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Indooroopilly, Jindalee, Kallangur, , , , Kangaroo Point, Kedron, Kelvin Grove, Kenmore, Logan City, Loganholme, Loganlea, Lutwyche, Macgregor, Mansfield, Margate, Meadowbrook, Milton, Moorooka, Morningside, Mount Gravatt, Mount Ommaney, Murrumba Downs, New Farm, Newstead, Norman Park, Northgate, Nundah, Ormeau, Paddington, Park Ridge, Petrie, Pimpama, Red Hill, Redcliffe, Redland, Regents Park, Richlands, Riverhills, Robertson, Rochedale, Rocklea, Salisbury, Sandgate, Seven Hills, Seventeen Mile Rocks, Slacks Creek, Spring Hill, Springwood, St Lucia, Stafford, Stanmore, Strathpine, Stretton, Sumner, Sunnybank, Tanah Merah, The Gap, Tingalpa, Toowong, Underwood, Virginia, Wacol, Wellington Point, West End, Wishart, Woodridge, Woolloongabba, Wynnum, Wynnum West, Yatala, Yeerongpilly, Yeronga What is Conveyancing? Conveyancing is the legal term used to describe the transfer of a property from one owner (the seller) to another (the buyer). A typical conveyance is largely administrative, rather than legal, in nature. When does it Start? Usually after the Contract is signed by Buyer and Seller. However, it is a good idea to get legal advise BEFORE you sign. You normally have 30 to 60 days after the Contract is signed before the ownership changeover occurs (called 'settlement'). Conveyancing Time Line Contract Signed 30 - 60 days for Buyer & Seller to arrange finance, transfer forms, etc. Settlement What does the Buyer have to do? A typical conveyance includes: * Arrange Pest & Building inspections (optional) * Arrange finance for the purchase (if required) * Make up the transfer of ownership form - this is a standard form which is filled in by the Buyer. It is signed by the Seller and the Buyer * Pay stamp duty on the transfer form - the Buyer lodges the form with the office of State Revenue and pays stamp duty * Order property searches * Work out adjustments (eg for rates & water) to the purchase price with the Seller * Attend at settlement to handover the cheques and collect the Title Deed What does the Seller have to do? A typical conveyance includes: * Arrange release of your mortgage and pay out figure with your financier (if applicable) * Sign the transfer forms submitted by Buyer * Work out adjustments (eg. rates and water) to the purchase price with the Buyer * Attend at settlement to collect the cheques and hand over the Title Deed Why are the search fees different? As the local government authorities have different fees for their searches and supplying of plans, our package of search will vary from locality to locality. What searches are included? For residential home, unit or land purchases, we carry out the following property searches required to reasonably secure your purchase. Standard Search Package: 1. Title Search upon receiving contract and Title Search upon the day of settlement. 2. Local Authority Search which reveals information about the rates and any problems that the local authority has with the property. 3. Main Roads Search 4. Land Tax Clearance Search 5. Registered Plan of Land 6. Body Corporate Information Certificate (where applicable) Should you have concerns about a specific aspect of your property, then there are a range of other searches to provide additional piece of mind, including: 1. Contaminated Land 2. Railways 3. Bankruptcy The Conveyancing Process Receipt of Contract We obtain Title Search and a Registered Plan Search We contact the seller's solicitor and notify them that we are acting for you Take out building and public liability insurance to product your property Before the due date, you execute any building, pest or other inspections that you included in the contract and notify us of the results Arrange unconditional finance prior to due date and notify us of: - who is financing - which branch - contact details - tell us if you are refinancing another property - loan details and your contribution Going Unconditional If inspections were favourable, we notify the seller's solicitor that the conditions were met Notify agent that the contract has gone unconditional If all the conditions have been met, the contract goes unconditional You liase with financier to ensure that the mortgage documents are signed by you and delivered back to them as soon as possible. Approaching Settlement We obtain and check the rest of the searches required If your financier requires additional searches, we notify you of the cost and then obtain the searches for them Work with financier toward correct provision of funds for settlement to occur Prepare settlement figures with relevant parties If are going to be living in the home or unit....ensure that you signed and have witnessed Form 2.1 (Stamp Duty) Declaration) for the Office of State Revenue ASAP) Arrange settlement time and location with your financier and seller's solicitor Advise financier of cheque details for settlement Receive correspondence from us and if required, complete and sign Information Statement and Form 2.1 (Stamp Duty Declaration) and return it to us immediately Work with your financier to ensure they are ready for settlement ,have no outstanding issues and documents correctly signed and received by them Forward balance of settlement monies to be paid to seller, stamp duty and fees by way of bank cheques as directed by us. Before Settlement Advise you of the cheque details required at settlement If required, you arrange bank cheques for settlement, stamp duty and our fees and get them to us Settlement Generate stamp transfer document Attend settlement on your behalf Send letters to confirming settlement to agents and relevant parties Remit stamp duty to Office of State Revenue Post Settlement For cash purchases, lodge Transfer at Dept of Natural Resources Notify you in writing with details of settlement figures and tax invoice for our account Receive letter and tax invoice for our work Enjoy your new home! Index Of Special Conditions Through our involvement in so many property transactions, we have found that our clients' needs have been well protected with the inclusion one or more of these clauses. Are there any that are applicable to your needs? To view, click on the clause title the describes your situation for the relevant text to be displayed. 