Almost everyone buys and sells property at some time in their life, and it can often be an expensive and stressful process if not done right.
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The following are our top 5 tips if you are looking to buy a property at an auction:
If you have just signed a contract to buy a property, you should take the following steps as soon as possible:
Most people have heard the term “cooling-off period”, but what does it actually mean?
Put simply, the cooling off period is the time following entry into a contract for the purchase of a property during which the buyer may terminate the contract if they get “cold feet”.
Standard contracts in Queensland and some other States come with a cooling-off period of five days. That means a buyer can terminate the contract at any time during the five days following the signing of the contract.
However the cooling-off period does not apply to contracts entered into by auction, or contracts entered into within 2 days following an unsuccessful auction if the buyer was a registered bidder at the auction.
If the buyer terminates the contract during the cooling-off period, the seller must refund any deposit paid to the buyer. The seller may however deduct a penalty of up to 0.25% of the purchase price.
If the buyer wishes to terminate under the cooling-off period, they must do so in a certain way. It is always best for buyers to seek legal advice prior to terminating under the cooling-off period, as this may not be in the buyer’s best interests.
Standard contracts in Queensland and some other States provide buyers of property the right to do a “final inspection” of the property prior to settlement. The purpose of a final inspection is to allow the buyer to have one last viewing of the property in order to confirm they are satisfied that there are no issues and settlement can therefore proceed.
Buyers should undertake a final inspection for a number of reasons, including to:
Most contracts for purchase of a property contain a condition that the contract is subject to the buyer being satisfied with the building and pest inspections. Despite this condition, sometimes buyers waive their right to undertake such inspections. It is always recommended for a buyer to undertake building and pest inspections. Issues to look out for in the reports are:
If you aren’t happy with the results of the building or pest inspections, you have several options, including the right to:
Stamp duty, also known as transfer duty, is a tax imposed on the purchase of certain property in Australia. Most people first experience stamp duty when they buy a home, as it is imposed on purchases of residential property.
Stamp duty increases depending on the value of the property that is purchased.
In Queensland (and in other States from time to time) there are three stamp duty concessions which are outlined below:
Sellers and buyers of property frequently ask whether they should undertake their own conveyancing. The answer is that sellers and buyers should not undertake their own conveyancing unless they:
Generally it is always best to engage a law firm to act on your behalf during a conveyance to avoid any issues and to protect your interests. Conveyancing fees are competitive and the small outlay is worth the investment by saving you a lot of time and money if anything goes wrong.
A lawyer is a person who holds a law degree and can act on your behalf in various types of legal matters, including conveyancing. On the other hand, a conveyancer may only act for you in a conveyance of a property, and generally a conveyancer must either be:
Which condition is required to be satisfied by a conveyancer will depend on the State in which the conveyancer is located. For example, a conveyancer practicing in Queensland must be supervised by a lawyer at all times, whereas in New South Wales a conveyancer can hold a conveyancing licence and does not need to be supervised by a lawyer.
You should consider the following when deciding between a lawyer or a conveyancer to do your conveyance:
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