Conveyancing
HOGAN STANTON LAWYERS ARE ABLE TO ASSIST IN THE FOLLOWING AREAS OF CONVEYANCING:-
What is Conveyancing
Conveyancing is the branch of legal practice concerned with the transfer of property – particularly real estate.
Both buyer and seller need to sign a contract which often has a number of conditions.
In Queensland, if these conditions aren’t met, then the contract will end with the deposit usually being refunded to the buyer.
It makes sense to engage legal assistance from qualified property solicitors.
We protect your interests by taking steps to ensure that all your needs are being met.
Buying Guide
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1. Before signing the Contract
Please let us review your contract before you sign it. We can check if there are any special conditions that can be included to give you more of what you want and to protect your interests.
2. Once you have signed the Contract
Let us know that the contract has been signed and send us the original copy. We will review the contract, monitor the conditions, obtain the necessary searches, advise on whether you are entitled to any concessions, prepare the necessary transfer documentation and liaise with your financier to ensure a smooth transition to settlement.
Also:
♦ consider seeking an independent valuation ♦ pay the deposit as agreed ♦ get a cover note from your insurance company immediately
♦ book building and pest inspections, also consider whether electrical and pool inspections are necessary
♦ send a certified copy of the contract to your financier and talk to them about a loan, prepare/send all the documents they request
♦ call us if your finance approval is subject to major conditions (e.g. valuation or mortgage insurance approval)
♦ let us know once building/pest/other reports and finance approval have been received ♦ pay stamp duty/legal costs
3. Pre-settlement
Arrange through the selling agent to inspect the property during the week pre-settlement. The seller must not have done anything to significantly alter the property that will result in latter expense to the buyer.
4. Settlement
Settlement is the day that you take possession of the property, as stipulated in the contract. We attend to settlement on your behalf. It is not usual for the Seller or the Buyer to attend settlement. When settlement has occurred the agent will give you the keys. We will prepare the necessary documentation to notify the following entities about the ownership change:
♦ council ♦ other relevant government departments, such as the Titles Office and Commissioner for Land Tax
♦ body corporate (if applicable)
It is your responsibility to arrange for connection of:
♦ electricity ♦ gas ♦ telephone
Budgeting
Below is a simple guide that covers the main costs involved in buying residential property:
♦ valuation ♦ insurance
♦ finance fees and charges: administration/application/valuation fees, stamp duty, registration fees on transfer and mortgage, mortgage insurance (if borrowing more than 80% of the property value)
♦ the deposit (generally 10%) ♦ building/pest/other inspections ♦ council rates, sewerage and access charges and water
♦ body corporate levies (if applicable) ♦ removalist
Solicitor: contact us directly for an obligation free quote
Selling Guide
1. Before entering into a Contract
Please let us review your contract before you sign it. We can check if there are any special conditions that need to be included in the contract and ensure the contract meets all of the necessary legislative requirements for it to be a valid contract. We are able to obtain the necessary information including documents of interest for a buyer and their advisors to ensure information recorded on the contract is correct.
2. Preparing the Contract
Hogan Stanton Lawyers have prepared forms of contract suiting a wide range of Queensland property transactions including for houses and land, units, auctions and off-the-plan sales. We are able to ensure that the contract terms and conditions will be to your best advantage.
3. The signed Contract
Once the contract of sale is signed you should contact your lender to advise them that the property has been sold. They will then arrange a release of your mortgage. We will also liaise with your lender, requesting the payout figure for your mortgage and organise the settlement.
If you have any tenants required to vacate the property, we will ensure they are given the right notice.
4. Pre-settlement
During the week before settlement, the buyer is entitled to inspect the property and will expect that the property has not been significantly altered.
The inspection will be organised through the agent.
5. Settlement
Settlement is the day that the buyer takes possession of the property, as agreed to in the contract, and any mortgage is paid out. You need to have vacated the property by this time. We attend the settlement on your behalf. Following settlement, the buyer will collect the keys from the agent and we will collect a cheque for the balance of monies due and can bank it for you or arrange a cheque.
