Feeling the call to move to the Sunshine state? Conveyancing processes and rules can differ quite dramatically from state-to-state. Here’s a list of things every buyer looking to purchase in Queensland should know:
- In QLD, property purchase contracts are “buyer beware” – in other words, it is up to incoming buyer to do all checks about a property prior to signing a contract or to ensure the contract they sign is subject to any particular checks. Examples of property research may include ordering government searches (Sempre Vero can assist with this), a building and pest inspection, surveyors report, body corporate roll search…
- Purchasing via auction in QLD usually requires a buyer to be cash-ready or have finance pre-approval as auction contracts are 30 day cash contracts and not generally able to be made subject to finance approval.
- Certain areas of QLD are subject to floods, bushfire or covenants. It is important to ensure proper searches are carried out so that the buyer is fully aware of property/area details.
- A cooling off period of 5 business days is a statutory condition of all QLD property contracts, however a buyer may choose to waive this. See more info: https://www.sempreverolawyers.com.au/2018/03/waiving-cool-off-qld/
- In QLD conveyancing, ‘time is of the essence’ – meaning dates and deadlines stated in executed (signed) contracts must be strictly adhered to. Any variations or changes to dates within contracts cannot be presumed and must be formally and mutually agreed between the buyer and seller through their solicitors.
- Conveyancing in QLD must be done by solicitors, not land agents or registered conveyancers – meaning whether you’re a buyer or seller, you must choose a law firm to act for you. If this is you, Sempre Vero is here to assist. Find out more about our services and what our clients say.
Have a QLD conveyancing query? Call us on (07) 5576 6009.