1. Commission Clause Where Deposit is Less Than Commission 2. Subject to Satisfactory Building Report 3. Subject to Completion of Sale of Buyer’s Property (where the Buyer has already entered a contract) 4. Subject to Completion of Sale of Buyer’s Property (where the Buyer has yet to enter into a contract) 5. Payment of Deposit 6. Deposit is in the Form of Bank Guarantee/Deposit Bond 7. Investment in the Deposit 8. Early Release of Deposit to Seller (commission retained) 9. Subject to Termination of Existing Sale Contract 10. Subject to Registration of Title in Seller’s Name 11. Simultaneous Completion of Another Contract by the Buyer (e.g. neighbouring land) 12. Simultaneous Completion of Another Contract Between Seller and Buyer (eg. Swap of properties) 13. Subject to Engineer’s / Pest Controller’s Report 14. Subject to F.I.R.B Approval 15. Subject to Body Corporate Record Search 16. Subject to Body Corporate Information Being Supplied (used when immediate access to information is not possible) 17. Pool Fencing (the Buyer’s obligation) 18. Pool Fencing (the Seller’s responsibility) 19. Faxed Contracts 20. Disclosure of Non Approved Building works (eg Pergola) 21. Seller Finance 22. Real Estate Agent or Relative Purchasing the Property – Consent by Principal 23. Real Estate Agent Selling Property – Notice to Buyer of Beneficial Interest 24. Builder to Complete Dwelling 25. Spec House on Builders Terms OR On sale of Unit Purchased Off-the-Plan 26. Early Possession 27. Rent Back to Seller 28. Compliance with Requisition (e.g. Sale of Flats) 29. Subdivision of Land Where Plan Sealed by Council 30. “Sunset Clause”/”48 Hour Clause” – Option 1 31. Building Covenants 32. Property at Seller’s Risk until Settlement Date Some advice when purchasing a property Before signing a contract: 1. Understand all the terms of the contract including: - Date of settlement - Date of finance approval - Provision of any special conditions that you require to be completed to be written into the contract so that you may be able to complete your purchase eg - Sale of another property - Completion of repair work by the seller - Receipt of monies from a third party 2. Obtain legal advice before signing a contract if you do not understand any of the terms of the contract. After signing a contract: 1. Obtain a cover note for the building and public liability insurance within 24 hours of signing a contract. The terms and conditions for the commonly used contracts provide that the property is at the buyers risk after signing the contract. It is important that you obtain sufficient insurance cover to be able to replace the house and all other improvements on the property including sheds and pergolas if the house and the improvements were totally damaged or destroyed. Public Liability insurance should be at least $5,000,000. Legal Guide to Buying and Selling Real Estate Introduction Conveyancing is the transfer of property ownership from one party to another. Buying and selling real estate means making important financial decisions - decisions which affect your future and your family. Most people buy or sell real estate at least once in a life time; many of us do so more frequently. Real estate transactions always result in contractual relationships with others. Contractual relationships create legal rights and obligations for both vendors and purchasers. In fact, for most people, an agreement to buy or sell real estate involves thousands of dollars and is the most significant contract they will ever sign. It makes sense to understand your legal rights and obligations from the outset - and before you commit yourself. You need to be sure that your affairs are in the hands of a professional, whose experience and expertise will protect you. The Conveyancing Process As mentioned earlier conveyancing is a process of transferring property ownership from the seller (the vendor) to the buyer (the purchaser). Contract of Sale In New South Wales, before placing any property on the market, the seller must have a copy of the Contract of Sale prepared by a Solicitor or Licensed Conveyancer. Attached to the Contract are the other Certificates the seller must provide, namely: * a Section 149 Certificate from the Local Council, detailing zoning and other information * a sewerage diagram * a copy of the title folio from the Land Titles Office * copies of all documents creating easements or restrictive covenants * a cooling off period statement has to be provided * a notice directing the parties to section 52A of the Conveyancing Act Sale of Land Regulations * if the property is strata unit, the seller must attach copies of the folio of the Register for the lot and common property and a copy of the strata plan. If the purchaser discovers, after the exchange is effected, that the seller's information is incorrect or misleading, or if the seller does not attach the disclosure information (the prescribed documents), the purchaser may be entitled to rescind (terminate or cancel) the contract. In any