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What is conveyancing? add remove

Conveyancing is the transfer of the ownership of the legal title of land (or property) from one person to the other. It involves drawing up and checking contracts for sale, searching, and transferring titles, lodging documents with the relevant authorities, managing funds, and attending settlement. Whether you’re buying or selling property in Queensland, you should use a professional conveyancer to ensure that all the steps in the process are correctly completed.

What is a conveyancer? And do I need a conveyancer or a solicitor? add remove

Both professional conveyancers and solicitors can manage the conveyancing involved in your property transaction. Conveyancers are experienced in property transactions and managing the process until settlement, but they don’t provide legal advice (e.g., on contract terms, or how the transaction will affect divorce settlements). Solicitors provide advice and supervise settlement. In Queensland, conveyancing teams work under the supervision of solicitors, and conveyancers are not legally allowed to own conveyancing companies.

Do I need a conveyancer if I’m selling a property? add remove

While you’re not required by law to have a conveyancer, it’s not recommended to do it yourself. There are serious consequences in failing to adhere to the complex laws and regulations involved in the process, and you run the risk of significant financial losses if you make a mistake. Relying on skilled and experienced conveyancing solicitors streamlines the selling process and minimises the risk involved in selling your property.

Can you look at my contract before I sign it? add remove

Yes, this is called a contract review. This is included in our fee when you choose for us to act on your behalf. To obtain your free contract review email your contract to [email protected].

What is Stamp Duty or Transfer Duty? add remove

Transfer Duty, formally known as Stamp Duty is a levy or government tax which is applied whenever you buy or transfer property or land. It is calculated on the “dutiable value” of the land which is higher amount of either the unencumbered value of the property or the amount you agree to pay.

There are different rates of Duty payable depending on your situation- whether you are purchasing as a first home buyer, homeowner, or investor etc.

Transfer duty is an additional cost on top of the purchase price of the property and is due to be paid within 30 days from the contracts unconditional date or it can incur Unpaid Interest Tax (UTI).

To get an idea of home much transfer duty you will need to pay it is best to speak to your legal representative who can assist in calculating this for you.

What is cooling off? add remove

In Queensland, the cooling-off period in a standard REIQ contract is 5 business days from the date of contract. Within this time the buyer can choose to cancel the contract without “reason.” If the buyer chooses to terminate the contract under the cooling-off period, they could be liable to pay a termination fee of 0.25% of the purchase price.

There is no cooling-off period for properties purchased at auction and you can elect to waive your right to a cooling-off period.

What is a VOI? add remove

A VOI is a Verification of Identification. This process is extremely important in Conveyancing as it helps to reduce identity theft and land title fraud. There is a minimum requirement of Identification needed to complete settlement on your behalf. If you have any questions about the level of Identification required, please contact our conveyancers.

What are the key dates in the conveyancing process? add remove

There are a number of milestones in a property transaction, including:

  • The contract date.
  • The cooling-off period.
  • The final date to obtain finance.
  • The final date to obtain a building and pest inspection.
  • The settlement date.
Why choose Sunstate Conveyancing? add remove

At Sunstate conveyancing we pride ourselves on providing our clients with a friendly, high-level of customer service at an affordable price.

We do not believe that you should pay extra for customer service. We regularly invest in our staff training and programs to provide a quality service at a fraction of the price of what other Law Firms charge.

When do I need house insurance? add remove

For Buyers insurance is needed from 5pm of the first business day of the contract as per standard condition 8.1. Meaning if the property obtained storm damage for example the buyer would need to put in a claim with their insurance as the property was at the risk of the buyer from 5pm of the first business day of the contract, even though the contract may not be unconditional.

