Buying or selling a residential property is a big decision and a significant matter for most people. Our experienced conveyancers and property lawyers guide our clients step by step through the conveyancing processes by delivering clear, concise advice and adopting a common sense approach. We pride ourselves on being available at all times to assist with any enquiry and to communicate with our clients at all stages throughout the transaction, in the endeavour of ensuring our clients enjoy the experience, stress free.
Our dedicated property team cater to all people engaging in property transactions throughout Queensland and can assist you with:
- negotiation and drafting of contracts for sale or purchase of land
- contract review and advice
- auction enquiries
- assistance with first home owners with any applicable grants
- stamp (transfer) duty advice and assessment
- advice on residential tenancy arrangements
- loans, mortgages, and vendor finance
- statutory compliance including requirements under Property Occupations Act 2014 (Qld), Body Corporate and Community Management Act 1997, Property Law Act 1974 (Qld), Land Sales Act 1984 (Qld) and Land Title Act 1994 (Qld)
- transmission applications and record of death
- related party transfer
As conveyancing lawyers, our services are offered at competitive rates, and we deliver them through a highly qualified and experienced team that includes property and conveyancers lawyers.
When you are buying or selling a property, it is necessary for all paperwork to be completed and all conditions fulfilled in the contract for the sale or purchase of a property. Time is of the essence of most contracts in Queensland.
With such a large sum of money at stake, you want to make sure that you have a professional and experienced Queensland property or conveyancer lawyer who is looking after your transaction and ensuring everything is completed in a correct and timely manner.
We understand that for most people buying or selling property only happens very occasionally, so knowing what steps are required can be very confusing. Our flowcharts show clearly each stage of the conveyancing process and help you gain a better understanding of what is happening during one of the most important transactions of your life.
Whilst we don’t expect you to become an expert on the process, (that’s our job), we do believe that knowledge is empowering and you will feel a whole lot more comfortable throughout your conveyancing transaction.
Method of Sale
In Queensland property is sold by the following methods:-
- private treaty, where you usually negotiate the contract price and terms with the buyer, often with the assistance of a real estate agent
- auction, where terms are set by you and the price determined by competitive bid, subject to a reserve, or
- tender, this is another form of competitive bidding
Form of contract
There are two forms of contract recommended by the Queensland Law Society. They are:-
- Houses and Residential Land (9th Edition)
- Residential Lots in a Community Titles Scheme (5th Edition)
There are other standard form contracts often used as well as tailored contracts prepared by legal practitioners. We would recommend that you seek our advice prior to signing any contract of sale or purchase to ensure that the terms reflect the agreement between the parties and to advise you of essential provisions, critical dates and your obligations before you become bound to the contract.
Under the Property Occupations Act 2014 (Qld) unless a buyer has waived the cooling off period, the buyer is entitled to a five (5) business day cooling off period. This period starts on the day that the buyer or the buyer’s solicitors received the signed contract and ends on 5.00pm on the fifth business day.
The buyer is entitled to terminate the contract during the cooling off period. If the buyer terminates the contract during the cooling off period, a seller is entitled to retain a termination penalty equivalent to 0.25% of the purchase price from the deposit paid. Any balance deposit must be refunded to the buyer within fourteen days following termination pursuant to the cooling off period.
Our Queensland property and conveyancing lawyers believe that it is essential to ensure buyers are provided with comprehensive legal advice prior to expiry of the cooling off period. We have had many years of perfecting our conveyancing procedure to ensure that all ‘checks and balances’ and statutory compliance are attended to and necessary advice provided to our client buyers in good time prior to expiry of the cooling off period.
Buying an Apartment, Townhouse or Duplex
It is often an area overlooked when buying a property in a community titles scheme to understand the rules of living within a scheme, the costs of living in a scheme and thoroughly investigating all aspects of the body corporate.
Anyone living in an apartment, townhouse or a duplex, lives in a “community titles scheme” and the owners of the lots in the scheme are members of the body corporate. The body corporate:
- owns assets (such as paintings, chattels, pool and gym equipment)
- has rules to govern what members can and cannot do (known as by-laws)
- has a committee to manage the scheme & make decisions on behalf of the owners
- engage people to do work on its behalf
Body Corporates can be sued and it is important when buying a property that you investigate all aspects of a body corporate to determine if there may be any matter or issue that may adversely affect you if you proceed to purchasing the property. For example, there may be pending litigation with third parties which may result in the special levies being struck; there could be defects in common property or there may be substantial restoration works required which may result in your levies increasing. It is imperative that you are made aware of any restrictions on your enjoyment of the property by carefully reviewing the by-laws in the Community Management Statement.
Our body corporate and property lawyers have the knowledge of the laws and regulations that govern the operations of body corporates to ensure that our clients are protected from any adverse legal complications. We can carry out the necessary body corporate enquiries and provide you with a report on all aspects of the body corporate including all relevant minutes, confirm if there is any current litigation involving the body corporate, provide advice on all service contracts with the body corporate, provide the financials of the body corporate and advise on levies.
Feel free to contact the expert residential conveyancing lawyers on the Gold Coast at Marino Law on (07) 5526 0157 for more information.