Below you’ll find answers to the questions we get asked the most about Residential Conveyancing.
Yes. If you don’t pay the rates prior to the due date, you will be responsible for and pay any interest accruing. A pro-rata adjustment will be made at settlement for rates.
You can collect your keys from the real estate agent once the agent has received written confirmation from solicitors (seller & buyer) that settlement has been effected.
We recommend doing a pre-settlement inspection so that you can check that no damage has been caused to the property since the contract was formed, and if applicable, any chattels included in the sale are still present. You will need to contact the real estate agent a few days before settlement to arrange an inspection.
Once settlement has effected, we will notify Council and the Body Corporate (if applicable) that the property has been purchased by you, those departments will update their records accordingly. However, you will be responsible for arranging for any other utilities to be connected or transferred into your name.
The seller is required to complete the discharge of mortgage, and it needs to be done as soon as the contract is signed to avoid any delays at settlement.
As long as all parties are ready to settle early, including banks, settlement can be brought forward by mutual agreement of both the buyer and seller.
We send a settlement statement a week prior to settlement and will advise you to transfer funds straight away to allow time for them to clear. Legal Fees, Transfer Duty etc. are paid at the beginning of your conveyance.
Before settlement, the buyer’s solicitor will provide a search of the current rates balance confirming your payment. At settlement, an adjustment will be made in your favour for the buyer’s portion of the rates.
Stamp Duty (also known as Transfer Duty) is a government tax which is applied whenever you buy property or land. Duty is calculated on the dutiable value, usually the contract price of the property.
Transfer duty is an added cost, which is not included in the purchase price. Different rates of duty apply depending on whether you are purchasing as a first home buyer, homeowner, or investor.
Your conveyancer will calculate this for you and let you know what and when you need to pay.
All parties to a conveyancing transaction must have their identity verified. Verification of identity reduces the risks of identity fraud and unauthorised property transactions, and helps to ensure that the correct person is dealing with land. The verification can then be used for any transactions within our firm for the next 2 years.
If the contract is subject to a pest and building report, and the report finds significant issues, you may be able to negotiate either a reduction in the purchase price or seek to have the seller fix the issues before settlement. In the event an agreement cannot be reached, you may have the option to terminate the contract and have your deposit refunded to you.
Under the standard terms of an REIQ contract for a property in Queensland, the property is at the Buyer’s risk from 5:00pm on the first business day after the Contract Date. From that time, the Buyer becomes responsible for any damage to the property. Insurance is important because if the property is damaged between the Contract Date and settlement (e.g. extreme weather event, fire or vandalism) unless the property is no longer habitable you will still be required to settle.
The seller is not obliged under the standard terms of the contract to have the property professionally cleaned when they vacate. If you think you would like to have the property professionally cleaned you should discuss this with us before signing the contract.