Frequently Asked Questions
A conveyancer is someone who has undertaken on the job training in order to assist with the conveyancing transaction but has no legal qualifications and must be overseen by a Solicitor as they are not permitted to sign-off on legal work.
A lot of conveyancing firms use conveyancers in order to keep costs low or to increase profits at the expense of the client who is not getting the services of a qualified legal professional.
A Solicitor is a qualified legal professional who has undertaken many years of study and is qualified to practice law.
Whilst firms using conveyancers may in some circumstances be cheaper (not always), the conveyancing process can be complicated and a solicitor has the in-depth legal knowledge to assist with problems as they arise.
Our invoice for professional fees is not required to be paid until settlement.
We recommend contacting us prior to signing the contract whether you are selling or buying.
This will allow us a chance to discuss the contract with you and ensure that any requirements you may have (e.g finance approval, building and pest approval or special conditions etc) are provided for on the contract.
Getting the contract correct from the outset can save both time and money for all parties involved.
The Registration fee is a fee payable to the Queensland Government (Department of Natural Resources and Mines) by the buyer to register the property in their name.
If you have a mortgagee for the purchase of the property, the registration fee will be incorporated into your loan by the mortgagee.
If you are paying cash for the purchase, you will need to provide a cheque to your solicitor prior to settlement in order for the solicitor to register the property in your name after settlement.
Transfer duty (otherwise known as stamp duty) is a state imposed duty on the transfer of property in Queensland.
The amount of duty payable by a buyer is determined by the purchase price of the property.
There are a 2 stamp duty concessions available to a buyer, being:
- First Home concession.
- Home concession.
Transfer duty is required to be paid to the solicitor prior to settlement.
At the beginning of the matter in our initial letter, we will provide you with a detailed list of searches which can be undertaken on any given property.
There is no one size fits all list for searches. Every property is different and depending on the location and the what the buyer intends to do with the property (i.e. renovate the property or build a pool) the searches required may be different given the circumstances.
We do provide a list of standard searches which we recommend every client undertake for the purchase of residential property in Queensland, however, the ultimate decision is up to the client.
We are happy to discuss the concerns you may have with the property you are purchasing and assist you in deciding the relevant searches.
When one of the joint tenants passes away their share of the property will automatically pass to the surviving joint tenant. Joint tenants can only be held in equal shares. This is used particularly with spouses and domestic partners.
Tenants in common
If one of the tenants in common passes away, their share of the property will be dealt with according to their will. Tenants in common is usually used in a situation where friends or business partners are purchasing a property together.
Tenants in common is also used in a situation where people are purchasing a property in unequal shares. An example of this would be parents assisting a child in a purchase whereby the parents are providing 30% of the purchase price and the child is providing 70%. The property would be held as tenants in common in the shares of 3/10 and 7/10.
Under the REIQ contract, a property is at the buyers risk from 5:00pm on the first business day after the contract date.
We recommend contacting your insurer the day you sign the contract to ensure the correct insurance is in place for the following day.
Whilst the property is at the buyer’s risk from the first business day after the contract date, it is prudent for the seller to keep insurance in place until settlement is effected.