Buying or selling property can often be a stressful experience with people often making significant decisions. The systems that we have in place at United Lawyers and Consultants ensure that your transaction will proceed as smoothly and efficiently as possible to ensure peace of mind.
We also provide advice or act in Body Corporate matters, Commercial Property Conveyancing, unit and land subdivision. We understand all State and Federal Government town planning legislation affecting property developments.
Commercial and Property Lawyers for United Lawyers and Consultants work closely with Rhonda Chellew who is responsible for our Conveyancing and Property section team of clerks and settlement personnel.
Our team has many years experience in property related matters and is always available to assist clients at any stage during the acquisition or disposal conveyancing process, whether it be preparation and negotiation of contracts, disputes or simply discussing the conveyancing process to ensure the transaction is completed efficiently for each client.
All staff in our conveyancing section are involved in ongoing legal education to ensure our knowledge is kept up to date at all times.
Our professional fees are competitive to ensure that our clients receive a quality service at a cost effective price.
IMPORTANT CONSIDERATIONS WHEN BUYING OR SELLING A PROPERTY
BUYING A PROPERTY?
Cooling Off Period
In Queensland buyers are entitled to a 5-day cooling off period. This means that as the buyer you are entitled to terminate the Contract for no reason within 5 business days after such time you are bound by the Contract. If the buyer utilises their ability to terminate a Contract in the cooling off period, the buyer forfeits an amount of 0.25% of the Purchase Price.
When buying established freehold property it will be the buyers risk from the business day after the Contract has been signed. It is important that you arrange a Cover Note of Insurance over your property immediately after signing the Contract to ensure your rights are protected.
Obtaining Building and Pest Inspection Reports
We recommend the carrying out of a pest and building inspection when purchasing property to ensure that there are no unwanted structural weaknesses or pests affecting the property. You are entitled to terminate a contract under certain circumstances if you are not satisfied with the outcome of a pest and building inspection.
Recent Safety Switch Legislation was introduced in Queensland requiring a seller to disclose whether a safety switch is installed in a property. If a safety switch is not installed it is the responsibility of the buyer to install a safety switch within 90 days of taking possession of that property.
BUYING A PROPERTY?
Cooling Off Period
In Queensland the purchaser of property has a 5-day cooling off period. They are entitled to terminate the Contract for no reason within 5 days of becoming bound by the Contract. The buyer is not bound by a Contract until the Buyer or their Solicitor has received a copy of the Contract executed by all parties. It is therefore important that as soon as a Contract has been finalised the Contract is delivered directly to the buyer or his/her Solicitor. If the buyer does pull out within the 5 day cooling off period the seller is entitled to keep an amount of 0.25% of the Purchase Price.
It is essential that the buyer pay a sufficient deposit when signing the Contract to cover unwanted costs incurred by the seller should the buyer default under the Contract.
The Agent acting on behalf of the Seller must have the appropriate forms required by the Property Agents and Motor Dealers Act attached to the Contract. If the appropriate forms are not annexed it could cause dire consequences in that the buyer may not be bound by the Contract.
When selling a property it is important for the seller to discuss with their Real Estate Agent any commission that may be payable and to ensure that the appropriate documentation is executed when appointing the Agent. This will avoid any dispute as to the payments or otherwise of commission to an Agent.