Queensland Property market is booming
The Queensland property market is booming right now and with the Olympics coming to Brisbane the market is only going to get hotter! If you are relocating from interstate its important to note that buying and selling property in Queensland is complex and different to other states of Australia.
Pip Davis has recently joined Teresa Kearney in the Property and Commercial team at McLaughlins Lawyers. Pip has over 13 years’ experience in the legal industry in both Queensland and New South Wales.
Pip is originally from New South Wales and moved to Queensland several years ago. When transitioning to the Queensland conveyancing system she noticed major differences with Queensland contracts. These differences include:
- Generally, it is the real estate agent who prepares the contract; this often means that when contracts are signed and deposits are paid, the Buyer has probably not obtained legal advice or conducted searches over the property.
Hot Tip: You don’t have to sign a contract without your solicitor viewing it first! We conduct contract reviews for many of our clients and provide initial advice or conduct initial searches to assist our client’s in being fully informed.
- Queensland contracts are generally standard REIQ contracts. Sellers may need to provide certain disclosures but the onus is on the Buyer to satisfy themselves. You need to conduct the right searches to know what you are buying! Not all adverse search results allow you to pull out or receive compensation.
Hot Tip: We not only conduct searches for our clients, but provide detailed legal advice regarding the results of those searches to ensure our clients know what they are buying!
- Unlike other states, most contracts are not considered unconditional upon the date of signing – this means that the parties have termination rights if certain things are not done within certain timeframes. Contracts can be subject to many things, and there can be countless complex special conditions which must be satisfied before a contract is unconditional.
Hot Tip: Be sure the contract terms reflect everything you have agreed to: if it isn’t in the contract it may not be binding on the parties.
- Time is of the essence in Queensland, so all time limits are essential and consequences immediately flow once the time passes.
Hot Tip: At the moment the lending market is experiencing extraordinary delays in processing loan applications. You should seek a longer Finance Date – this sets the expectations of all parties from the outset and may save legal fees as requesting multiple extension of contract due dates may incur parties additional legal fees.
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 and selling property, especially your home, is exciting but can be complex in Queensland so call us for a quote to get expert advice and ensure the process is handled professionally.
Our team of dedicated Solicitors are here to help you through every stage of your transaction.
Did you know: when you buy or sell a property it can affect your estate planning needs? At the same time as your conveyancing transaction we recommend and can assist you with preparing or updating your Will and if necessary, preparing an Enduring Power of Attorney to protect your rights now and into the future.
McLaughlins Lawyers have been helping people buy and sell properties in Queensland for over 60 years. We understand how the Queensland property system works. We can help you avoid the pitfalls and successfully become proud owners or successfully sell – call or email Pip Davis and Teresa Kearney on (07) 5591 5099 and [email protected] for help.
McLaughlins Lawyers, your experienced Gold Coast lawyers, we stand beside you and are here to help you navigate the property market.
Related Tag: Property Law Gold Coast
Author: Pip Davis
Directors: Ian Kennedy and Sophie Pearson
Date: 28 July 2021