When you want to settle down in a certain place, you will need to buy something big as a land or a house property. Of course, everybody wants to have a concrete proof of his/her ownership. This is also applicable to corporations or businesses purchasing real estate properties. As simple as it sounds, it’s actually a legal process that buyers and sellers need to go through. That is what you call- CONVEYANCING.
Every state in Australia has different rules of conveyancing. It actually makes it more complicated to understand. So here, let me run through some of the basic steps that the state of Queensland practices.
The whole state follows the Queensland Conveyancing Protocols. It covers the step-by-step process of conveyancing. It consists of the structure, contracts, sales offer, actual selling and the sanctions for failure to comply with the laws.
The protocol aims to avoid problems due to an intentional and unintentional discrepancy on the fulfilment of requirements. This is pertinent for the buyer and the seller. The protocol also covers the representatives like lawyers, solicitors, and conveyancers.
To start off, we have to put in mind that any Licensed Conveyancer is not allowed to own a Conveyancing Agency. They are only allowed to be employed and be supervised by a Solicitor. Their responsibility is to support the clients and give them objective suggestions about the properties that they are buying/ selling.
Contract of Sales has specified conditions in this state. Building inspections are necessary as part of a requirement for the transfer of title. But unlike the other states, it is the responsibility of the buyers to make sure that all their expectations are met. As soon as they sign the contract, it means that they have initially inspected each part of the property and they agree to the conditions and prices.
But wait! Actually, there is a Cooling off Period in Conveyancing in Queensland. It is the last chance for the buyer to back out and not proceed to the purchasing of the property. This is to provide security to the seller as well as the buyer before they formally enter into an agreement. If the buyer decides not to buy the property anymore, the seller may or may not ask for 0.25% penalty. This period lasts up to five days.
On the other hand, the buyer may also use it for his/her advantage. There will be more time to further examine the property and check if all the conditions written on the contract are fulfilled. Once the buyer proves a breach in the contract, he or she may withdraw from the agreement. The buyer can also refund the deposit due to this situation.
An agreement is bounded by time schedules and deadline. Thus, the seller and buyer need to agree on the specific date and even time of closing the deal.
With lots of legalities to consider, we might need to consult the experts. There are a lot of Conveyancing Agencies that we can choose from. This for us to make sure that the contracts that we are entering is legitimate and follows the protocols.
Get a quotation for your conveyancing needs with Ownit Conveyancing