Here is a little helpful guide to buying a property in Queensland. 

Conveyancing is the process of transferring the legal title of property from one entity to another.

For the most of us, this means buying or selling a home. The process of buying a home can be confusing and we wish to make this process as clear to you as possible. We have explained the entire purchasing process step by step.

Step 1: Making an offer
So you have found a property that you love and can afford. It is now time to approach their agent to make an offer.
Generally, a contract or letter of offer is prepared by the real estate agent and presented to the Buyer. It is during this time that you should consider engaging a lawyer/conveyancer to act on your behalf. It is at this point a lawyer/conveyancer can advise on the terms of the contract, your obligations, and whether or not you require any special conditions. When you submit an offer on a property this can normally be in a multiple offer situation where for you are competing with other purchasers. This gives potential buyers an opportunity to submit an offer if they have not already done so, or to revise an existing offer that has not yet been accepted by the seller.
We also have a statutory obligation to attempt to get the highest possible price for the seller.
Buyers should also be aware that sellers will examine all the terms and conditions of each offer before deciding to accept or reject any particular offer.
The conditions can make certain offers more attractive for reasons other than the proposed price alone.
Some sellers may be prepared to accept a lower price if the offer is unconditional rather than take the risk that a higher offer may not proceed to settlement, because of the special conditions required by a buyer.

The real estate agent will usually deliver the contract signed by the Buyer to the Seller, who will decide whether or not they accept the Buyer’s offer to purchase.
If they accept the offer, the seller will sign the contract and the conveyancing process will begin.

Step 2: The Deposit
Once the offer has been accepted by the Seller, the Buyer must pay the deposit. The due date for payment of the deposit is specified in each individual contract but generally the deposit will be payable upon the signing of the contract or within 3 days to allow for bank transfers. It is an essential term of the contract that the deposit is paid when due. If the Buyer does not pay the deposit when it is due, the Seller will have rights against them.

Step 3: Fulfil your obligations
The terms of the standard contract provide that the property is at the Buyer’s risk from 5:00pm the day after the contract date. It is important to organise appropriate insurance as quickly as possible.

The residential contract used in Queensland will typically be subject to finance. This means that you will be given a certain amount of time to organise a loan on terms which are satisfactory to you. If you are unsuccessful in obtaining finance on terms satisfactory to you, you will have a right to terminate the contract without losing your deposit.

Building and Pest
Most residential contracts are subject to a satisfactory Building and Pest inspection report as well. If your contract is subject to a Building and Pest inspection then you will have the right to have the property inspected by a licensed building inspector at your own cost who will provide you with a report of their findings. If the report contains significant defects, you will have the right to terminate the contract without losing your deposit.
Remember that it is very important to liaise with a lawyer when fulfilling your obligations under the contract to ensure that your rights are at all times protected.

Transfer duty
Buying property in Queensland is a dutiable transaction, which means that Transfer Duty will be payable. Your lawyer/conveyancer will be able to tell you how much duty is payable on your purchase and whether or not you eligible for any duty concessions or grants. Your lawyer will also facilitate the payment of the transfer duty.

Final Inspection
This will be conducted by the purchaser or a nominated person to make sure you are happy with all inclusions and the property is in the same condition when you placed your offer on the property, normally occurring the day before or on the morning of settlement.

Most settlements happen in the afternoon for you to move in the property and your lawyer/conveyancer will advise when this has happened and you will then liaise with us to collect the keys and start moving in to your new property.