A standard contract for the conveyancing of residential property was developed by the Real Estate Institute of Queensland and Queensland Law Society. Seek advice before you sign – send a draft contract to your solicitor to make sure it is correct and meets your needs. A standard contract cannot deal with the individual circumstances of every transaction.
If necessary, your solicitor can add special clauses, e.g. the purchase may depend on the sale of your existing property, the property is not subject to flooding, the sellers have obtained all necessary statutory approvals and complied with those approvals.
There are critical warning and disclosure statements that must be completed before signing. All residential sales in Queensland are subject to a buyer’s cooling-off period of 5 business days commencing on the date the buyer or their solicitor receives a signed copy of the contract. (No cooling off period applies to buyers who purchase at the fall of the hammer at auction.)
Home Unit, Duplex or Apartment
If you buy a townhouse or unit (community title) you take on a relationship with the other owners and the body corporate such as sharing the ownership of the common areas, e.g. lifts, stairwells, and front entrances, and becoming a member of a body corporate which is regulated by fairly complex rules – for instance you are jointly and severally liable for the body corporate’s debts.
The body corporate is made up of all of the owners. It decides issues about the common property, concerns of owners, and maintenance of the complex.
Owners regularly contribute money to the body corporate for day-to-day ongoing expenses and anticipated long-term costs.
You should ask your solicitor to explain the ramifications of buying community title.
Vacant lot or large acreage
If you are buying a vacant lot with plans to build a home, your solicitor will: check the title and plan of the land for easements, caveats and other encumbrances; conduct searches to disclose any zoning and planning regulations or other restrictions affecting the land; prepare all documents; and make sure you gain good title to the property you are buying.
If you are buying a farming property consult your solicitor to ensure that zoning restrictions, environmental regulations, water management rights, and contaminated land regulations do not adversely impact your investment or proposed farming activities.
Different situations have different requirements, but we can assist with Contracts of Sale for:
- Residential purchases
- Off-the-plan purchases
- Strata units and apartments
- Rural property
- Vacant land
- Deceased estate property transfers
GET IN TOUCH WITH JANET TODAY AND LET’S DISCUSS YOUR OPTIONS!