Buying residential property

The technical term for the transaction of buying and selling property is known as a conveyance.  Conveyancing can be a daunting experience, especially if it is your first home.  We aim to make the process as smooth as possible and ensure you are in your new home with minimum fuss.

 

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FAQ

What should I do before I sign a contract?

What should I do before I sign a contract?

Once you are ready to put in an offer on a property, you may choose to provide our office with a copy of the contract for our staff to review.  We provide this service as part of our standard conveyancing fixed fee. Your real estate agent will provide you a copy of the contract upon request.  We will review the contract to ensure it is in the correct and most recent template and ensure all special conditions are drafted correctly to guarantee your needs are met. 

We will also look for any additional issues that could cause problems to arise throughout the transaction such as the misspelling of names or errors in other critical details.

It is ok if I have already signed the contract?

It is ok if I have already signed the contract?

It is preferable to contact us prior to signing the contract to ensure that your requirements are met and all details in the contract are accurate.  In Queensland it is common for real estate agents to use the REIQ Contract for Houses and Residential Land contract template.  This template is produced by the Real Estate Institute of Queensland and drafted in conjunction with the Queensland Law Society.  The template is regularly updated and is drafted to provide an equal balance of rights and obligations between the buyer and the seller. 

If you have signed a contract and you wish to terminate same, you may be able to terminate if you are still within the statutory cooling off period, which commences the day the contract is dated and remains open for five business days.  Dependant upon your contract and the conditions contained in same, you may have rights to terminate on conditions such as Finance and Building and Pest. 

If you have any concerns about a contract you have entered into, please contact our friendly staff immediately for specific advice.

What is the finance clause? Should the purchase be subject to finance?

What is the finance clause? Should the purchase be subject to finance?

If you are applying for a mortgage from a financier, you should ensure the finance clause in the contract is completed correctly. We recommend a specific financier is not named and the financier is "buyer choice".  This is to ensure your options remain open to you, and that you are not limited by the contract to one financial institution.

A reasonable time to obtain finance should be added to the contract.  Note that currently there are extended timeframes for finance approval.  This is the case even if you have been granted "pre-approval".  Please talk to your lender before filling in these details or call us for assistance in determining an appropriate time for this condition.

Did you know, not all imperfect building and pest inspection reports mean you may terminate the contract?

Did you know, not all imperfect building and pest inspection reports mean you may terminate the contract?

If you receive a less than satisfactory building and pest report, save for major damage or structural issues, it can be difficult to terminate a contract.  You can’t terminate a contract on the basis of a leaking tap or broken light fitting, so what can you do for minor issues?  As a buyer, you can seek that a seller rectifies minor issues prior to settlement, or seek a reduction in the purchase price, relevant to the quoted amount for repairs. This is at the seller’s discretion and the arrangement must be agreed to by all parties.

You should pay attention to such items during your initial inspections and ensure any such issues are resolved before signing a contract.

Contact our office for more information.

Does buying a property at auction comes with a different set of conditions?

Does buying a property at auction comes with a different set of conditions?

Be aware that purchasing a property under the hammer means you may not have the luxury of certain conditions to the contract. In fact, purchasing at auction means the contract will be unconditional. This means, you will not have a statutory cooling off period of 5 business days, the contract will not be subject to a building and pest inspection or finance.

Contact our office for more information and to discuss our fixed fee conveyancing prices.

 

 

When do I need to insure my new home?

When do I need to insure my new home?

Did you know, as a buyer when purchasing a new home you are liable for insurance over the property before settlement?

The property becomes at the buyer’s risk from 5pm the following business day after signing the contract. It is strongly advised you arrange insurance over the property, even though settlement is yet to be effected.

In certain circumstances, where damage occurs to a property i.e. fire or vandalism, the contract will be enforced, and you will be required to set...tle on the damaged property. Call insurers to obtain further information on policies that suit your situation.

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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.