Mott and Associates have been serving Cleveland and the Redlands since 1970. In that time, we have successfully completed thousands of settlements. These sales include land, house, apartments, units and pretty much any residential property you can think of. We also act on special arrangements between buyer and sellers and will custom draft agreements [not included as fixed fee].
Step 1: We will review your contract documents. This service is included in our fixed price quotation for a standard residential conveyance (contact our office for conditions). If you are selling your property, we will look at the agreement between yourself and the agent as part of our fixed fee service. If you are selling and an agent is not involved, we will also draft the contract for an additional fee.
Step 2: Once the contract is signed, we will start the process of guiding you through the transaction. We will send you a comprehensive letter and booklet describing what will occur during the transaction and ensuring we have all the information required to complete the conveyance. The documents will provide a comprehensive list of all dates you need to diarise. We will also provide you a list allowing you to select what additional searches you would like to be conducted during the transaction (these costs are in addition to our fee). Any cooling off period or significant events such as finance or building and pest dates will be highlighted to you.
Step 3: From contract signature to an “unconditional contract”.
During this period we will liaise with you regarding any building and pest issues or ensuring the finance date is met. We will also contact the solicitor acting for the other party and advise you as to the requirements regarding any discharge of mortgage (if you are the seller). It is a legal requirement that we identify you adequately as per the Title Office so will need you to send in certified copies of your identity documents. The lawyers acting for both parties will confirm identification to protect the parties involved. We understand this can be inconvenient, but it is an essential step in protecting both yourselves and the other side from fraud.
Step 4: Preparing for settlement.
During this period, we will ensure all requested searches are returned and any adjustments to the purchase or selling price are taken care of. Rates and water charges need to be calculated up to the settlement date to ensure the buyer and seller are only paying for these charges during the period they own the property. Also, transfer form or “Form 1” will need to be signed. This form an essential document that is handed over at settlement. During this period, we will advise on funds required for settlement to be effected.
Step 5: Settlement
Settlement (or completion) is when the actual transfer of the property occurs. The buyer hands over the funds to the relevant party and the seller hands over the fully signed Form 1. The form one will be lodged with the Titles Office to ensure the Title of the property is changed from the name of the seller to that of the buyer. Currently until electronic settlements become commonplace in Queensland, we attend settlement on your behalf and either physically had over the funds, if you are the buyer, or hand over the Form 1 if you are the seller.
That’s it. If you are the seller you are probably dreaming of your next property venture or if you are the buyer you are moving into and enjoying your new home!
Call us now for further information on your conveyance.
As most conveyancing is electronic these days so we can service anywhere in Queensland.
We regularly complete conveyances throughout the Redlands including Cleveland, Thornlands, Thornside, Birkdale, Russell Island, Macleay Island, Raby Bay, Redland Bay, Ormiston, Capalaba, Alexandra Hills, Coochiemudlo Island, Mount Cotton, Sheldon, Victoria Point, Wellington Point and Stradbroke Island.
Generally when the Buyer signs the Contract of Sale they receive a statutory five business day cooling-off period in which they can terminate the contract without providing a reason to the Seller for doing so. If the Buyer elects to terminate during this period the Seller is entitled to keep 0.25% of the purchase price from the Buyer’s deposit.
If you have any concerns about the Property or the Contract you have entered into, please contact our office immediately for advice.
In the standard REIQ, Deposits are commonly due when the Buyer signs the Contract, on a fixed date, a Special Condition or when the Contract becomes unconditional.
If a Buyer does not pay the Deposit to the nominated deposit holder by the due date, they will be in default under the Contract. If a Buyer is in default under a Contract, the Seller may have a right to terminate the Contract.
If you have signed a Contract and have not yet paid the Deposit or will be unable to pay by the due date, please immediately contact our office. We may be able to arrange an extension of time but is at the discretion of the Seller.
A disbursement is a payment made to a third party, such as the Land Titles Office for a title search on the Property. Searches are conducted over the Property to ensure it is cleared from all outstanding monies at Settlement and to ensure any notices or orders do not impact legal ownership.
Once settlement has been effected, we will notify the Real Estate Agent in writing. Keys will be collected from the Real Estate Agent unless an alternative arrangement has been agreed between the parties.
PEXA is an online property exchange network and assists lawyers, conveyancers and other professionals to transact online to lodge documents and settle digitally, ensuring a more efficient, faster and cost effective conveyancing process.
For more information please visit PEXA here.
The document that shows the legal ownership of a property. From 1 October 2019 paper Certificates of Title (sometimes called “The Deed”) issued in Queensland will no longer have any legal effect, as the electronic title held by the Titles Office will be the true record of ownership. From this date, you may either keep your Paper Certificate of Title for historical purposes or destroy it.
Also known as ‘stamp duty’. This is a state tax levied upon the transfer of property and is payable by the buyer. The transfer duty amount varies from state to state and depends on the value of the property. There are concessions available in certain circumstances that may be available to the buyer, such as a home, or first home concession.
For more information on transfer duty or to determine if you are eligible for a concession, please contact our office.
Transfer Duty must be paid within 30 days of the Contract or 30 days of the unconditional Contract date, whichever date is earliest. It can be calculated either as the unencumbered value of a Property or the amount that has been agreed under the Contract, whichever is greater.
On 1 July 2017, the Australian Taxation Office (ATO) introduced requirements for all properties being sold for $750,000 or more; each Seller must obtain a Clearance Certificate prior to Settlement.
The ATO Clearance Certificate is a statement from the ATO confirming that each Seller is not a foreign resident.
Applying is easy and there are no fees involved.
Simply visit the ATO’s website and complete their online application form to get things started.
We suggest you apply as soon as possible as there may be a waiting period of up to 28 days.
If you require any assistance, please contact our office.
Yes. Once you have received your certificate, please provide us with a copy so we can inform the Buyer. A clearance certificate is provided to the Buyer prior to settlement to confirm that the Buyer does not need to pay part of the purchase price to the ATO for Capital Gains Tax purposes.
If an ATO Clearance Certificate cannot be obtained prior to Settlement and the purchase price is $750,000 or more, legally the Buyer must withhold 12.5% of the purchase price and pay this to the ATO.
If the property is mortgaged, you should immediately provide your bank with a completed mortgage discharge form. These can usually be obtained online or alternatively you can attend a branch to arrange for the release of mortgage. Ensure that you also provide the contact details of your solicitor so that they can arrange for Settlement on your behalf.
A rates search will be done by the Buyer to confirm the rates owing/paid for the settlement period. A rates adjustment will be made at settlement either in favour of the Buyer or Seller depending on if the currents rates balance is paid. This means you will only be paying the rates for the period of time that you are the owner of the property.
If you are purchasing property as joint tenants, each party on title will hold an individual interest in the property. The most common example of a joint tenancy is the ownership over a home by a married couple. In this example, joint tenancy comes with the ‘right of survivorship’, which means that in the event of one joint tenant surviving the other, the property automatically passes to the remaining joint tenant and does not form part of the deceased’s estate.
If you are purchasing the property as tenants in common, each person will own a share in the property (i.e. can be 50/50, 70/30, 99/1 or any share as you wish). On the death of one party that share passes to whoever inherits their estate.
Address: Suite 5/120 Bloomfield Street, Cleveland.
Copyright © 2022 - Mott & Associates.
All Rights Reserved.
Information you obtain at this site is not, nor is it intended to be, legal advice. Please consult one of our lawyers for individual legal advice.
Liability limited by a scheme approved under Professional Standards Legislation.