Conveyancing & Property Law
Conveyancing is the legal process of transferring the ownership (title) of real estate from one party to another. While conveyancing is typically viewed as one of the more common legal transactions, there are many steps involved and a delay or error in one part of the process can affect the entire transaction. Our goal is to make your property sale or purchase as smooth as possible while protecting your interests and explaining key concepts and stages so you can make the right decisions at the right time.
Property law in Queensland also deals with legal issues and considerations outside of a typical conveyancing transaction, for example, commercial leasing and tenancy matters, transfers between family members, co-ownership disputes, and the regulation of property development and planning. Our experienced and knowledgeable team is on hand to assist with a range of property matters.
Conveyancing Process
The conveyancing process in Queensland typically begins with the preparation or review of the contract for sale. The contract outlines the terms and conditions of the transaction, including the purchase price, deposit, settlement date, and any special conditions. It is advisable to seek legal advice and conduct thorough due diligence before signing the contract to ensure that all necessary information and obligations are properly addressed.
A statutory cooling-off period of five days applies to most residential conveyancing transactions in Queensland. The cooling-off period is for the benefit of the buyer who may cancel the contract without reason anytime within five business days of the buyer receiving a copy of the contract signed by both parties. In exercising their cooling-off rights, buyers must provide the correct notice and will forfeit 0.25% of the purchase price. There are certain transactions for which the cooling-off period does not apply including, but not limited to, auction sales and option contracts.
Once contracts are binding various searches and checks are undertaken on behalf of the buyer to identify any potential issues or encumbrances that may affect the property, such as easements, caveats, or outstanding rates. Common searches include title searches, local authority searches, and land tax searches. These searches help ensure that the property is free from any undisclosed interests or liabilities prior to settlement.
The settlement stage is the final stage of the conveyancing process and involves the transfer of funds and legal ownership of the property. This stage typically involves the payment of the balance of the purchase price, the registration of the transfer of ownership with the relevant government agency, and the payment of any fees or charges associated with the transfer.
One of the key aspects of property law and conveyancing in Queensland is the system of land title registration. This system provides for the registration of all land and property transactions with the Queensland government and ensures that a clear and accurate record of all property ownership and interests is maintained.
Most conveyancing transactions in Queensland are now conducted electronically through a digital platform so there is no need for the parties to meet in person. E-conveyancing has assisted in streamlining the traditional settlement process of drawing bank cheques and arranging a specific time and location for parties to meet and exchange funds and documents.
Joint Tenants or Tenants in Common?
The way that legal interests are held in property between co-owners is an important consideration when buying real estate. If you hold property as joint tenants, the interests are held as a whole and cannot be separately apportioned. Joint tenants must deal with the property collectively and joint tenancy is subject to the rules of survivorship. If a co-owner dies, their share passes to the remaining owner/s.
Property held as tenants in common can specify the individual shares held by each owner which need not be equal and may be transferred, sold, or left to a beneficiary in a Will.
Joint tenancy is common between spouses and domestic partners, while tenants in common may be more appropriate when the co-owners are business partners or investors and/or the contributions to the property are disproportionate. Note, however, that all cases are unique, and it is important to check with your legal advisor about any specific implications from either form of property ownership.
If you need assistance, contact [email protected] or call 0415 260 521.