Whether you are buying a new home or selling an investment property we can help you with the Contract of Sale.
Conveyancing is the area of property law that deals with the transfer of real estate between sellers and buyers.
Although it seems quite straightforward, property law can be quite complex and conveyancing has to consider issues such as contract terms and conditions, mortgages, covenants, easements, caveats, the type of property title, the type of tenancy, local council regulations and zoning to name just a few.
If you’re selling, we can make sure that we draw up a contract that works for you and your particular requirements. We’ll arrange all of the necessary documentation and liaise with your agent in regard to auctions or purchase inquiries.
If you’re purchasing we will scour the contract to make sure that there are no hidden conditions that will act against your needs, and negotiate to make sure that the contract is fair and suits your needs.
Different situations have different requirements, but we can assist with Contracts of Sale for:
- Residential purchases and sales
- Off the plan purchases
- Strata units and apartments
- Rural property
- Commercial property
- Vacant land
We have experienced conveyancing solicitors to help with all stages of QLD property transactions whether you are buying or selling a home, unit, vacant block, strata title, commercial real estate or rural property and including:
- Legal advice in regard to real estate contract law
- Drafting and reviewing contracts
- Disclosure and Warning Statements
- Auction Contracts and purchases off-the-plan
- Cost appraisal including stamp duty, and disbursements such as search and registration fees
- Property tenancy including joint tenants and tenants in common
- Vendor’s Statement, general conditions, and special conditions
- The cooling off period and deposits
- Commercial property including leases
- Retirement Village purchases, leases and service contracts
- Dispute resolution and litigation
- Building contracts, owner builder issues and the Queensland Building Services Authority Act 1991
- Liaison with financial institutions in regard to deposit bonds, loans, mortgages and discharges of mortgages
- Execution of contracts and settlement
- Adjustments to the purchase price in regard to rates and allowances
- Advice for first home buyers including the First Home Owner Grant
- Preparing and registering Powers of Attorney
- Advice in regard to easements and covenants on title searches
What are the steps in the conveyancing process?
- Generally, the process begins with the drawing up of a Contract for Sale. The Contract will include things such as:
- The street address and legal property title details
- The length of time between signing and completion of the contract
- What’s included or specifically excluded from the sale
- Special conditions specific to this particular property
- The purchaser needs to get legal advice, review the contract, arrange inspections and start making loan inquiries before anything is signed.
- The contract is signed by both parties and may be immediately binding, depending on the circumstances of the sale. You may, however, have a cooling off period available, or be able to withdraw from the contract under certain conditions, so it’s important that you know the exact terms and conditions written into the contract.
- There is a set length of time between the contract becoming binding and the contract being settled or completed. In Queensland this is generally referred to as ‘time is of the essence’. In this time the purchaser of the property has a lot to do including conducting various checks on the property, paying stamp duty, organising insurance and getting any loan arrangements in order. The seller of the property should be making arrangements with their bank to have any mortgage discharged as well as making plans to move.
- Before settlement, adjustments to the purchase price are agreed upon between the parties to cover council and water rates as well as other costs which may be allowed for in the contract.
- On the day of settlement everything has to be in place. The purchaser or the incoming mortgagee has to show up with the funds, and the seller or outgoing mortgagee has to turn up with the property title and the document/s needed to release any mortgage. Everything is handed over including the keys and the property is considered settled.
- After settlement the new owner needs to be registered as the owner on the title, and various government bodies need to be informed of the change in ownership.
As buying or selling property is one of the biggest financial decisions you will make it’s important that you get expert advice. Legal expertise and diligence are well worth the cost.
Several years ago a purchaser didn’t wan to spend $30.00 on a land tax search. After much coercion the $30.00 search revealed an adverse result and saved the purchaser $15,000.00.
We can help with all stages of QLD property transactions whether you are buying or selling a home, unit, vacant block, strata title, commercial real estate or rural property.
There are several ways for people to own or occupy premises in a retirement village. People often occupy retirement villages under long-term leases, under licence or through Strata Title Ownership.
Long term Leases
Under a long-term lease, the occupier is entitled to live in the property for a period of time pursuant to the lease (commonly 99 years). The property developer maintains ownership of the property but the lease can be transferred by the occupier. In conjunction with the lease agreement, a service agreement sets out the terms and conditions regarding the services provided.
Under a licence, the property developer maintains ownership of the property but the occupier provides a long-term loan or donation in return for the right to occupy the property. This is a more cost-effective approach as the cost of entry is substantially lower. The downside to this approach is forgoing the benefit of capital gains the property attracts as the market matures.
Strata Title Ownership is the most secure form of occupation with the added benefit of body corporate membership granting certain rights to contribute to the management of the retirement village. The downside to this approach is a higher cost of entry due to stamp duty on the purchase, however, the advantage is accruing capital gains on the property as the market matures.
We Can Help
We always recommend seeking the advice of an experienced lawyer whilst reviewing alternative retirement villages and certainly prior to signing any documents regarding occupation. We can also assist you with interpreting the Retirement Villages Act 1999 and can provide you with a full understanding of your legal position.
Contact us to find out more or to arrange a consultation.