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SELLING AND BUYING A HOUSE IN QLD?

SELLING AND BUYING A HOUSE IN QLD?

WHAT TO THINK ABOUT WHEN SETTING YOUR EXPECTATIONS

Buying and owning your own home has always been seen as the “Aussie Dream”, but what you may not be aware of is all the steps and processes involved in acquiring and selling a house. Each state has its own set of rules and regulations in the buying and selling process and with people moving interstate more often, they might not be aware of these differences. If you are looking to buy or sell a house in Queensland, then these points might be helpful in setting realistic expectations and timeframes.

  1. Have you engaged a conveyancer/solicitor in Queensland?
  2. Are they reviewing your Contract before you sign it?
  3. Is everything that you have discussed and “agreed” been included in the Contract?For example:

    a. the dishwasher, hot water system, air conditioners, solar panels, remotes for the security gate are included in the purchase and are written in the included chattels section of the Contract;

    b. do you need any special conditions i.e. building permit search; to allow the sale of your existing home; or the garden will be trimmed right back;

    c. have the tenants (if relevant) been  provided notice so that the property will be vacant at settlement  and will the property  have a professional bond clean before settlement (with the invoices to be provided at settlement).

    If it is not written in the Contract then you cannot expect it to be upheld at the time of settlement.

  1. Have you engaged a building and pest inspector?
  2. Have you arranged finance with your broker or bank? Are the bank experiencing delays in their processing times?
  3. Have you signed the mortgage and loan documents with enough time for it to processed before settlement?
  4. Have you signed the conveyancers/solicitors paperwork?
  5. When is the stamp duty due? Will you have to pay it before settlement?
  6. If you are supplying additional funds –do you have the money in the correct bank account? Does the Bank have authority to draw on those funds for settlement?
  7. Is your property clean and clear of any obstructions/personal items from the previous owner? Make sure you arrange a pre-settlement inspection on the day of, or the day before settlement.
  8. Did you take out insurance over your new property(Queensland contracts currently require the property to be at the buyer’s risk from the first Business Day after the contract is signed). Did you provide a copy to your certificate of currency to your conveyancer/solicitor in case you need to request early access or early possession?
  9. Have you got somewhere to stay if settlement is delayed by 5 days on the day of settlement?

So, why is it important to engage a good conveyancing solicitor ? Finding the right solicitor to work with from the start can be the difference between having a smooth buying/selling  process or  one of the worst experiences of your life.  Liaising closely with your conveyancer/solicitor keeps the process moving forward smoothly and allows for changes and timelines to be modified along the way.

If you’re looking to buy or sell a property, speak to our experienced conveyancing team today at WGC Lawyers on 07 4046 1111.