WHAT IS CONVEYANCING?

Conveyancing is the process of transferring ownership of a title of land to a new owner. It sounds easy but it is actually quite complex and many legal issues can arise in the buying and selling of property. If you are selling property the law imposes certain legal obligations on you and failure to properly adhere to these could cost you a lot of money down the track. Similarly, buying a property can be risky. You want to make sure you know exactly what you are buying. Having a lawyer conduct your conveyance for you will help to protect your interests in the property whether you are the seller or the buyer.

WHY USE A SOLICITOR?

Using a conveyancer or conveyancing solicitor is important because it means that the settlement and title transfer process is done correctly and that the clients’ rights are protected.

Many issues can arise if a conveyancer/solicitor is not used. This can include:

• The Seller doesn’t disclose the required legal information;
• The Seller doesn’t own the title to the property they are selling;
• The Purchaser does not pay a deposit on time;
• The Purchaser is not ready to settle on the agreed time;
• The Purchaser refuses to settle;
• The Purchaser is not able to obtain finance;
• The property is not in the same condition as when the Contract was signed;
• The dimensions of the property were different to what the Contract stated;
• The land could be contaminated.

IS CONVEYANCING DIFFERENT FROM STATE TO STATE?

Buying and settling in Queensland is different to the other State’s so it is important to use a local property conveyancer to ensure that the buying and selling process is executed according to the state’s requirements. Using a Queensland conveyancing solicitor will ensure that buying and selling property in Queensland is lawful from Start 2 Finish.

WHAT SEARCHES SHOULD BE DONE?

We will clearly outline in our letters to you the different searches that can be undertaken. There are some compulsory searches such as a Title Search which shows who currently owns the title to the land. This must be done whether you are the Purchaser or the Seller. There are a number of optional searches that can be carried out if you are the Purchaser and we will provide you with information on each of these so that you can carefully consider which searches you wish to undertake. so that you know exactly what you are buying. Each search attracts a fee and this is what can alter the price of your conveyance. At the end of the day, you are likely to be spending a lot of money to purchase the property so you want to know exactly what you are buying.

WHAT IS TRANSFER DUTY?

Transfer Duty previously known as Stamp Duty is a State Tax that is imposed on the Purchaser in a property transaction. Every time you buy property you must pay an amount of money to the State Government based on the market value of the property. The Transfer Duty is paid to the Office of State Revenue. The amount of Transfer Duty also depends on whether you are purchasing the property as a principal place of residence or investment property.

DO I HAVE TO PAY GST ON A COMMERCIAL PROPERTY PURCHASE?

The sale of a commercial property will often involve GST. GST is usually imposed where the Seller is registered for GST and conducting an enterprise.Commercial property Purchasers are usually able to claim GST back as credits. In order to do this, a number of conditions must be met.

HOW MUCH WILL A CONVEYANCE COST ME?

Conveyancing can vary in price depending on the complexity of the matter and also the value of the property. Some conveyancing may be more involved and time consuming than others. Some may be straight forward. All searches conducted attract a fee and this will add to the cost of your conveyance. Please contact our office by phone or by email. We are happy to provide you with a detailed quote . Our rates are very competitive!