What services does a conveyancing solicitor provide?
The conveyancing process involves many steps. These include Title and other searches, making sure that the terms of the contract of sale are satisfied, confirming that all rates and charges are paid by the appropriate party and preparing the necessary legal documentation. They will also notify the authorities about the transaction and lodge the necessary paperwork.
Conveyancing Pro can also provide you with advice about the first home owner grant, refinancing and mortgaging arrangements and the processes involved in property auctions.
How much will it cost?
There are several costs that you will incur regardless of whether you use a solicitor or a DIY kit. These include Title Office searches, rates certificates, other relevant searches, stamp duty and registration. These costs vary according to the location and value of the property.
Do I need to come into the Conveyancing Pro office during this process?
Not necessarily. Of course you are most welcome to come in and see us if you want to, but most conveyances can be completed via phone, fax, email and post.
What are Titles Searches?
Titles Searches confirm the legal status of the property and reveal whether or not there are any restrictions on it. These may include encumbrances such as easements, that may impact upon the future use of the property. Titles searches also confirm that the seller is actually entitled to sell the property and whether or not there are any liens on it.
These searches give the buyer of a property the peace of mind that the property is transferable on settlement
What Standard Searches are included in Conveyancing Pro’s fixed quote for purchase:
The following is a list of the standard searches included in our fixed quote:
- Current Title Searches
- Title Search on morning of settlement
- Registered Survey Plan
- Council Rates Enquiry
- Land Tax
- Company or Bankruptcy Search
- Body Corporate Information Certificate (Units, Townhouses, Duplexes)
What Standard Searches are included in Conveyancing Pro’s fixed quote for sale:
Current Title Search
Are conveyancing charges the same for buyers and sellers?
The charges for property buyers are higher than for sellers because there are more complicated searches involved for this party.
What is stamp duty?
Stamp duty (also known as transfer duty) is a Queensland Government tax that must be paid by people purchasing a property in Queensland. The amount payable depends on the purchase price. To check the stamp duty that applies to your purchase CLICK HERE
What are the important dates in the conveyancing process?
There are several important dates in the conveyancing process. These include:
- The “cooling off period”. The buyer has until the end of the cooling off period to terminate the contract for sale.
- The finance approval date. The buyer has to advise the seller that their finance has been approved before the finance date.
- The building and pest inspection date. The buyer has to let the seller know that they are satisfied with the building inspections before a certain date. The inspections should be arranged by the buyer as soon as possible to ensure that they’re done before the required date.
How much deposit is normally paid on property transactions?
When you want to make an offer on a property, the seller’s real estate agent will usually ask you to pay a deposit to show that you are genuinely interested in the property. The amount of the deposit is generally up to 10% of the total purchase price, however this may be open to negotiation.
Can I get out of the contract if I decide I no longer want the property?
Yes. In Queensland there is a five business day “cooling off period” during which the buyer can decide they no longer want to purchase the property. Please note however, that cancelling the offer during this period will typically incur a fee of 0.25% of the total purchase price.
You may also terminate the Contract without penalty if your finance application is not approved or not satisfied with your pest and building inspection (Please see next question)
What if the buyer is not satisfied with the building or pest inspection results?
If the buyer is not satisfied with the results of the building or pest inspections then they can terminate the contract in writing. This must take place before 5.00pm on the Building and Pest Inspection Date as specified in the contract. The buyer must be acting reasonably in this decision. If they are found not to be acting reasonably then they may face legal action and forfeit their deposit.
What is settlement?
Settlement is the date that the party’s solicitors and financiers meet to exchange documents relating to the transaction. All the documents are checked to ensure that they are complete and accurate. The balance of purchase price is paid to the Seller in exchange for the keys and the buyer takes possession of the property thereafter.
When is the transaction finalised?
After settlement, the transfer of the property needs to be registered with the Land Titles Office. This concludes the conveyancing process.
If you have any further questions, please feel free to send us an email at: firstname.lastname@example.org or call us on: 1300 722 283