event the purchaser must serve written notice to the seller of rescission within 14 days of exchanging contracts. Statement of Buyers Rights A statement of buyer's cooling of rights (in the prescribed form) must be attached to or included in every contract for the sale of residential property. If that statement is not attached or included, the buyer can withdraw from the contract at any time up to settlement and obtain a full refund of any deposit paid. Certificates After going through the warranties given by the seller and the prescribed documents attached to the contract, the purchaser's solicitor or conveyancer should decide which certificates are needed from the following authorities: * Municipal, Shire, or City Council (it is imperative to get a recent certificate) * Water, Sewerage and Drainage Authorities * Environmental Protection Authority * Office of State Revenue, Commissioner for Land Tax * Roads and Traffic Authority * Mine Subsidence Boar * Pacific Power, Integral Energy, Energy Australia * Department of School Education * State Transit Authority * Australian Gas Light There are a number of other authorities that may have an interest in the property in certain locations and circumstances The Steps of Buying When you find the right property to purchase, a copy of the "Contract of Sale" is obtained from the real estate agent or is sent to your solicitor. It is very important that you understand the terms and conditions of the sale and to check if there are any obvious problems in the contract. Expressing an interest in the property Most real estate agents will ask you to pay an initial or part deposit as a sign of good faith. If you haven't signed and exchanged the contract this payment does not `hold' the property. It is refundable if you change your mind. Paying an initial or part deposit only indicates that the agent will be less likely to show anyone else the property. It is important to note here that if someone else exchanges contracts before you, you will miss out on the purchase. You can make arrangements through your solicitor or conveyancer with the agent to exchange contracts with a five day cooling off period in order to secure the property. It is unwise to enter into any contract without first obtaining legal advice on its terms. Apply for the loan Submit a formal application to your lending body for a loan on the property as soon as possible. You should not exchange contracts for the property (with or without the cooling off period) before finance has been approved in writing. With your formal application you will have to pay fees to the lending body, such as establishment and valuation fees. The lending body will value the property to determine whether the property is adequate security for the amount of the loan. The lending body leads a percentage of the valuation of the property, not a percentage of the purchase price. Although the five-day cooling off period can be used to secure a quick exchange, it is wiser to make sure your loan has been formally approved in writing before signing and exchanging contracts. Property inspection Inspections should be organised at this stage before the exchange of contracts to ensure the property is structurally sound and free of pests' infestation. If buying strata property, you should order a strata inspection. Survey If the seller does not have a recent survey attached to the contracts, your solicitor or conveyancer may obtain a survey report. This will identify the property, show the position of the buildings and also fences in relation to the correct boundaries and show any encroachments onto the land or on the neighbouring property. Most lending bodies require an up-to-date survey. Exchange of contracts When all of the above reports are in order and the loan is formally approved your solicitor or conveyancer will organise the exchange of contracts. The contract is a legal agreement between the seller and the purchaser. It sets out the terms and conditions of the sale. Any fittings you are purchasing with the property such as curtains, blinds, light fittings, awnings, air conditioners or TV antenna should be listed in the contract to avoid disputes at or after the settlement The contract is prepared in duplicate by the seller's solicitors or conveyancer. The original is forwarded to the seller for signature. The copy is forwarded to the purchaser's solicitor or conveyancer for approval and then signed by the purchaser. The exchange of contracts is then carried out. The contract is dated at the exchange and thereafter the seller and buyer committed to the transaction on the terms of the contract. What about GST? The Commonwealth Goods and Services Tax will see all new houses subject to a 10% tax. The federal government will compensate all first home buyers (regardless of whether they are' buying a new or existing home) by $7,000 in an attempt to cover post-GST prices. It should also be noted that the GST will also be levied on stamp duty for a short period of time at the rate of 10%. Realistically, GST on new homes will not be levied at the rate of 10% since kitchen appliances and other goods purchased for the construction of new homes may be subject to a dower rate of tax since sales tax previously levied at the rate of 20% and more will be abolished and replaced by 10% on the subject goods. If you are selling your home, a 10% GST is levied on legal costs and agent's fees. If you are renting out your through a real estate agent, management fees ill be increased by 10% to accommodate the new tax. Deposit On the date that the contracts are exchanged, the agent will request that you pay the agreed deposit