Who prepares the Contract?
The Contract is usually prepared by the seller’s real estate agent. If you have sought our advice before signing the Contract, we will request an unsigned copy of the Contract from the agent and advise you of any changes which we think need to be made.
Alternatively, you can tell the agent that you wish to appoint us to act in the conveyance and that a copy of the Contract be supplied to our office before signing.
We will then work with the agent to ensure that all contractual issues are taken care of before signing. The Contract should then be presented to a buyer to be signed.
Can I sign the Contract before getting legal advice?
We always recommend that people get legal advice before signing a Contract. However, we also understand that some people, because of their experience or other circumstances, feel comfortable signing a Contract before speaking with their solicitor or conveyancer.
For residential conveyancing, please remember that the cost of us reviewing the Contract is usually included in the price of a standard conveyance and that, once the Contract is signed, it is usually much harder or impossible to make changes to the Contract.
What type of Contract will be used?
Most contracts are “Standard Contracts” which are prepared and maintained by the Real Estate Institute of Queensland and Queensland Law Society.
In Commercial Transactions, such as retail shop leases or business sales, we will usually need to prepare a number of documents to ensure that the transaction runs smoothly, is properly documented, your rights are protected, and any agreement reached is lawful and enforceable.
When is the Contract binding?
As a general rule, a Contract becomes binding at the time it has been signed by both parties. There are exceptions to this general rule, such as the 5 business day cooling off period which applies to the transfer of residential property in Queensland.
If you have signed a Contract, and are unsure of your rights, please do not hesitate to contact us as we can provide you with detailed advice, including on any avenues which may be available for terminating or varying the Contract, if the case requires it.
I have changed my mind. Can I vary or terminate the Contract?
Once the Contract is signed and becomes binding it can be very difficult to terminate or vary. In some cases, technical avenues may exist for doing so, but you must seek legal advice as soon as possible so that we can investigate these avenues on your behalf before it’s too late.
Alternatively, it may be possible to seek the other party’s consent to the termination or variation, but usually some compromise will need to be negotiated before any agreement is put in writing. In our experience, it is better to be legally represented over the course of these negotiations so that your rights are protected and any agreement is properly documented.
Should I include your contact details in the Contract?
In the schedule to a standard Contract a person can appoint a legal representative to act on their behalf. It is not critical to include this information in the Contract, but can assist the agent contact your lawyer to review the Contract before it is signed. If you would like for us to act on your behalf in the conveyance, you should tell the agent that you want our information included in the Contract.
How much is the cost of a standard residential conveyance?
We are constantly updating our Schedule of Fees to ensure that we remain one of the most competitive conveyancing practices in Queensland. Our professional fees are usually a fixed price. In addition to this, there are government charges and searches which may vary between each transaction. For up-to-date pricing information, please contact our office today on (07) 4616 9600.
Can you help me if I’m buying/selling property outside of the Darling Downs?
Absolutely. We are able to assist you in any form of conveyancing transaction being conducted across Queensland.
What is involved in a standard residential conveyance?
The conveyancing process can be quite difficult to navigate and is fraught with risks if you don’t know what you’re doing.
The process usually starts with the parties signing a Contract, with subsequent searches being conducted to ensure a buyer is happy with various aspects of the Property. The buyer will usually also need to arrange finance and have a building and pest report of the Property undertaken. If there is a mortgage over the Property, the seller will need to arrange for the mortgage to be released at settlement.
>All of the steps are undertaken so that the transaction moves smoothly to settlement, which is where the seller receives money for selling the Property and the buyer receives a “clear title” to the Property.
Subsequently, stamp duty is usually paid for the transfer and a written document known as a “Form 1- Transfer” signed by the parties is lodged in the land titles office to register the buyer as the owner of the Property with the Queensland Government. For more detailed information, please see our page “Buying & Selling Property“.