It is your responsibility to arrange final readings for:
♦ electricity ♦ gas ♦ telephone
Budgeting
Below is a simple guide that covers the main costs involved in selling residential property:
♦ financier: release documentation fees
♦ solicitor: contact us directly for an obligation free quote
♦ removalist: if there is anything to be moved out of the property
♦ agent: commission and advertising (agents will deduct commission from the money held, refunding the balance directly to you
Stamp Duty
What stamp duty you need to pay on your property contract depends on whether it’s going to be your first home, first purchase of vacant land, principal place of residence or an investment property.
The Queensland Government’s Office of State Revenue collects the stamp duty (also called ‘Transfer Duty’) on most property transactions in Queensland.
You can calculate a stamp duty estimate via the transfer duty calculator available on the Office of State Revenue website.
However, it is best to contact us so we can confirm the exact amount for you.
Foreign Investment
If you are not an Australian citizen (or a New Zealand citizen, an Australian permanent resident or married to someone with this status), and wish to purchase property in Australia, you will need to seek the approval of the Australian government first.
We strongly recommend you contact the Foreign Investment Review Board for further information. The Foreign Investment Review Board is the government body that regulates the purchase of Australian property by foreign persons. All applications must be submitted to the Foreign Investment Review Board.
Below is some information on foreign investment, as advised from the Foreign Investment Review Board website:
Temporary residents (in Australia), for a period exceeding 12 months from the time of application for approval, are eligible to acquire residential real estate.
Foreign investors can exchange contracts for the purchase of property before receiving foreign investment approval, as long as those contracts are conditional upon receiving the approval.
Those on long-stay business visas who already own a home (purchased with government approval) can get approval to buy another house (this time for investment) provided it’s not a second-hand residential property.
Australian citizens and their foreign spouses (which include de facto partners) are exempt from notification as long as the property is zoned residential and you are buying the property as joint tenants.
Off The Plan
Generally, buying “off the plan” means purchasing a property with a building in mid-construction or about to be built.
Why people find buying property off the plan attractive:
♦ when complete, the building will be brand new
♦ in a competitive market, it may be the only way to buy what you want
♦ the delay between the exchange of contracts and settlement means more time to save
♦ the Foreign Investment Review Board will generally favour your proposed off the plan purchase if you are a foreign investor
♦ Stamp duty is calculated on the property value when the contract is signed. The Property may be valued at more than the purchase price at settlement, but you will only pay stamp duty on the Contract purchase price
Some drawbacks to buying off the plan:
♦ there is likely to be a standard ‘sunset clause’ in the contract, allowing the seller a settlement date extension (due to strikes/bad weather/etc.)
♦ you are generally not able to obtain unconditional finance
♦ possible construction delays in final delivery
♦ the seller can cancel the contract if the property is not completed by the agreed date in the contract
♦ the builder is generally allowed a 5% variation from the plans
Before signing the Contract
Please let us review your contract before you sign it and provide you with detailed advices as buying “off the plan” comes with considerable commercial risk. CONTRACT REVIEW
Refinancing and Transfers
When it comes to refinancing your property, we can advise and assist you with all legal aspects and discuss your options in easily understandable terms.
If you want to acquire another person’s interest in jointly held property, a refinance of the joint loan into your sole name is usually needed. Our team can efficiently prepare this transfer from the two names to yours, guiding you through the process from start to finish.
Independant Legal Advice Certificates
If you are going guarantor on a loan it is usually a requirement of the particular banker that you will require independent legal advice.
This is to ensure that you are fully aware of the legal effects of a guarantee and of the legal risks associated with the execution of a guarantee.
Hogan Stanton Lawyers can usually assist you for a fixed fee on the same day the legal advice certificate is required.
Please do not hesitate to call if we can be of assistance.
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