Residential Conveyancing Fact Sheet

              
General Principles of Residential Conveyancing in Queensland

In Queensland contracts are negotiated, signed and exchanged up front. A standard contract which has been approved by the Queensland Law Society and the Real Estate Institute of Queensland is usually adopted. That contract is well tested and strikes a balance of the rights of the Buyer and the Seller.

After contracts are exchanged, the Buyer has the following protection:

• Statutory 5 business day cooling off period where the Buyer can pull out of the Contract for any reason subject however to a small penalty;
• Finance and building inspection conditions to suit the Buyer's needs;
• Satisfactory outcome of searches prior to settlement.

Settlement generally occurs 30 days after contracts are exchanged provided the Buyer is satisfied with all of the above levels of protection.

Buyers should take careful note that time is of the essence in Queensland contracts. This means all deadlines must be strictly adhered to (or extended by agreement) or else the Buyer or Seller will be in breach of the Contract which will lead to serious legal consequences.

If you are in doubt about any terms of the Contract you should contact a solicitor before signing.

Purchases by Non-residents of Australia

Non-residents of Australia are restricted to what real estate they can buy in Queensland. Different rules and conditions apply to different types of real estate such as vacant land, units and houses depending on the nature of the real estate and the residency or visa status of the Buyer. Foreign buyers should always consult a solicitor before signing a contract.

Preston Law can assist you in preparing and lodging an application for government approval with the Foreign Investment Review Board (FIRB).

Issues to consider and why you need a lawyer:

Vacant Land

• Do you qualify for stamp duty relief;
• Are there any building covenants to be observed;
• Are there any special enquiries you need to undertake which are not part of the usual searches, for example soil test of the site;
• Does the finance amount you require need to include the cost of constructing a house;
• Do you require FIRB approval if you are a non-resident of Australia; and
• Do you need legal advice with respect to the terms of a building contract.

House or Unit

• Do you qualify for stamp duty relief;
• Do you qualify for any government grants such as the First Home Owners Grant (FHOG);
• Is the property tenanted and how does this impact on stamp duty and FHOG;
• Do you require FIRB approval if you are a non-resident of Australia;
• Building and pest inspection problems;
• Are there any conditions to your finance approval which you are not sure of;
• Are there any special enquiries you need to undertake which are not part of the usual searches e.g. a body corporate inspection of records, town planning restrictions on use and occupancy, world heritage, beach front set backs; searches of encumbrances on the title deed such as easements etc.
• Are there any special conditions needed which are personal to you e.g. prior sale of another property etc.

Contact us if you would like to discuss your situation further or complete our on-line enquiry form  to obtain a free conveyance estimate.

Mark Valente │Partner
P 4052 0703
E mvalente@prestonlaw.com.au

Contact if Mark is unavailable
Carissa Taifalos│Conveyancer
P 4052 0719
E ctaifalos@prestonlaw.com.au

or email: info@prestonlaw.com.au