Buying or selling your home will be one of the most important financial transactions you make. To be confident in your decision, do not sign any contract without first seeking the advice of your solicitor who is specially trained in conveyancing.

Conveyancing

Conveyancing is the term used to describe the transfer of ownership of property from seller to buyer. The Land Title Act 1994 is the main piece of legislation governing the conveyancing of houses in Queensland.

Real Estate Agents & Solicitors

It is important to understand the different roles real estate agents and solicitors play in conveyancing.

An agent introduces a buyer to property and is not qualified to give legal advice on the contract or to draft clauses or modify the standard contract. Remember the agent is not independent of the transaction. The agent is the seller's representative; the agent's commission depends on the sale going through.

Your solicitor will guide you through the transaction to ensure your interests are protected.

The Contract

A standard contract for the conveyancing of houses, the Plain English House and Land Contract (2nd edition) 1997, was developed by the Queensland Law Society and the Real Estate Institute of Queensland.

When you find the house you wish to purchase, the agent will ask you to sign the standard contract.

Seek Advice Before You Sign

Be warned. No standard contract can deal with the individual circumstances of every transaction. For instance, you may need to add special clauses to the standard contract to cover:

• your particular circumstances, for example, your purchase may depend on the sale of your existing property, or
• matters of particular concern such as flooding, pest, or termite damage.

Have the agent fax a copy of the draft contract to your solicitor.

When Buying A Home

Your solicitor will discuss with you:

• details of the building inspection report
• the need, if any, for special conditions
• any tax implications arising from the purchase of the property.

• check the title and plan of the land for easements, caveats, and other encumbrances
• make sure all necessary searches have been made
• advise on any zoning and planning regulations or other restrictions affecting the property
• check for any disputes or other charges affecting the land
• prepare all documents and make sure you gain good title to the property you are buying.

When Selling A Home

Once a buyer has signed and paid a deposit, you will be handed the standard contract to sign.

Before signing, speak with your solicitor about:

• the inclusion of fixtures and fittings
• any alterations you have made to the property
• the date of settlement and, if relevant, the timing of any new house purchase
• capital gains tax, general tax implications, and estate planning.

• check that all documents you are required to sign are in order
• ensure all outstanding government charges such as water rates have been paid
• arrange for the repayment and legal discharge of any mortgage on your property
• ensure you are paid in full for the property.

Doing It Yourself

You do have the choice of doing the conveyance yourself, but you do so at your own risk.
Solicitors are conveyancing experts who may also need to draw on other areas of law for your particular circumstances. As each property is different, so is each conveyance.

Legal Costs

The conveyancing market is competitive so ask your solicitor up front about the costs of the conveyance. But remember the cheapest is not always the best.

Also inquire about their Client Care policy which will ensure that you are kept informed of the developments in your matter.

Government Fees

• When Buying: There will be standard outlays including stamp duty, Council and government search costs, and document registration fees. Ask your solicitor for an estimate of these costs. You will be eligible for a stamp duty discount if you will live on the property. If you are purchasing for investment, speak to your solicitor about the tax deductibility of the mortgage repayments.
• When Selling: You are obliged to give clear title to the buyer. Your real estate agent will charge a commission on the sale and there will also be bank and building society charges to consider.

For further details refer to the Queensland Law Society's legal guide, A Guide to Buying and Selling a Home.

Need A Solicitor?

If you do not already have a solicitor, contact the Queensland Law Society's Referral Service on 07 3842 5842 for a referral to a local solicitor, or click here.

Disclaimer

The information on this web page is merely a guide and is not meant to be a detailed explanation of the law. Ray White Port Douglas Pty Ltd recommends you see your solicitor about particular legal problems or find a solicitor by contacting The Queensland Law Society - Tel: (07) 3842 5888, Fax: (07) 3842 5999, Email: info@qls.com.au.

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