Publications > Buying or selling a residential property in queensland

 

Buying or selling a residential property will be one of the most important financial transactions you make.

 

To be confident in your decision and to ensure that no unexpected costs arise or problems appear, seek the advice of Rostron Carlyle’s solicitors before you sign any contract.

 

Conveyancing

 

Conveyancing is the term used to describe the transfer of ownership of property from seller to buyer.

Solicitors and real estate agents can assist you with your conveyance.

 

You do have the choice of doing the conveyance yourself, but you do so at your own risk.

 

Solicitors and real estate agents

 

It is important to understand the different roles solicitors and agents play in conveyancing.

Rostron Carlyle’s solicitors are conveyancing experts who have been trained in this area of law to competently and efficiently guide you through a transaction to ensure your interests are protected.

 

As each property is different, so is each conveyance. Rostron Carlyle can advise you on the need for special conditions and other legal matters which touch on conveyancing law – such as capital gains tax, general tax or updating your Will.

 

Agents are the sellers’ representatives who receive a commission from the seller when the property is sold. The agent is responsible for obtaining the best price and contract terms for the seller. An agent is not qualified to give legal advice on the contract or to draft clauses or modify the contract in any way.

 

The Contract

 

A standard contract for the conveyancing of residential property was developed by the Real Estate Institute of Queensland and the Queensland Law Society. When you have expressed your interest to purchase a property, the agent will prepare a standard contract for you to sign.

 

Seek advice before you sign – send a draft contract to Rostron Carlyle and we will ensure that it is correct and meets your needs. A standard contract cannot deal with the individual circumstances of every transaction.

 

If necessary, Rostron Carlyle can add special clauses to the contract, for example:

	the purchase may depend on the sale of your existing property; and
	flooding or termite checks may have to be completed.

 

It is also recommended that you obtain an independent valuation of the property before you sign the contract.

 

There are a number of critical Warning and Disclosure Statements, which must be completed and signed to ensure that the contract is property formed. Allow Rostron Carlyle to confirm 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, eg your annual contribution to the body corporate; and
	receive certain warranties from the seller, eg 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 you receive the fully signed contract. 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 action under the fall of a hammer. The cooling-off applies if a property is passed in at auction and a bidder subsequently buys the property.

 

Buying a House

 

Rostron Carlyle will discuss with you:

	details of the building inspection report;
	the need, if any, for special conditions;
	any tax implications arising from the purchase of the property.

 

Rostron Carlyle will:

	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.

 

Selling a house

Once the 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 our office 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, Rostron Carlyle 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 relationship with the other owners and the body corporate committee such as:

	sharing the ownership or 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 be handed the standard contract.

 

Before you sign the contract, Rostron Carlyle will advise you on:

	the need to disclose details on any defect or outstanding liabilitiese disclosure statement
	your obligations to any existing tenant
	capital gains tax, general tax implications, and estate planning
	if necessary, an extension of the date of settlement to suit your needs
	ensuring that all Warning and Disclosure Statements have been satisfactorily completed.

 

During the conveyance, Rostron Carlyle will:

	ensure all outstanding government charges have been paid
	arrange repayment and legal discharge of any mortgages 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

Contact Rostron Carlyle for an estimate of legal and other costs and details of the processes involved in the handling of your conveyance.

 

When buying

Rostron Carlyle 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 Rostron Carlyle will advise you about taxation options.

 

When selling

You 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.

 

"The information contained in this article is general in nature and cannot be regarded as anything more than general comment. Readers of this article should not act on the basis of this comment without consulting one of Rostron Carlyle's legal practitioners who will consider their particular circumstances".

 

Expertise

 

Rostron Carlyle's lawyers have a wide range of experience assisting people to with the purchase and sale of residential property in Queensland.

 

Not only will you find that Rostron Carlyle is likely to have assisted someone in your exact situation, but you’ll find that a Rostron Carlyle lawyer can distill a complex legal issue into a set of actionable options for you to consider.

 

A Rostron Carlyle lawyer will be a person that you can relate to.  We'’ll talk your language. Most

importantly, a relationship with a Rostron Carlyle lawyer will be "a relationship you can rely on"

 

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