Buying or Selling a Property?
Stress Free Conveyancing Services
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.
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In Queensland, if these conditions aren’t met, then the contract will end with the deposit usually being refunded to the buyer.
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It makes sense to engage legal assistance from qualified property solicitors.
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We protect your interests by taking steps to ensure that all your needs are being met.
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.
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However, it is best to contact us so we can confirm the exact amount for you.
What is STAMP DUTY?
Generally, buying “off the plan” means purchasing a property with a building in mid-construction or about to be built.
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Why people find buying property off the plan attractive:
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When complete, the building will be brand new
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In a competitive market, it may be the only way to buy what you want
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The delay between the exchange of contracts and settlement means more time to save
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The Foreign Investment Review Board will generally favour your proposed off the plan purchase if you are a foreign investor
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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
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Some drawbacks to buying off the plan:
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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.)
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You are generally not able to obtain unconditional finance
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Possible construction delays in final delivery
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The seller can cancel the contract if the property is not completed by the agreed date in the contract
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The builder is generally allowed a 5% variation from the plans
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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
What is
'OFF THE PLAN' CONVEYANCING?
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.
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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.
If you are going guarantor on a loan it is usually a requirement of the particular banker that you will require independent legal advice.
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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.
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Bespoke Legal Group can usually assist you for a fixed fee on the same day the legal advice certificate is required.
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Please do not hesitate to call if we can be of assistance.
INDEPENDANT LEGAL ADVICE CERTIFICATES:
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.
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We strongly recommend you contact the Foreign Investment Review Board for further information.
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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.
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Below is some information on foreign investment, as advised from the Foreign Investment Review Board website:
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Temporary residents (in Australia), for a period exceeding 12 months from the time of application for approval, are eligible to acquire residential real estate.
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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.
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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.
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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.