10 Things You Need to Know About Property Conveyancing in Queensland

10 Things You Need to Know About Property Conveyancing in Queensland

If you’re buying or selling property in Queensland, you’ll need to understand the conveyancing process. Conveyancing involves legally transferring ownership of a property from one person to another, and it’s important to get it right to avoid any costly mistakes.

To help you out, we’ve put together a list of 10 things you need to know about property conveyancing in Queensland:

1. Get a conveyancer – A conveyancer is a licensed professional who can help guide you through the process of buying or selling property. They can handle the legal paperwork, liaise with the other party’s conveyancer, and ensure everything runs smoothly.
2. Understand the contract – The contract of sale is a legally binding document that outlines the terms of the property sale. Make sure you understand all the clauses and conditions before signing.
3. Conduct due diligence – Before buying a property, it’s important to conduct due diligence to ensure there are no hidden issues. This can include obtaining a building and pest inspection, checking for any easements or encumbrances, and ensuring all necessary approvals and certificates are in place.
4. Organise finance – If you’re buying a property, you’ll need to organise finance to pay for it. This may involve obtaining pre-approval from a lender, arranging a mortgage, or accessing your own funds.
5. Pay the deposit – Once the contract is signed, you’ll need to pay the deposit. This is usually around 10% of the purchase price and is held in a trust account until settlement.
6. Settle on the property – Settlement is the final stage of the conveyancing process, where ownership of the property is legally transferred to the buyer. This involves paying the balance of the purchase price and any other fees and receiving the keys to the property.
7. Understand stamp duty – Stamp duty is a tax that’s payable on most property transactions in Queensland. The amount of stamp duty you’ll need to pay will depend on the purchase price of the property.
8. Consider title insurance – Title insurance can protect you against any defects or issues with the title of the property, such as undisclosed easements or boundary disputes.
9. Know your rights and responsibilities – As a buyer or seller, you have certain rights and responsibilities under the law. Make sure you understand these before entering into a property transaction.
10. Choose the right conveyancer – Not all conveyancers are created equal, so it’s important to choose one with the right experience and expertise for your specific needs. Look for a conveyancer who is licensed, insured, and has a good reputation in the industry.

By following these 10 tips, you’ll be well on your way to a successful property conveyancing transaction in Queensland. Remember, the key is to be informed, prepared, and to work with a trusted conveyancer who can help guide you through the process.

Contact us today to schedule a 30 mins free consultation (only for a limited time) and get started – it’s simple.