not be accessed until:-
- The seller is entitled to the money on Settlement day
- The buyer is entitled to the money because they lawfully cancelled the sale Contract
What is the difference between a Conveyancer and a Lawyer??A conveyancer or paralegal is a person trained in the process of conveyancing. He/she may have some qualifications but are not a Lawyer and therefore not able to provide legal advice, and must work under the direct supervision of a Lawyer. A Lawyer is someone who has completed the minimum academic qualifications and work experience required to be admitted as a legal practitioner by the Supreme Court.