KCH Lawyers can help with all stages of QLD property transactions whether you are buying or selling a home, unit, vacant block, strata title, commercial real estate or rural property, and including:
- Legal advice in regard to real estate contract law
- Drafting and reviewing contracts
- Auction Contracts and purchases off-the-plan
- Cost appraisal including stamp duty, and disbursements such as search and registration fees
- Property tenancy including joint tenants and tenants in common
- Vendor’s Statement, general conditions, and special conditions
- The cooling off period and deposits
- Commercial property including leases
- Retirement Village purchases, leases and service contracts
- Dispute resolution and litigation
- Building contracts, owner builder issues and the Queensland Building Services Authority Act 1991
- Liaison with financial institutions in regard to deposit bonds, loans, mortgages and discharges of mortgages
- Execution of contracts and settlement
- Adjustments to the purchase price in regard to rates and allowances
- Advice for first home buyers
- Preparing and registering Powers of Attorney
- Advice in regard to easements and covenants on title searches
Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.
Before You Start
The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.
Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do this inspection, talk to your lawyer. They will be well aware of which inspectors are worth hiring.
Making an Offer
If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet either, as the agent can take other offers.
Signing the Contract
If your offer is accepted then take the contract you’ve been given to your lawyer/conveyancer and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.
When you do sign the contract you will need to pay the deposit, unless your lawyer/conveyancer has negotiated a special condition otherwise. This is held with the real estate agent and is released to the seller after the property is settled.
After the contract has become binding, your lawyer/conveyancer has a number of tasks to perform including:
- Arranging payment of stamp duty
- Liaising with the lender in regard to the mortgage
- Checking with various government authorities to see if they have a vested interest in the property
- Checking to see if there are any outstanding debts to local council
- Calculating adjustments for council, water and strata rates
- Making final checks on the title
On settlement day your lawyer/conveyancer will attend a meeting that will include the seller’s lawyer/conveyancer as well as any lenders involved and the funds will be handed over in exchange for the title and the keys.
Contact us to discuss the specific property you are considering buying.
Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up.
The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with your lawyer/conveyancer.
You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a lot of trouble.
Once a purchaser has been found and the contract has been signed and is legally binding, then a deposit is usually paid by the purchaser and is usually held in the trust account of the selling agent.
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract. During the wait for settlement your lawyer/conveyancer will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.
Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement takes place, the real estate agent will be be authorised to release the deposit to you, less their fees.
Contact us to discuss the sale of your specific property.