Queensland Conveyancing

Queensland Conveyancing

1.Preliminaries (usually no solicitor involved at this stage)

• inspect property
• negotiate (real estate agent usually acts as an intermediary)
• make sure defects in the title are disclosed by the seller

2. Formation of contract

• real estate agent usually draws up the contract
• buyer signs contract in duplicate, pays deposit and then delivers contract in duplicate back to seller
• seller signs, and a copy of the contract is provided to the buyer
• buyer has a five-business-day cooling-off period (if residential property)

3. Between contract and completion

• buyer goes to a solicitor (if a solicitor is used)
• buyer or their solicitor investigates title, searches various departments and may conduct a survey
• any objections to title are delivered
• transfer documents are delivered to seller
• buyer or their solicitor attends to stamping contract
• adjustment of outgoings are worked out

4. Completion

• if search results are satisfactory, the buyer pays balance of purchase money and the seller hands over all documents necessary for registration and the keys for the property

5. After completion

• buyer (or their lender if finance is required) attends to registration of transfer, with the buyer becoming the legal owner upon registration
• notification of the change of ownership is given to the relevant government departments.