What do I need to know when buying or selling property in Queensland, Australia?
Buying or selling property is one of the most important decisions people make. Now more than ever buying and living in safe environments is at a premium. Queensland has enjoyed good health and safety records and so properties are in demand.
Buying and selling property in Queensland is complex and different to other states of Australia so here’s a helpful, simple, need to know list.
- Real estate agents generally prepare Real Estate Institute of Queensland (REIQ) and Queensland Law Society approved standard contracts and charge negotiated commission. Sellers may need to provide certain disclosures.
- The right buyer’s name 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 and a significant deposit paid before searches are conducted which are the buyer’s responsibility. 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 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.
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 or successfully sell – call or email Teresa Kearney or Cassie Ross on (07) 55915 099 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.
Author: Teresa Kearney, Senior Associate
Director: Ian Kennedy
Date: 28 January 2021