Conveyancing for buyers & sellers

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TERRIFIC VALUE FOR MONEY

Our unique fixed-fee service packages are easy to understand and terrific value for money. We expertly perform all the normal legals at a fraction of normal legal rates! QBPL has expertly conducted thousands of property settlements and has made certain of all contract compliance issues and special condition requirements.

We provide full legal office service and can take full responsibility for the legal side of your transaction.

Conveyancing – what’s involved?

For Buyers

The conveyancing process begins once all parties have signed the Contract. It is strongly recommended that you provide a copy of the draft Contract to your solicitor for review prior to signing.

Risk regarding damage to the property moves to the buyer after signing so it is strongly recommended that you immediately arrange insurance.

You will receive an initial documents pack from your solicitor outlining critical contact information and the due dates. Complete, sign and return the items requested.

Standard contracts have a 5 business day cooling off period during which time you are entitled to terminate for any reason upon payment of a termination penalty of 0.25% of the purchase price.

Searches and investigations

Your solicitor will provide you with a “search checklist” that outlines all searches that can be conducted over the property, what each search will reveal and their price. Some searches are “standard” and it would be very unwise not to have them performed.  Your solicitor will recommend other searches that may be applicable. You should be sure to discuss with your solicitor any specific concerns you have about the property.

Should the Contract be subject to satisfactory Building and Pest report,arrange for a licensed inspector to attend the property and provide a report by the due date. When you have it, provide a copy to your solicitor and advise them whether you are satisfied with the outcome. If not, your solicitor may be able to request a reduction of the purchase price, request that the Seller fix specified issues prior to settlement or terminate the Contract.

Finance

You should immediately provide a copy of the Contract to your financier or broker  and advise them of the due date for finance. Provide a copy of your finance approval to your solicitor immediately upon receipt.

If you anticipate that your finance will not be approved by the due date, you should immediately contact your solicitor to advise them of the date to which you expect an extension will be required. N.B. it is up to the Seller’s discretion as to whether they approve any extension requests. You should therefore do everything you can to ensure that the results of your finance application will be received by the due date. 

Once finance is approved, your bank will provide you with a number of loan documents for you to complete. Ensure that you return the loan documents to your bank as soon as possible as any delays in returning documents may result in delays of settlement.

Your solicitor will draft the Transfer documents based on the information you have provided to them. They will then arrange for the Transfer document to be executed by the Seller. Your solicitor will likely sign the Transfer documents on your behalf.

Settlement

Your bank will confirm with your solicitor once settlement is ready to be booked in.

Your solicitor will arrange for settlement with the bank and the Buyer’s solicitor. They will also calculate the settlement adjustments (ie. rates and water adjustments) and attend settlement on your behalf or arrange for a settlement agent to attend.

If your bank will not be providing sufficient funds to cover settlement and you have not provided your bank with an authority to draw funds from another nominated account, you must transfer any shortfall funds into the solicitor’s trust account.

Your solicitor will arrange for the Transfer and Contract to be assessed for payment of stamp duty which you must pay prior to settlement.

Your solicitor will contact you and the real estate agent to confirm once settlement has been effected. The agent will then release the keys to the property to you.

Ordinarily, cheques will be drawn at settlement to pay any outstanding local authority invoices such as rates and water. Your solicitor will then forward payment to the relevant authorities.

The Transfer documents will be handed to your bank at settlement to lodge with the Titles Office. You should contact your bank one month after settlement has been effected if you have not received confirmation of the Transfer being registered.

For Sellers

If the property is mortgaged, you should immediately provide your bank with a completed mortgage discharge form. These can usually be obtained online or alternatively you can attend a branch to arrange for the release of the mortgage. Ensure that you also provide the contact details of your solicitor so that they can arrange for Settlement on your behalf. B. if you do not advise the bank of your solicitor, they may be unable to speak on your behalf. This could in turn cause delays in settlement. 

You will receive an initial documents pack from your solicitor outlining critical contact information and the due dates. There will likely also be a number of documents that you will need to complete and return.

The Contract is usually subject to a 5 business day cooling off period during which the  Buyer is entitled to terminate the Contract on payment to you of a penalty of 0.25% of the purchase price.

From there, your solicitor will ensure all payments, are made on the due dates and will follow up the Buyer’s solicitor on any due dates (ie. finance, building and pest). If the Buyer requests an extension, your solicitor will need to be able to contact you to seek your instructions,

During the conveyancing process, you will be sent the Transfer documents for your execution. You will be required to sign these forms in front of a qualified witness (Justice of Peace, Solicitor etc.)

Your bank will confirm with your solicitor once settlement is ready to be booked in. Assuming that you have returned all the banks required documents; you should not do anything further at this point in order to proceed to settlement.

Your solicitor will arrange for settlement with the bank and the Buyer’s solicitor. They will also calculate the settlement adjustments (ie. rates and water adjustments) and attend settlement on your behalf or arrange for a settlement agent to attend.

Your solicitor will contact you to confirm once a settlement has been effected.

Ordinarily, any outstanding commission fees will be paid to the agent by cheque drawn at settlement.

You should arrange for any insurance on the property to be cancelled once you have received notification that settlement has been effected.

Off-the-plan

If you are buying a unit in a building that is under construction, there is no existing title or survey plan relating to the lot you are buying. For that reason there are copious compliance issues and additional documentation to precisely describe the property itself and all the legal arrangements that will apply to the body corporate.

The developer is required to provide you with a disclosure plan and a disclosure statement before you sign up. Usually the disclosure statement will also include the proposed bylaws for the body corporate, the proposed management agreement with the body corporate caretaker and the proposed secretarial agreement with the body corporate secretary.

It is important that these documents be carefully examined and understood.

Not least in importance is the schedule of specifications and finishes and any exceptions which might entitle the developer to vary the design or finishes.

If a material change occurs during construction, the developer is required to issue a further disclosure statement in respect of which you may have contract termination or compensation rights.

The developer’s solicitor will notify the buyer’s solicitor as construction completion draws near and when the survey plan for the particular unit has registered. Settlement is usually required 14 or 21 days following receipt of notification that the survey plan has registered.

It is important that your finance year can complete the relevant loan documents to make the advance of the settlement monies within that time.

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Will they add value?

QBPL team members have all the technical skills and offer a fresh outlook for how to achieve your business objectives.

Having a sense for business and being able to leverage expertise for the benefit of your business can add outstanding client value. Call today.

Are they efficient?

Does your commercial law firm deploy advanced systems and technology that streamlines processes to reduce client costs and provide transparency?

QBPL provides client side access to document and critical transaction details  – which means quicker turnaround times, lower communication costs and faster results.

Are they communicative?

Commercial legal practice is not about forms and privacy policies. Your Brisbane business lawyer should be on the front foot with regular updates relevant to your business or industry.

Your interests should be their foremost interest. At QBPL your success is our success.

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