Buying Residential Property

Purchasing a property can be straight forward or quite complex depending on the property you are buying.  For most people, buying property will be the largest financial transaction of their lives.  Whether it be vacant land, a house, unit or farm, there are many aspects – financial, legal and practical that need to be taken into account.

There are standard steps with every residential property purchase, however it is best to have an experienced conveyancer settle your property to ensure there are no nasty surprises.

Standard steps involved in purchasing property

Black dollar sign inside of a house

Organise
Finance

Icon of a red house with the word home on it

Find the
Home

icon of two green people sitting at a desk

Engage a
Solicitor

icon image of a house and a cartoon character person looking through a magnifying glass

Due
Diligence

Settled sign

Settlement

Icon of a house with brightly coloured people in front of it

Move In

Why should I engage a Solicitor to purchase my property?

The following are some of the processes Wallace & Wallace Lawyers will complete on your behalf:

  • Review the contract and any special conditions (either before or after signing) and advise on important terms;
  • Discuss search options with you i.e. rates, land tax, contaminated land etc;
  • Review search results and discuss them with you to ensure you are aware of any issues that affect the property;
  • Ensure you meet your critical dates for things like finance approval, building and pest inspections and settlement;
  • Liaise with the banks and ensure they are ready for settlement;
  • Liaise with the Solicitors or Conveyancers acting for the Seller;
  • Advise you of your transfer duty obligations and organise payment before settlement;
  • Ensure all transfer documentation is prepared correctly and lodged with the relevant parties;
  • Prepare settlement figures and cheque details, liaising with the banks and the Solicitors for the Seller;
  • Should there be a problem – we will work for you to make the settlement go through;
  • Attend settlement or arrange an agent to attend on our behalf;
  • Advise Council of the change of ownership of the property.

It makes good sense for a person to be properly advised before signing any contract or entering a legally binding contract. To do otherwise may result in difficulties and financial costs that were not anticipated or indeed necessary.  Ensure you speak to one of our experienced staff before proceeding to sign a contract or as soon as possible thereafter if you already have.

Electronic Conveyancing

Electronic conveyancing (or eConveyancing) allows documents needed for property transactions to be digitally prepared, signed, settled and lodged by their legal representatives and financiers.

We are a certified member of Property Exchange Australia Limited (PEXA) who are the founding members of the platform.  You can find out more about eConveyancing in our FAQs section or by contacting our office.

We also assist with…

To make certain that your interests are protected, our conveyancing team works alongside our commercial, estate planning and commercial property experts to give you the most comprehensive legal advice tailored for your individual situation.

Wallace & Wallace Lawyers have been providing clients with advice and assistance in relation to residential and rural conveyancing for over 30 years.

let us take the stress out of

BUYING YOUR HOME

(07) 4963 2000
REQUEST A QUOTE

Selling Residential Property

For most people, buying and selling property will be the largest financial transaction of their lives.  Whether it be vacant land, a house, unit or farm, there are many aspects – financial, legal and practical that need to be taken into account.  Although selling a property is slightly less complicated than purchasing one, there is still a lot to be taken into account and it pays to have someone experienced looking after your sale.

Standard steps involved in selling property

Icon of a red house with the word home on it

Decide
to Sell

icon of two green people sitting at a desk

Engage a
Solicitor

red icon of pen and paper

Prepare
Documents

Black dollar sign inside of a house

Liaise with
Financer

Icon of a house with brightly coloured people in front of it

Move Out

Settled sign

Settlement

Why should I engage a Solicitor to sell my property?

The following is a list of the steps Wallace & Wallace Lawyers will provide to ensure the sale of your property runs smoothly:

  • Prepare the Contract and any special conditions. If you already have a Contract, we will review the Contract and any special conditions and advise on important terms;
  • Record critical dates for things like finance approval, building and pest inspections and settlement;
  • Liaise with the banks and ensure they are ready for settlement;
  • Liaise with the Solicitors or Conveyancers acting for the Buyer;
  • Ensure all transfer documentation is prepared and signed correctly;
  • Review settlement figures and cheque details, liaising with the banks and the Solicitors for the Buyer;
  • Should there be a problem – we will work for you to make the settlement go through;
  • Attend settlement or arrange an agent to attend on our behalf;
  • Advise Council of the change of ownership of the property.