stated in the contract. While the amount is usually 10 percent, it can vary by agreement. Your solicitor or conveyancer will normally pay this deposit to the real estate agent, and it will be held in the agent's trust account. Alternatively the parties may agree to invest the deposit and receive interest. It is very unwise for the purchaser to hand the deposit over to the seller on exchange or release the deposit to the seller to use as a deposit in a separate purchase of his or her own. Five day cooling off period After the exchange of contracts, there is a provision for a five business day cooling off period. This means you can change your mind and cancel the contract without any limitations. If you decide not to proceed during the five day cooling off period you will forfeit 0.25 percent of the purchase price to the seller eg on a $400,000 property you will forfeit $ 1000. There is no cooling off period if: * you instruct your solicitor or conveyancer to sign a section 66w certificate which waives your cooling off right; or * you are successful bidder at an auction. It is important to have your loan formally approved and inspections carried out before attending an auction or before waiving your cooling off rights. It may be better to wait until you are satisfied with the property and have your loan approved and then the exchange waiving your cooling off rights rather than exchanging too quickly and relying on those rights. This strategy is harder to adopt in a seller's market because the property may be sold to someone else if you delay. The advantages and disadvantages of Exchanging Contracts through an Estate Agent or Solicitor It is important to understand the advantages and disadvantages of choosing to exchange contracts through an estate agent or to wait and exchange through a solicitor. Advantages: Estate Agent 1. It will generally be faster, as an agent may be able to obtain the seller's signature and exchange contracts with you on the same day. 2. You will get the benefit of the 5 business day cooling off period and can secure the property for those five days . You can withdraw from the contract at any time, for any reason, within the cooling off period - however you will forfeit 0.25% of the purchase price. 3. Exchanging contracts earlier minimises the risk of being gazumped, that is the seller sill not be able to sell the property to anyone else during the cooling off period. Advantages: Solicitor 1. If you opt to see a solicitor, they will check the contract to see if there are any burdensome conditions, and if there are, you can negotiate with the seller who may agree to change them before exchange. 2. You will have time to make inquiries and secure reports before exchange of contracts. 3. If you decide not to exchange you will lose the money spent on advice, inquiries and reports but will not lose the 0.25% that you would forfeit if you withdrew after exchange and within the cooling off period. Disadvantages: Estate Agent 1. Severe special conditions in the contract you are not aware of. After exchange, you may get legal advice that the contract contains unfavourable conditions is may be too late to change them. Disadvantages: Solicitor 1. By waiting you may be gazumped, that is until exchange of contracts the seller is free to sell to anyone else. You may lose the property and any money spent on advice, inquiries, reports and loan fees. 2. You will forfeit 0.25% of the purchase price if you withdraw during the cooling off period even if there is something wrong with the property. 3. After expiration of the cooling off period you are contractually bound to proceed with the purchase. You can get out of the contract by forfeiting the full 10% deposit or if the seller has breached the contract. 4. You have only 5 business days in which to get advice, arrange finance and investigate - this may not be sufficient time. After exchanging contracts It takes four to eight weeks between exchange and settlement. During this time enquiries and searches are made and documents prepared by your solicitor or conveyancer. 1. The transfer document is prepared and taken to the office of state revenue for stamping together with the original contracts. The transfer is then sent to the seller or his representative. Once signed by the seller, it will return to you at settlement. 2. All relevant enquiries relating to your land are made. These include relevant Electricity authority, water authority and the local Council. These show if the authorities have any interest in your land, for example, whether the roads and traffic authority plans to resume part of your land for road widening. They also show the amount of council and water board rates, if there are arrears and if the land is subject to a land charge in the hands of the seller. 3. Your lender will prepare the mortgage document, which sets out the terms and conditions of the loan. Make sure you fully understand your mortgage document before signing it. Know exactly what you are contracted to pay, how, when, and for how long. This document allows the lender to sell the property if you do not make the repayments. The lender can recover the amount owing, including the original amount of the loan, interest payable on it and the costs. For further information, see the section entitled "What is a Mortgage?" 4. Requisitions on title are sent to the seller or the seller's representative. Requisitions provide the purchaser with information from the seller, which may not have been previously disclosed or discovered during inspection of the property. An example is whether there are any disputes relating to fences with neighbours. 