CONVEYANCING CHECKLIST FOR BUYERS
Everything you need to know about taking the steps to buy and sell property in Queensland.
As the Queensland property market is very competitive Buyers may be tempted to fast-track their property purchase so as not to miss out on entering the real estate market when they see a good opportunity. However, conveyancing transactions can be tricky and our conveyancing lawyers advise that it is very important for Buyers to be aware of all the legal aspects of buying a house before they make an offer or sign a contract.
To ensure that you are fully informed and confident before settling on a contract, it is highly recommended that you consult with our experienced legal team. We can assist you in performing due diligence on all of your property purchases, guiding you through each step of the conveyancing process. Contact us today to learn more and make the most informed decision on your property purchase.
WHAT TO KNOW BEFORE YOU BUY A HOUSE?
Have you checked off the following conveyancing steps BEFORE you SIGN?
Find out how much Conveyancing costs in Queensland?
Read about what conveyancing fees include, what are disbursements or outlays and how much loca conveyancing service fees are here: Read Here
Talk to your financial institution to begin loan documents
Learn everything about buying deposits and why you can lose your deposit in Queensland: Read Here
Choose your Conveyancer in Queensland
Read our ‘Conveyancing Guide’ on how to choose your conveyancing lawyers for buying or selling property here: Read Here
Organise a Building and Pest Inspection for your property purchase
Read about why you need a Building and Pest Inspection in our Conveyancing Resources here: Read Here
Ask your Horrocks Solicitors Conveyancing Lawyers to review your REIQ contract :
Send your contract to our friendly team today and allow Queensland best conveyancers to oversee your conveyancing transaction from start to settlement: REIQ Contract Submission Here
Learn about Property Insurance before and after your sign your new house and land contract: Read Here
Estimate your Stamp Duty Tax: Transfer Duty Calculator
Read about How much Stamp Duty costs in Queensland: Read Here
Do you need to terminate your conveyance contract?
Read our conveyancing guide for terminating a REIQ Contract: Read Here
CONVEYANCING TRANSFER DUTY
STAMP DUTY
What is Property Stamp Duty?
Stamp Duty is a tax on property transactions by the Queensland Government and is also called Transfer Duty or General Duty. The rate of stamp duty is calculated according to the type and value of the transaction involved.
How much Stamp Duty do I have to pay?
The amount of Stamp Duty that you need to pay can be calculated on the online calculator provided by the Office of State Revenue (Queensland Government) and depends upon the amount of money being paid for the property and whether the property is to be used as a principal place of residence by the buyer or as an investment property. Your transaction may be eligible for Concessions and Exemptions and you could have less or no duty to pay.
DUTIABLE TRANSACTIONS
What kind of property transactions is Stamp Duty paid on?
Dutiable transactions include:
signing a contract to buy or sell a home
giving a half-share of a property you own to your spouse as a gift
giving someone access across your property (an easement)
creating a trust over land that you previously owned in your own right for your children or family members.
Stamp duty is calculated whenever you sell, buy or transfer property including land or rights to land in Queensland for residential purposes including:
established homes and apartments
vacant land upon which a home or apartment will be built
land for development for residential use, such as:
smaller unit block developments
housing subdivisions
major developments with a residential component
buildings refurbished, renovated or extended for residential use.
Calculate your Stamp Duty here.
TRANSFER DUTY CALCULATOR
WHAT ARE EXTRA BUYER’S SEARCH FEES?
Why are the search fees different in Queensland?
As the local government authorities have different fees for their searches, our total price will vary from locality to locality.
What CONVEYANCING searches are included for BUYING house and land?
For residential home or land purchases, we carry out the following property searches required to reasonably secure your purchase:
Standard Search Package:
Title Search upon receipt of the contract
Council Rates Search which reveals information about the state of the rate account.
Main Roads Search
Land Tax Clearance Search
Registered Plan of Land
Title Search on the day of settlement.
What searches are included for purchases of units, townhouses, and dwellings with a body corporate?
In addition to the searches list above for house and land, we also need to acquire:
1. Body Corporate Information Certificate which reveals the state of the body corporate levies
Is there anything else?
Some lenders …
require a settlement notice to be lodged with the Department of Natural Resources. Our fee for this service is $110. ING, National Bank, Bendigo Bank, HSBC, RAMS, Heritage Building Society, Bank West are examples of lenders that require this.
For Units…
Your lender may require a certificate of currency to ensure that the entire property is insured
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:
Contaminated Land
Railways
Bankruptcy
Would you like a fixed quote for your conveyancing of your Brisbane property purchase?
Simply fill in the fields marked with a *. But please let us know as much as you can about the transaction for the most accurate quote.