It makes good sense for a person to be properly advised before signing any contract or entering a legally binding contract. To do otherwise may result in difficulties and financial costs that were not anticipated or indeed necessary.  Ensure you speak to one of our experienced staff before proceeding to sign a contract or as soon as possible thereafter if you already have.

Electronic Conveyancing

Electronic conveyancing (or eConveyancing) allows documents needed for property transactions to be digitally prepared, signed, settled and lodged by their legal representatives and financiers.

We are a certified member of Property Exchange Australia Limited (PEXA) who are the founding members of the platform.  You can find out more about eConveyancing in our FAQs section or by contacting our office.

We also assist with…

To make certain that your interests are protected, our conveyancing team works alongside our commercial, estate planning and commercial property experts to give you the most comprehensive legal advice tailored for your individual situation.

Wallace & Wallace Lawyers have been providing clients with advice and assistance in relation to residential and rural conveyancing for over 30 years.

let us take the stress out of

SELLING YOUR HOME

(07) 4963 2000
REQUEST A QUOTE

Conveyancing Team

Wallace & Wallace Lawyers have been providing clients with advice and assistance in relation to selling or buying their homes for over 30 years.  Our highly experienced residential conveyancing team can provide advice to you on the contract terms or the conveyance generally, negotiate and document the transaction and complete all matters relating to the conveyance on your behalf.

REQUEST A QUOTE

(07) 4963 2000
REQUEST A QUOTE

Residential Conveyancing FAQs

What is a cooling off period?

A cooling-off period of 5 days applies to contracts for the sale of residential property. It will start the day the buyer receives a copy of the contract (signed by both parties).

Please note:

  • For contracts that arrive on a weekend or a public holiday, the cooling-off period starts on the next business day.
  • The cooling-off period still begins if a representative (such as a lawyer) receives the contract on the buyer’s behalf.
  • If there’s a dispute, the seller (or their agent) must prove when they delivered the contract.

The cooling-off period ends at 5pm on the final (5th) day of the cooling-off period. After this, the buyer must follow through on the contract and buy the property. This remains subject to the terms of the contract.

If a buyer terminates the contract within the cooling off period, the seller is entitled to retain a termination penalty of 0.25% of the contract price from the deposit.

What are searches and why do you need them?

Searches are conducted with third party service providers to ensure your interests are protected and to gain information in relation to the property you are purchasing.  Examples of some of the searches that can be conducted are:

  • your local Council to check outstanding rates and water charges;
  • the Titles Office to ensure the seller actually owns the property;
  • the Environmental Protection Agency to ensure the land is not contaminated.

The range of searches that can be conducted is extensive and we will discuss with you the searches to be undertaken on your behalf.

How much will it cost?

The cost of conveyancing can vary depending on the property and the complexities and issues that it brings with it.  Another factor in the variation of cost is the amount of searches you wish to undertake.

We have highly trained and experienced paralegals working closely with the supervising partner so that we can undertake the work competitively from a cost point of view whilst ensuring that our clients receive professional advice and guidance with any issues that may arise.

The cost of employing a solicitor is a minor outlay in comparison with other fixed costs of the transaction and the potential cost impact of decisions made without obtaining experienced legal advice.

What is stamp duty and how much stamp duty will I have to pay?

Stamp duty (called transfer duty in Queensland) is a tax levied by all state and territory governments in Australia on the purchase of a property. It is paid by purchasers and it usually needs to be paid on or before the settlement date of your property purchase.

The rate of duty you will pay is linked to the value or purchase price of the property. You can use the Queensland stamp duty calculator to find out how much duty you will be required to pay.

What is Electronic Conveyancing (eConveyancing)

The term “electronic conveyancing” refers to a conveyancing transaction settled electronically through a platform provided by Property Exchange Australia Limited (PEXA). The representatives of the parties and their financiers participate in an electronic workspace, where:

  • registry instruments are prepared and electronically signed (transfer, mortgage, discharge/release of mortgage);
  • duty may be paid as a settlement disbursement;
  • the balance of the purchase money and its disbursement are agreed;
  • the documents to be lodged for registration are checked pre-settlement at the Land Titles Office;
  • at the agreed settlement date and time, provided the documents are in order for registration, the balance of purchase money is paid and proceeds of settlement are disbursed; and
  • the relevant registry instruments are electronically lodged for registration.

Electronic conveyancing does not cover the whole of the conveyancing transaction, just the preparation for and execution of settlement and registration. In relation to the settlement itself, the platform is essentially a virtual settlement room.

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(07) 4963 2000
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