5. Close to settlement a `settlement statement' is sent to the seller. It details the final amount owing including the adjustments for rates and taxes as the date of settlement. The seller will direct your solicitor or conveyancer how the cheques are to be drawn. Insurance `Passing of risk' legislation puts the responsibility for insurance onto the seller up until settlement or completion of the sale. From settlement, when the property becomes yours, you are responsible for insurance. It may still be prudent to insure the property before the settlement if you are not aware that the seller has an insurance policy. If you are buying a home unit, a `certificate of currency' should be obtained from the body corporate's insurer to make sure the property is adequately insured. Your lender requires details and proof of this on or before settlement. If you are moving into the property before settlement, the seller would probably want to make a special arrangement whereby you are responsible for insurance from the time you take possession. Final Search On the day of settlement it is imperative that a final search of the title is obtained from the land titles office. This is to ensure that the property is clear from any interest or restrictions, which may have been recorded between the date of exchange and settlement. You should carry out a full inspection of the property to ensure that the property has not been damaged and all fixtures and fittings listed in the contract are intact. Settlement Settlement is the completion of the transaction. A date is arranged by both parties and your lender for settlement. This is usually at the seller's lending body (ie. the outgoing mortgagee). Representative of the seller and the purchaser attend, together with a representative from the leading bodies of the buyer and seller. 1. The lending body pays the loan money and the purchaser pays the balance. You must check before settlement (when the settlement statement is being prepared) what the actual amount provided on settlement by your lender will be. Your lending body will usually deduct its costs and disbursements from the loan amount so you will not get the full amount you are borrowing. 2. Your solicitor authorises the seller's representative to collect the deposit from the real estate agent. The buyer will pay, in addition to the price, "adjustments" such as taxes, council and water rates already paid in advance for the year by the seller. The solicitor from the date of settlement will calculate the amount. Land tax is payable in total by the seller and may be adjusted if provided in the contract. 3. Your solicitor will receive a signed transfer and the title deed, and will arrange for the Land Title Office to register the transfer and the mortgage on the title. The title documents and mortgage will be held by the lending body until the term of the mortgage is completed. 4. The buyer pays stamp duty on the mortgage as well as on the contract of sale (this may be arranged after exchange). 5. The buyer is responsible for effecting insurance on the property from settlement. It is very important that you arrange insurance before settlement whether or not it is a requirement of your lender. 6. Remember to budget for your moving costs and ongoing costs such as council rates, water rates and insurance. Your solicitor will advise you to pay all rates at settlement. 7. The keys to the property will be handed over at settlement or you can pick it up from the real estate agent once authorised by the seller's solicitor. What is a Mortgage A mortgage is the security for payment of a debt given by a borrower to a lender. Technically it is a conveyance, transfer or assignment of real or personal property given by the mortgagor to the mortgagee to secure the payment of money or the performance of a monetary obligation. For the purposes of a mortgage transaction the borrower is known as the mortgagor (the person who grants a mortgage) and the lender is known as the mortgagee (the person who takes an interest under it). Standard Covenants by the Mortgagor The covenants in a mortgage document set out the formal agreement between the mortgagor and the mortgagee, that is they set out the obligations and rights of the parties. Some common covenants by the mortgagor are: 1. The personal covenant for repayment, that is, the obligation to repay the principal and to pay interest on the principal to the mortgagee. If repayments are not made regularly, the mortgagor (ie. you) will be charged with a higher rate of interest. 2. The covenant not to sell, rent, create another mortgage or charge over the property, part with possession, assign, subdivide or deal in any other way with the mortgaged property without the written consent of the mortgagee. 3. The covenant to keep the mortgaged property properly insured against fire and other usual risks. 4. The covenant to keep the mortgaged property in good repair and not to do anything that might reduce the value of the property. 5. The covenant to pay all rates, taxes and levies assessed against the mortgaged property and comply with all notices issued against it. 6. The covenant not to make alterations or additions to the mortgaged property without the prior written consent of the mortgagee. 7. The covenant not to obtain a Development or Building Approval without the prior written consent of the mortgagee. 8. The covenant to comply with all statutes and requirements of competent authorities in relation to the mortgaged property. 