Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.
In Queensland the normal process to make an offer for a property is that the Real Estate Agent who showed you the property will provide a Standard Form of Contract ( normally REIQ) which will contain the details of your offer. They will require you to execute this offer with the intention of presenting it to the seller. If the seller executes the contract with no changes a contract is formed.
You should always have the written offer you present reviewed by a lawyer prior to executing it as once it is accepted you are bound by the terms.
If you intend to buy at Auction you should contact a Solicitor prior to signing such a contract as there is no cooling off period for Auction sales.
There may be issues your local lawyer will be aware of which it would be prudent to include special conditions in relation to or just generally to review what conditions if any have been included. It is often the case that special conditions are drafted by non legal parties which can lead to potential disputes.
Rod Holloway & Co review many contracts prior to execution. Contact us if you wish to discuss this.
Once the contract is executed it is important to engage a Solicitor experienced in Conveyancing as soon as possible as time limits apply to many terms of the contract which need to be complied with or consequences may follow.
Once the contract conditions are satisfied the contract will then be ready for settlement.
After the contract has become binding, your lawyer/conveyancer has a number of tasks to perform including:
- Arranging payment of stamp duty
- Liaising with the lender in regard to the mortgage
- Checking with various government authorities to see if they have a vested interest in the property
- Checking to see if there are any outstanding debts to local council
- Calculating adjustments for council, water and strata rates
- Making final checks on the title
On settlement day your lawyer/conveyancer will attend a meeting that will include the seller’s lawyer/conveyancer as well as any lenders involved and the funds will be handed over in exchange for the title and the keys.
Contact us to discuss the specific property you are considering buying with an experienced property lawyer/conveyancer in North Brisbane.