You have shopped around and finally found a property that ticks the right boxes. You are excited and you want to secure the property. What now?
In most cases the real estate agent would have already drafted the contract. All it needs is your name, your offer and your signature. The other information on the contract has already been completed for you.
Ideally, it is strongly recommended that you have your solicitors go through the draft contract with you before signing. However, if this option is not practical for you, below are a few things to keep in mind before signing:-
Personal details especially names need to be spelt correctly. Mistakes here can create problems later on during the transaction.
If you have any questions please contact us on 07 56656392 or complete the web form and we will get back to you within 24 hours.
Buying a property from an auction?
Buying a property “Off The Plan”?
Buying off the plan is the purchase of a property which has not been fully constructed or which construction has not commenced. In most cases the contract for off the plan purchases are more complicated, and are not the standard REIQ contracts. This is because there are many clauses which are different and more often do not apply to an established property (eg. sunset clauses, changes to lot sizes etc).
Contact us for further assistance in this regard.
Can I buy a property as a foreigner?
Cooling off period – right to terminate but at what cost?
In Queensland buyers have 5 business days from the date of contract to terminate under the cooling-off period. Though this may be seen as a safety net, the buyer will be liable for a termination penalty of 0.25% of the purchase price.
For example, if the purchase price is $500,000, termination penalty is $1,250.
What if there is more than one buyer?
It is a requirement by the Government that if a property is purchased by more than one person, that the Transfer documentation notes the manner of which the property is owned between these individuals, ie joint tenants or tenants in common.
So what is the difference?
Joint tenants mean that:-
- The property is owned by each owner in equal shares; and
- In the event one of the owners die, his or her share in the property automatically passes to the surviving owner. Even if you have a Will stating otherwise, the power of a joint tenancy prevails.
Joint tenancy is popular amongst married or defacto couples as it is normally the intention that in the event of one’s death, that their share will pass on to the surviving partner.
Tenants in common mean that:-
- The property can be owned by each owner in unequal shares, ie 70/30, 60/40, 35/35/30 etc;
- In the event one of the owners die, his or her share in the property does not automatically pass to the surviving owner/s. In this case, a Will is normally required to decide how the deceased’s share in the property is distributed.
Tenants in common is more commonly used when a property is owned amongst friends, business partners, or even siblings.
How much deposit should I pay?
What fees are involved?
Our professional fees and search fees may be found by clicking here.
Other fees to consider are:-
- Transfer duty (payable to the Office of State Revenue) calculator
- Transfer fees (payable to the Department of Natural Resources and Mines) calculator
- Building and pest inspection costs (if applicable).
Depending on your circumstances you may be eligible for concessions with respect to Transfer Duty. Click here for more information about concessions or alternatively contact us.
There may also be other fees charged by third parties such as your bank or mortgage broker which can include (but not limited to) application fees, risk fee, lenders mortgage insurance etc. It is always advisable to check with these parties beforehand to avoid “surprises” at the end.
Property searches – can I do more?
As a buyer you are not limited to the standard searches we recommend.
We will provide you with a list of searches available to you. They include the ones we recommend (standard), plus a list of additional searches, its description and its fee. You can instruct us then if there are any additional searches you want carried out.
Please note after a contract is signed, not all adverse search results give the buyer the right to terminate.