Buying and selling property usually involves very large sums of money and for most people these are the largest financial transactions they will enter into in their lifetime. In Queensland a number of different laws govern the transfer of property. Although these laws are well established and quite transparent, legal advice should always be sought before signing any document.
No sale of real estate property can take place without a contract of sale being signed by both seller and buyer. The Real Estate Institute of Queensland and the Queensland Law Society have agreed on a standard contract format and this is the one used in most property sales in this state. Other conditions such as building and pest inspections, obtaining housing finance and the prior sale of another property are often included and sales are conditional upon the outcomes of these conditions.
Trouble Free Property Transfers Require Professional Legal Advice
GM Law is a firm of professional property lawyers with extensive experience in guiding clients through the various laws surrounding property transfers. The process of transferring real estate property from a seller to a buyer is called conveyancing and this process starts at the time a contract of sale is signed. From that time, buyers have a cooling off period of five days to decide if they wish to proceed. If they change their minds, they must pay a fee which is based on a percentage of the purchase price.
Buyers will also be asked to pay a deposit on signing the contract of sale. There is no firm ruling on the amount, but generally, a small deposit is held by the real estate agency until the contract becomes unconditional at which time the balance of the deposit must be paid. This deposit remains in the agency trust account and is accounted for at the time of settlement.
Already it is obvious that decisions are required just to complete a valid contract. For example, if the property is being sold on auction, the winning bidder must sign an unconditional contract at the end of the auction. There is no cooling off period so inspections or title searches must be done prior to the auction.
Time Sensitive Conveyancing Process Needs Expert Attention
The conveyancing process itself, while quite structured, is very time sensitive and delays at any point in the process can delay the settlement itself. Issues such as receiving search results or inspections that require further action, having to return documents for correction, delays in agreeing settlement figures and other mishaps can easily happen, especially when the conveyancing is being handled by inexperienced people.
Property ownership laws are there to protect the interest of all parties, but there is no substitute for an experienced conveyancing firm like GM Law looking after your interests.