What can I expect my conveyancer to do? add remove

For our fixed & fair professional fee, we will:

  • Review your contract for you prior to you signing and recommend any changes necessary.
  • Open your file and review it within four business hours of receiving the fully signed contract.
  • Contact you to start your conveyancing process immediately after the file is opened.
  • Liaise with you, your bank/broker, the other side and your real estate agent throughout the process.
  • Keep you informed throughout the entire process.
  • Provide you with quality legal advice and protect your legal rights.
  • Deal with any issues quickly, and as they arise.
  • Do everything possible to ensure your settlement happens when it should with a minimum of fuss.
  • Contact you immediately once settlement has happened.
What will a conveyancer do for a buyer? add remove

For a buyer, the conveyancer will:

  • Check the title and plan of the land for easements, caveats, and other encumbrances.
  • Conduct all the other usual searches recommended by your Conveyancer for your transaction.
  • Inform you if these searches disclose any issues that affect the property.
  • Check for any disputes or other charges that affect the unit or townhouse (community title land).
  • Calculate adjustments to the purchase price required under the contract.
  • Arrange for your contract to be stamped and assist you in complying with the Australian Taxation Office and State Government notice requirements.
  • Prepare all documents and attend settlement to ensure you gain good title to the property.
What will a conveyancer do for a seller? add remove

What will a conveyancer do when I am selling a house?

  • Check that all of the documents you are required to sign are in order.
  • Ensure all outstanding government charges such as water rates have been paid.
  • Calculate adjustments to the purchase price, as required under the contract.
  • Arrange for the repayment and legal discharge of any mortgage on your property.
  • Ensure you are paid in full for the property.
What is included in our “fixed-fee”? add remove

We believe in offering a fixed professional fee for a standard residential conveyancing. Our fee covers everything that is expected in a normal residential conveyance.
This includes:

  • All standard conveyancing work to complete settlement for a standard residential property contract.
  • Postage.
  • Photocopying.
  • Sundries.
  • Extensions – including for settlement, finance, building and pest.
  • Reviewing a contract of sale prior to signing.
  • Conducting searches on your behalf.
  • Liaising with your lender/Broker as required.

What isn’t included:

  • PEXA or settlement agent fees.
  • Bank charges and Bank cheque fees.
  • Government charges such as transfer duty and registration fees.
  • Additional legal work that arises from the conveyance.
  • Council searches and council charges.
  • Verification of ID.
  • A physical inspection of the property.
  • B&P inspection.
  • Commissioning a survey.
  • Obtaining insurance.
  • Obtaining Finance and or/loan advice.
  • Eligibility for Schemes and grants.
  • Tax and Finance advice.
  • SMSF.
  • Matrimonial & succession advice.
  • Pool safety requirements.
  • Caretaking and letting agreements advice.
  • Town planning information advice.
Do I need to complete searches as a buyer? add remove

It is highly recommended that the buyer complete searches as some services are charged against the property and not the owner. Some of the searches we recommend are:

  • Body Corporate searches if applicable.
  • Council Rates.
  • Special Water Meter Readings.
  • Land Tax.

These searches provide the Conveyancer with the details they require to complete the adjustments on your behalf for settlement. Please speak to your Conveyancer as to searches you require as each property is different and the issues that may affect the property will vary. We can provide a comprehensive list of searches that can be completed additionally if you chose to and the cost of each.

What is the difference between online Settlements and Paper Settlements? add remove

The Electronic settlement platform PEXA has revolutionised how Law Firms settle properties.

  • Some of the benefits of using online settlements over paper settlements is that settlements can now occur anytime of the day and not only between 2-4pm.
  • Settlement Funds are cleared immediately instead of waiting for a bank cheque to clear which could take up to 3 business days.
  • Titles are instantaneously transferred into the buyer’s name, no longer needing to wait up to 3 months for this to change manually.
  • Another major benefit is that documents are signed electronically, this means that you no longer have to get the transfers witnessed by a qualified witness and there is no longer the stress of worrying if the transfer will get to the correct place on time or if it will get lost in the mail.
Why is conveyancing for the buyer more expensive? add remove

When purchasing a property there are more comprehensive searches, additional responsibilities and tasks performed, therefore both the professional and search fees are higher.

What happens if I have a legal question or problem with my contract? add remove

Sunstate Conveyancers are backed by Property solicitors who are able to assist when required. They provide legal advice and guidance when necessary.

What is PEXA? add remove

Property Exchange Australia Limited (PEXA) is an online electronic lodgement network and financial settlement platform, which is used to settle financial, and property matters without the need for parties to meet face-to-face. Documents and funds can be exchanged on the platform, which enables faster and smoother property transactions and funds transfers and lowers the risk of delayed settlements. Using PEXA is currently voluntary. Conveyancing companies may be registered only, or qualified (which requires additional training), with PEXA.

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Contact us
[email protected] 07 3828 2069