Newspaper article The Daily Mercury (Mackay, Australia)

Eagle Eye on Property Legals

Newspaper article The Daily Mercury (Mackay, Australia)

Eagle Eye on Property Legals

Article excerpt

IF YOU don't have an intimate understanding of the Complete Handbook of Queensland Property Law - don't worry, you're not alone.

Whether you are buying or selling a property one of the first things you need to do is contact a reputable solicitor who is experienced in all facets of property law and conveyancing.

Conveyancing is the legal transfer of a property's title from the seller to the buyer. While Queenslanders have the choice of employing a solicitor to handle the conveyancing or doing the job themselves, it is best to employ the services of an experienced professional.

It is important to understand that the real estate agent and the solicitor play separate roles in the buying/selling process.

The real estate agent is usually employed by the seller to obtain the best possible price for the property. On the other hand, the solicitor is employed by you and works exclusively in your interest.

While sometimes the lawyer and real estate agent are working for different people they are both working towards the same goal - to get you in/out of the house on the right day with as little hassle as possible.

Pre contract negotiations

Once you have found the house or unit you want to buy, you need to decide whether you would like any special condition in the sale contract.

Usually you will do this by negotiating with the real estate agent. Generally, the real estate agent will ask you which usual conditions are to be included in the contract. For example: Subject to Sale, Finance or Building and Pest Inspection.

When buying

Often you will want the property to be subject to a satisfactory building inspection, pest inspection or survey because you will probably be stuck with any problems in these areas after you've signed the contract.

Have your solicitor read through the contract before you sign it. Never sign a contract without getting advice from your solicitor.

When buying or selling you need to consider:

The sale price and the net amount that you will receive on settlement after any commissions have been paid and after adjustments have been made.

The deposit - usually this should be 10 per cent, but in some cases a purchaser might not have that amount of money available when the contract is signed. …

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