When buying a property there are
several legal issues that must be handled such as:
The Contract of Sale; and Conveyancing.
The Contract of Sale
The contract of sale is presented to a buyer when an offer
is made on a property for sale, and subsequently accepted
by the seller. It is important at this stage that buyers seek
independent legal advice - a licensed solicitor will be able
to advise you on any conditions of the sale and/or take the
appropriate steps to include conditions that you want made,
for example, you may want to make the sale subject to pest
and building inspections.
The REIQ Standard House and Land Contract has been prepared
in coherence with the Property Agents and Motor Dealers Act
2000 and in conjunction with the Law Society of Queensland
and is commonly used among real estate agents around Queensland.
A sample copy of the REIQ Standard House and Land Contract
is available for buyers who wish to familiarise themselves
with a contract of sale before beginning their real estate
transaction.
In the case of a property sold through auction it is important
to get a copy of the contract before the property goes to
auction. Properties sold 'under the fall of hammer' are unconditional,
and therefore definite. A solicitor will be able to advise
you on conditions of the contract of sale before you begin
bidding on the property. Tip: on the day of the auction, make
sure there are no late changes to the contract you were given
by checking with the auctioneer.
Conveyancing
Conveyancing is the legal transfer of a property's title
from the seller to the buyer. Queenslanders have the choice
of employing a solicitor to handle the conveyance or doing
the job themselves.
When using a DIY Kit buyers or sellers take on the risks
of costly and/or time consuming mistakes such as missing a
contract deadline or failing to make appropriate adjustments
at settlement.
Experience shows that a high proportion of those people who
set out to handle their own conveyancing strike problems in
the process. They may end up seeking professional legal advice
that can cost as much as, or more, than the original conveyancing
charges they sought to avoid.
Using a licensed solicitor often saves time on paperwork
such as title searches and stamp duty and can also provide
peace of mind when you may be making the largest single financial
transaction of your life.
Whether you use a solicitor or decide to do-it-yourself,
conveyancing still incurs costs such as searches of the Titles
office, certificates of rates, zoning, stamp duty and registration
fees. Searches of zoning, and Titles will determine whether
the property has any restrictions such as adverse planning,
demolition orders, outstanding taxes linked to it, or encumbrances
on Title such as easements.
Ascent Property Investment strongly recommends that buyers
and sellers avoid the risks associated with do-it-yourself
conveyancing and use the services of a solicitor in property
matters.
Last updated 2/3/04
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