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FAQs

Why use a Conveyancer?

Buying a property can be a very easy process, as long as no issues arise and the seller's conveyancer is very helpful. In our experience that almost never happens. For example, even extending the fi... Read News

What happens to the alarm system when you sell your home?

The alarm system is normally considered to be a fixture and remains with the property. If the sellers wish to take the alarm system with them they must specifically state this in the contract. No expr... Read News

When do I need Insurance?

Under the Standard REIQ Contract the property is at the buyer's risk from 5:00 pm on the first business day after the contract is signed by both parties. This means that if the contract was signed on ... Read News

When should buyers tell their solicitor to notify the seller that finance has been approved?

Strictly speaking buyers can tell their solicitor that finance is approved at any stage and do not need to wait for any type of confirmation from their bank. Prudent buyers will always wait until they... Read News

What happens if I find out that part of the house has not been approved by council?

If this is discovered after the contract was signed then the buyer is responsible for obtaining the necessary council approval. If council became aware of this prior to the contract being signed and h... Read News

What is an Encumbrance?

An encumbrance is quite simply a legal claim on an estate. The most common types are mortgages, easements, warrants of execution and caveats. On the standard REIQ Contract there is a section in the sc... Read News

When can I get a reduction in Stamp Duty?

The buyer is generally entitled to a reduction in the amount of stamp duty payable on the purchase of a property where the buyer is going to reside in the property after settlement. The buyer must res... Read News

What is a Rates Adjustment?

This is where the solicitors for the seller and buyer work out what proportion of the rates each of the parties pay. The normal procedure is that if a rates notice has been issued then the rates will ... Read News

Can I add or delete a name to the contract?

Occasionally after signing a contract, a buyer will realise that he or she wants to either add or delete his or her partner from the contract. This is not normally a problem providing the seller agree... Read News

What do I need to put in a Contract of Sale?

In addition to the usual particulars such as the names of the buyers and sellers, purchase price and any special conditions, you need to insert the details of anything, which may affect the property. ... Read News

What furniture must the seller leave behind?

The seller must leave all fixtures with the property unless specifically stated otherwise in the contract. This will include, but is not limited to stoves, hot water systems, fixed carpets, curtains, ... Read News

What happens to furniture left behind?

Any furniture, equipment or other belongings that are not physically attached to the property which are left on the property after settlement are transferred to the buyers automatically. The buyer d... Read News

Is there a cooling off period?

Under the Property Agents and Motor Dealers Act when a person signs a contact to buy residential property that person will have a cooling off period of five business days. The cooling off period comme... Read News

What is a Body Corporate?

A Body Corporate is a management committee for a set of units whether they be two or a thousand. Every unit has a Community Management Statement. The Community Management Statement is an agreement bet... Read News

Can I take the dishwasher with me when I sell my house?

This will depend upon whether the dishwasher is fixed permanently to the house or is something which is able to be moved around the house with minimal effort. Under the standard REIQ contract, all obj... Read News

What is Stamp Duty?

Stamp Duty is effectively a tax levied by the State Government on the transfer of assets. Every time you buy a car, shares in a company, and property you must pay an amount of money to the State Gover... Read News

Can I have a Survey?

The buyer of a property under an REIQ contract is entitled to have the land surveyed. This will normally involve a surveyor going onto the property, ascertaining where the corner pegs are located and ... Read News

What is Land tax?

Land tax is a tax levied on landowners by the State Government. There is a tax threshold which changes from year to year and is usually in excess of $400 000. The tax is levied on the value of your pr... Read News

Do I have to pay Land tax?

You often see in contracts where you are buying land from a developer, a clause stating that the developer will not pay any land tax outstanding at the date of settlement but instead will give an unde... Read News

When does the cooling off period start?

The cooling off period starts when the buyer or the buyer's agent receives a copy of the contract signed by both the seller and the buyer. The buyer's agent will include a solicitor and a real estate ... Read News

What about safety switches?

Recent changes to electricity regulations now require the seller to notify the buyer whether the property has a safety switch or not. The safety switch only relates to the circuit covering the power p... Read News

Who is responsible for installing safety switches?

If no safety switch is installed, then the Electricity Regulations require the buyer to install the safety switch within ninety (90) days from the date of settlement. It is important to note that a lo... Read News

Who can witness documents?

There is provision in a standard REIQ Contract for both the sellers and buyers signatures to be witnessed. There is no strict legal requirement for the signatures to be witnessed; however, it is recom... Read News

What is the difference between a flat and a unit?

People often use these terms to describe apartments which form part of a complex. In Queensland, there is a special meaning given to these terms by solicitors. A unit is a property which forms part of... Read News

What is an adjustment?

Solicitors often talk about a rates adjustment, rent adjustment and body corporate adjustment. What they are really saying is the purchase price has either increased or decreased depending on whether ... Read News

What happens to the rental bond?

If you are buying a property that has a tenant in it and the tenant will be staying on after settlement, then at settlement, your solicitor should receive a transfer of the bond held by the Rental bon... Read News

Who pays the penalty fee?

Where a buyer terminates the contract during the cooling off period, the buyer may have to pay a penalty fee (25% of the purchase price) if a deposit has been paid. If no deposit has been paid, then t... Read News

Does the stove, dishwasher and any other fixture left on the property need to be in working order?

There is no warranty given under the standard REIQ contract for the sale of land that any fixtures or chattels remaining on the property need to be in working order. Therefore, you have no claim again... Read News

What is a building covenant?

A building covenant is a restriction or requirement set out by the developer of a subdivision on the type of house / shed / fence that may be built on blocks contained within the subdivision. The buil... Read News

Does the seller need a solicitor?

If everything runs smoothly, then no. Less than 25% of all contracts fit this description. Even a simple extension of finance can cost thousands of dollars if not handled properly and there are compli... Read News

Is GST payable?

The standard REIQ contract for houses, land, and units states that the GST is included in the price. Therefore any GST payable is paid by the seller. There is no GST payable for residential properties... Read News

Do contracts for the sale of land need to be in writing?

In the absence of a real estate agent, private negotiations are usually conducted verbally, with offers and counter-offers going back and forth between the buyer and seller. The question often arises ... Read News

Does it cost anything if I terminate the contract during the cooling off period?

If you terminate a contact to buy a property during the five day cooling off period and you have paid a deposit, then you incur a penalty fee equal to a quarter of a percent of the purchase price. Hal... Read News

Are verbal agreements binding?

The Property Law Act states that all agreements to sell land in Queensland must be in writing. This includes any amendment to the contract, therefore, if you wish to change the finance or settlement d... Read News

What do I need to include in a contract of sale?

n addition to the usual particulars such as the names of buyers and sellers, purchase price and any special conditions, you need to insert the details of anything which may affect the property. The tw... Read News

What Do I Check Before Signing a Contract to Buy a Unit?

While it is always recommended you have a solicitor to check a contract before you sign it, we suggest you pay close attention to the following… The annual body corporate levies to see if they ... Read News

Who is Responsible for Maintaining the Outside of Units?

If you own a unit which is part of a body corporate you may wonder who is responsible for maintaining the outside of the unit. For example who must clean the gutters, repaint the outside and generally... Read News

What is a body corporate?

A body corporate is a special type of company set up to manage the common property in a complex for a set of units. There is a community management statement which outlines how the body corporate is t... Read News

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