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Real Brisbane - Real Estate



RESIDENTIAL PROPERTY CONVEYANCING



PROPERTY / REAL ESTATE CONVEYANCING BRISBANE - AUSTRALIA    

Conveyancing simply refers to the process of transferring ownership of a property from one person to another. 

It is a common misconception that conveyancing refers to the entire property selling process from appointing a real estate agent, marketing a property, to finding a buyer and creating a contract. In reality the conveyancing comes in to play once a contract for sale has been signed by the buyer and seller. 

There are (2) two ways in which property conveyancing can be handled 

  1. Appointing a conveyancing solicitor OR
  2. Doing it yourself using a Conveyancing kit

If you would like more information on D.I.Y conveyancing kits and prices or on competitively priced Conveyancing Solicitors then follow the links below. 

Do it yourself conveyancing kit                                                              Find a Conveyancing Solicitor

Whether you do the conveyancing yourself or have someone do it for you, make sure that all parties are being communicated with and things are moving toward meeting the dates as stipulated in the contract. Many contracts are extended or fall over due to a break down in communication that could have been avoided by simply picking up the phone and making sure that everything is on track.

Purchasing Property

When purchasing a property, after the loan and stamp duty, conveyancing costs are often the largest extra amount you will have to pay. 

Selling Property

When selling a property, after real estate agent commissions and capital gains tax, conveyancing costs are often the largest extra amount you will have to pay.

Residential contractual property clauses

Make sure that you understand the contract procedure and your rights before you sign a contract.  Legal fees can get expensive when contracts are not filled in correctly and parties do not understand their obligations.  Remember that it is your right to add clauses (specific requirements) that the property must meet in order for the sale or purchase to go ahead.  

  • A building and pest inspection within 7 days of the contract date
  • A finance approval date within 14 days of the contract date.

Keep in mind that dates can be extended as long as you notify the relevant parties within the time period, give reasons and specify a new date for completion.  However, be organised as a time extension is enough for the other party to pull out of the contract. 

Other clauses found on contracts can include and are not limited to;

  1. Payment of Deposit
  2. Deposit is in the Form of Bank Guarantee/Deposit Bond 
  3. Investment of the Deposit Pending Completion  
  4. Early Release of Deposit to Seller (commission retained)
  5. Deposit to be Utilised by Seller Prior to Completion Commission Clause Where Deposit is Less Than Commission
  6. Subject to Registration of Title in Seller’s Name  
  7. Simultaneous Completion of Another Contract by the Buyer (e.g. neighbouring land)
  8. Simultaneous Completion of Another Contract Between Seller and Buyer (eg. Swap of properties)
  9. Subject to Engineer’s / Pest Controller’s Report
  10. Spec House on Builders Terms OR On sale of Unit Purchased Off-the-Plan
  11. “Sunset Clause”/”48 Hour Clause” – Option 1
  12. Building Covenants


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