Buying and selling property can be a confusing process, but it doesn’t have to be. We can help you understand property conveyancing in Queensland. Your property conveyancer, like your building and pest inspector, is your legal protector when buying a property. The rules in Queensland may differ if you’re coming from another state, so it’s vital to get a local on board. If you’re buying in Queensland for the first time, the conveyancing process can seem fairly complicated and its not recommended you try it yourself.
What Happens During Property Conveyancing?
When buying or selling a piece of property in Queensland, quite a lot happens before the title gets transferred and the property is in the hands of the new owner.
Numerous legal documentation will be prepared, executed and verified before finally being lodged, investigations will be made to ensure there are no restrictions or other factors affecting the sale, and searches with government departments and local authorities will be undertaken to establish the seller is legally allowed to sell the property.
Then, when all that is finalised, there will be an exchange of funds, a handover of the keys, and settlement is completed. The house is sold.
Do I need someone to help me through the property conveyancing process?
Unless you’re a real estate expert, it’s highly recommended you hire a property conveyancer throughout the buying or selling of your property to guide you through the complexities of the process, and to protect your rights and interests during what can be a confusing and overwhelming time.
So much is involved in fulfilling the obligations for a contract of sale, and you do run the risk of losing the property and forfeiting your deposit should some part of the process go awry.
Established property conveyancers will explain each document and process in plain terms to help you understand what you are signing and why you are signing it, undertake the investigations and required searches, advise you of fees and charges, liaise with lawyers, real estate agents and banks, ensure your legal rights are upheld, and even be there for settlement as the keys are handed over. Their role is designed help you navigate the conveyancing process, making the administrative and financial tasks as streamlined as possible.
Ideally you would hire someone before the property conveyancing process starts, so they can read through the contracts and highlight any potential issues.
How much does it cost to hire a property conveyancer in Queensland?
Conveyancing fees can vary depending on whether you are buying or selling a property. For buyers, hiring a property conveyancer in Queensland can run between $1200 to $1450, and for sellers, the price range is $468 to $580.