9. The covenant to pay the costs incurred by the mortgagee in arranging, administering, enforcing, releasing and terminating the mortgage. What is a Guarantee? It is a promise by you that the person who is getting credit under a credit contract ("the debtor") will keep to all the terms and conditions of a loan agreement. If that person does not do so, you promise to pay the credit provider ("lender") all the money owing on the contract (and any reasonable enforcement expenses) as soon as the money is asked for. If you do not pay, then the credit provider can take enforcement action against you, which may result in the forced sale of any property owned by you such as your house and personal assets. Your guarantee is not enforceable unless you get a copy of the credit contract or proposed credit contract before you sign. If you are a Guarantor of a loan, you should be aware of the following: 1. You are liable for all the obligations under this guarantee and indemnity both separately on your own and jointly with any one or more other persons named in the guarantee and indemnity as "Guarantor". 2. You guarantee that the debtor will pay the mortgagee (the lender) all amounts payable under the guaranteed agreement when they are due including reasonable enforcement expenses. Your guarantee continues until all these amounts have been paid in full. What Constitutes Default? Mortgage documents usually specify the events which constitute events of default entitling the mortgagee to call for repayment of all moneys outstanding and to exercise the mortgagee's rights against the mortgaged property if payment is not made. A typical list of such events is as follows: 1. Failure to pay money due. 2. Breach of covenants in the mortgage, for example you do not keep the property in good condition; you do not insure the property. 3. Breach of other security obligations. 4. If it is established that false or misleading statements have been made by the mortgagor to obtain the loan. 5. Allowing anything to occur on the property that is illegal or offensive. 6. Assigning your rights or obligations under the mortgage. Rights and Powers of the Mortgagee Some common rights and powers of the mortgagee are: 1. The right to assign their rights under the mortgage. 2. The right to enter the mortgaged property, usually on reasonable notice, to inspect the condition of the property, to find out whether the mortgagor is complying with the mortgage and to carry out their rights under the mortgage. 3. The right to do anything which the mortgagor should have done but either has not done or has not done properly and the right to recover the costs from the mortgagor. 4. The right to give or refuse to give consent. Rights on default under a Mortgage 1. The right to sue for the amount owing (ie demand payment). 2. The right to take possession of the property and to remove personal possessions at the cost of the mortgagor or to dispose of those possessions. 3. The right to do anything which the owner of the property could do including the right to sell the property to recover the amount owing together interest and other costs including solicitor's costs, the costs of selling the property and the costs of maintaining the property. Rights on Default under a Guarantee 1. If the borrower fails to make any payment on time, the guarantor will be liable to remedy that failure, and that could involve the guarantor in payment to the lender of all amounts owed by the borrower to the lender including principal, interest, default interest and the lender's costs of rectifying the default. 2. If the guarantor fails to remedy any failure by the borrower to comply with the terms and conditions of the loan in any way, including the obligation to pay principal, interest, default interest, or other charges; * The lender can sue the guarantor personally; and * Can take possession of the guarantor's property secured to the lender and sell it to recover the amount owing together with interest and other costs, including solicitor's costs, the costs of selling the property and the costs of maintaining the property; and * If the proceeds of sale of the guarantor's property are insufficient to satisfy the debt to the lender, the lender can sue the guarantor for the deficit, and * The lender can exercise its rights against the guarantor even if it has not pursued the borrower. Why do you need a lawyer for conveyancing ? The REIQ (The Real Estate Institute of Queensland ) strongly recommends using qualified lawyers for conveyancing to ensure your legal rights and investment are protected at all times. Buyers should be aware and informed of the conditions of both the 5 day cooling off period and the Contract of Sale. What is conveyancing? Conveyancing is the process by which the ownership of property is able to pass from seller to buyer. What are the costs of selling? 1. Legal fees 2. Bank fees at time of settlement 3. Real Estate Agent’s Commission What are the costs of buying ? 1. Legal fees 2. Stamp Duty payable to the State government. The amount you pay depends on the purchase price and whether you intend to live there or to buy the property as an investment. There are also concessions available. Your lawyer will obtain the correct rate for you. 3. Searches to ensure the property is unaffected by anything adverse 4. Pest and building reports 5. Bank fees What are the standard searches I may need to obtain and what do they cost? Contaminated land $30.00 Council Property - Dependent upon which Council - as a guide for Brisbane City Council Rates Only $120.00 Land Tax $25.95 Main Roads $19.00 Registered Plan $12.54 Titles Office $13.75 Body Corporate certificates (if relevant) $44.00 Building Services Authority $28.00 Energex $32.13 Powerlink $22.00 Queensland Rail $16.50