Buying property in Queensland – What do I need to know?
Now more than ever buying and living in safe environments is important. Regions and states with good health and safety records are top of the list and online marketing makes it easy to investigate.
Buying property in Queensland is different to other states of Australia so here’s a helpful need to know list.
- Real estate agents generally prepare Real Estate Institute of Queensland (REIQ) and Queensland Law Society approved standard contracts.
- The right buyer entity needs to be on the contract, so consult your accountant or financial adviser before signing or extra costs may apply.
- Contracts are generally signed by both parties before searches are conducted which are the buyer’s responsibility. This differs from New South Wales and Victoria where lawyers or conveyancers generally prepare and exchange contracts with much search detail. Not all adverse search results allow you to pull out or receive compensation.
- Cooling off is 5 business days from signing for residential, but if you pull out using cooling off a penalty of 0.25% of the purchase price can be imposed, so research values and the property carefully before you sign.
- Most contracts are subject to building and pest inspections and finance within 14 days. Issues may arise, other conditions can be complex and so you may need legal advice.
- Once contracts are unconditional both parties are bound to settle but there is a lot to organise to ensure you are ready to settle.
- Electronic settlements can occur where both parties agree.
- Stamp duty and transfer registration fees are payable to the Queensland government on a sliding scale depending on the price.
- Time is of the essence in Queensland so all time limits are essential and consequences immediately flow once the time passes.
We offer a contract review before you sign which can help identify issues and smooth the process, so contact us early to protect your rights. Each property and transaction is unique and the above list does not cover the detail or legalities so getting the right advice can save you time, money and stress.
Buying property especially your home is exciting but can be complex in Queensland so call us for a quote to get expert advice and ensure you miss the pitfalls and move into your dream home or investment sooner.
McLaughlins Lawyers have been helping people buy and sell properties in Queensland for over 60 years. We understand how the Queensland property system works and can help you avoid the pitfalls and successfully become proud owners – call or email Teresa Kearney or Cassie Ross on 07 5591 5099 and they will be happy to help.
McLaughlins Lawyers, your experienced Gold Coast lawyers, we stand beside you and are here to help you navigate the property market.
Click here to watch our vlog discussing these points.
Author: Teresa Kearney, Senior Associate
Director: Ian Kennedy
Date: 1 September 2020