Whether you’re a first-time buyer or a seasoned investor, the stakes are high when it comes to buying and selling real estate. The market is competitive, and the process usually moves quickly, so you need a professional in your corner to help you make informed, confident decisions.
With decades of experience in conveyancing and property transactions in Queensland, TED Legal has helped numerous clients with a range of property matters. Our property team shares a wealth of knowledge and can assist you with:
- Residential sales and purchases
- Commercial sales and purchases
- Off-the-plan transactions
- Property development and subdivisions
- Inter-family transfers
- Commercial and retail leasing
Conveyancing
Conveyancing is the process of transferring the legal title of property from one party to another. When buying or selling real estate, it is helpful to understand the key stages of each transaction.
Buying a residential property
1. Initial consultation and contract review: Before entering a contract, you should have it reviewed by a lawyer, so you understand your legal position. The contract will include a description of the property and contain numerous conditions outlining the rights and obligations of both the buyer and seller.
The contract should also show any encumbrances on the property, such as mortgages, easements, covenants, etc., and include certain disclosures, for example, compliance with swimming pool safety regulations, electrical safety, and details of renovations or building work.
2. Due diligence: Conducting thorough due diligence is essential. Building and pest inspection reports from qualified professionals will detail the condition of the property’s structures, identify significant defects, and highlight potential issues that could impact your plans. Other searches and investigations with government authorities can uncover potential interests in the property, such as planned roadworks or zoning changes.
3. Contractual obligations and cooling-off period: Once the contract is signed, the buyer typically pays a deposit (up to 10% of the purchase price), which is held in trust.
In Queensland, a cooling-off period of five business days applies to contracts for the sale of residential property. This period starts the day the buyer (or their representative) receives a copy of the fully signed contract. Cooling-off rights do not apply to properties purchased at auction, and they can be waived or shortened by agreement.
4. Preparing for settlement: Once contracts are unconditional (and any cooling-off period expires), your lawyer will manage the various tasks required to ensure a smooth settlement. They will arrange for the payment of transfer duty, liaise with your lender, communicate with the seller’s lawyer and real estate agent, obtain property searches (rates, water, body corporate), calculate settlement figures, and prepare documents to transfer ownership of the property.
5. Settlement and post-settlement: Before settlement, buyers should conduct a pre-settlement inspection to ensure the property is in the agreed-upon condition. Most settlements now occur electronically through PEXA, streamlining the process and reducing the risk of delays. After settlement, the legal representatives notify the agent, who will then release the keys to you.
Selling a residential property
1. Choosing an agent and method of sale: Most sellers use an estate agent to value their property and put it on the market. The agent facilitates property inspections with potential buyers, takes any offers made and presents them to the seller. A reputable agent can advise you on market conditions and recommend the method of sale that best suits your needs, whether that be by private treaty on the open market or auction.
2. Preparing the contract: A written contract is essential before offering a property to prospective buyers. Accurate and complete disclosures are vital to avoid potential legal issues. While real estate agents often handle this, your lawyer should review the contract thoroughly to ensure it is compliant and your interests are protected.
3. Accepting an offer and conditions: Once you accept an offer, the contract is signed, and the buyer pays a deposit. The contract may include additional conditions making it provisional on matters such as the buyer obtaining finance or satisfactory building and pest reports. Once these conditions are met and any cooling-off period expires, the contract becomes legally binding.
4. Settlement process: The lead-up to settlement includes coordinating with your lender to discharge any existing mortgage, liaising with the buyer’s lawyer, handling inquiries, reviewing transfer documents, and preparing for the settlement itself.
5. Settlement and post-settlement: The settlement statement will detail the final amount you’ll receive, taking into account the purchase price, deposit, and adjustments for rates and other expenses. After settlement, the agent will release the keys to the buyer and provide you with the remaining funds from the deposit, less their commission and fees.
Our commercially focused property team is passionate about delivering quality efficient service and is here to help you navigate your conveyancing matter as seamlessly as possible. For assistance call 07 5657 8919 or email [email protected].