Gold Coast Conveyancing at ABKJ

Buying or selling property is a significant financial transaction, and having experienced legal support from the outset can help protect your interests and keep the process on track.

ABKJ Lawyers provides residential and commercial conveyancing services across the Gold Coast and Queensland, assisting buyers and sellers from contract review and advice through to settlement and the transfer of ownership.

Buying or selling property? Contact our Conveyancing Team for an obligation-free fixed-fee quote.

Enquire Now Call (07) 5532 3199

What is Conveyancing?

Conveyancing is the legal process involved in transferring ownership of property from one person or entity to another. In a property sale or purchase, it involves much more than completing the settlement itself.

The conveyancing process can include reviewing and advising on the contract of sale, identifying important conditions and deadlines, conducting property searches, advising on legal issues that arise during the transaction, liaising with banks and other parties, calculating settlement adjustments and transfer duty, and completing the legal transfer of ownership.

Having a conveyancing lawyer involved from an early stage also means you can obtain legal advice about the contract and your rights and obligations before problems arise.

Why do I need a Conveyancing Lawyer?

Buying or selling property involves legally binding contracts, important deadlines and financial obligations. A conveyancing lawyer can help you understand your rights and responsibilities, identify potential issues and ensure the transaction is handled correctly from contract through to settlement.

For buyers, this may include reviewing the contract before signing, advising on special conditions, conducting relevant searches and explaining any issues that could affect the property or transaction. For sellers, it can involve preparing or reviewing contract documentation, managing contractual requirements and responding to issues raised during the conveyancing process.

Having a lawyer handle your conveyancing also means legal advice is available if something unexpected arises. This may include concerns with the contract, missed deadlines, finance or settlement issues, requests for extensions, disputes about property condition or questions about a party's rights under the contract.

At ABKJ Lawyers, our conveyancing team combines the practical management of your property transaction with access to experienced property lawyers when legal advice is required.

Conveyancing Costs - Fixed Fees

We offer competitive rates and fixed conveyancing fees on the Gold Coast and across Queensland. But what does that mean for clients in terms of value for money? At ABKJ Lawyers, our conveyancing service includes: 

  • No obligation, free quotes;
  • Conveyancing quotes are fixed fees, so there are no unexpected surprises;
  • Free review of REIQ/ADL Contracts including recommendations for any issues which we feel will safeguard our clients’ interests. For example, ensuring Body Corporate Disclosure Statements are completed using the appropriate form. Failure to include the appropriate form in the contract will enable a Buyer to terminate the contract at any time up to the settlement date;
  • Guarantee that we will speak with clients in person, via email or over the telephone with a 24-hour return phone call and email policy;
  • Ensuring client communication is a priority so that you are kept informed every step of the way by providing a friendly and supportive service, informing clients of their obligations at every stage, providing reminders for upcoming contract conditions and regularly keeping clients updated on the status of their transaction and when settlement is effected;
  • Ensuring we accommodate our clients as much as possible including depositing settlement proceeds into a client’s nominated account as soon as practicable following settlement and delivering keys to real estate agents;
  • Expertise in negotiating contract amendments and seeking extensions of time;
  • Expertise in liaising with financiers, banks and mortgage brokers to ensure your finance is ready to proceed on time;
  • Expertise in stamp duty legislation so we can ensure you receive any concessions and exemptions you may be entitled to;
  • Comprehensive advice regarding off-the-plan contracts;
  • Ensuring that your file does not stop at settlement but that it remains open until the property has been formally transferred and any outstanding issues have been resolved; and
  • Providing immediate legal advice from a solicitor in the firm if an issue arises which requires specialist attention.

The Conveyancing Process

Purchasing a Property

If you make an offer to purchase a property which is accepted, usually the real estate agent will submit to you a draft contract of sale for you to sign.

We recommend that you let us look over a copy of the contract prior to signing it.

It is important to ensure that the contract accurately records the terms on which you offered to purchase the property, correctly identifies the parties, and includes any appropriate conditions (for example, being subject to finance, building and pest, due diligence inquiries, or the sale of a prior property).

Once the contract is signed by you, usually the agent will arrange for the seller to sign the contract and then submit it to our office.

You will need to ensure that you pay the deposit strictly in accordance with the terms of the contract. Sometimes the deposit is payable in two instalments, with one instalment payable on or soon after signing, and the balance payable at a later date.

Once the contract is signed, there will be a number of matters requiring urgent attention. Depending on the terms of the contract, that may include:

  • Arranging insurance for the property
  • Arranging for the building and pest inspection to occur
  • Arranging for the finance application to be submitted to your bank
  • Ordering searches in respect of the property
  • Deciding whether or not to settle the matter electronically via PEXA

Unless you have waived the right, usually you will have a 5 business day cooling off period from when the contract is signed, during which time you can terminate the contract. If you terminate under that right, the seller may elect to impose a termination penalty of 0.25% of the purchase price.

Over the next few weeks, it is necessary to monitor the contract conditions and deal with them as necessary. If you are obtaining finance, you will need to work with your bank to satisfy their requirements. You will need to review and consider the building and pest inspection report obtained in respect of the property. If the contract conditions are satisfied, then we give the necessary notices to the seller’s solicitor.

It is also necessary to order searches in respect of the property and review the results of those searches. In Queensland, conveyancing is largely undertaken on a “buyer beware” basis. It is up to buyers to undertake the necessary searches in respect of the property to ensure the property is suitable for purchase.

The types of searches ordered will depend on the property but may include:

  • Title search
  • Registered plan
  • Registered encumbrances, easements, interests, and administrative advice
  • Environmental Management Register and Contaminated Land Register
  • Land tax search
  • Local government inquiries
  • Rates search
  • ASIC search
  • Pool safety register
  • QBCC search
  • Building approval search

In the lead-up to settlement, it is necessary to:

  • If finance is being obtained, liaise with the bank to ensure funds will be available
  • Consider carefully the search results
  • Execute the relevant documents relating to any transfer duty concessions being sought
  • Consider any capital gains tax withholding obligations or GST issues
  • Finalise the settlement calculations and adjustments

Property outgoings such as rates and water charges and body corporate levies are usually adjusted on settlement such that the seller will pay the outgoings up to and including settlement and the buyer will pay the outgoings after settlement.

In Queensland, transfer duty is payable on the purchase of property. The amount of duty payable depends upon the value of the property and whether any concessions are available. Usually, duty will be payable the earlier of 30 days after the contract becomes unconditional, or settlement. As part of the conveyancing process, we obtain the necessary funds from you and attend to the stamping of the various documents.

In advance of settlement, we will obtain from you the funds necessary to settle the matter, over and above the funds that the financier will be providing on settlement. The seller will provide directions as to how the cheques in payment of the purchase price are to be made out.

On the settlement date, the settlement funds will be provided, in exchange for which the seller will provide executed transfer document documents. If you are obtaining finance, the financier will take the transfer documents and register those documents when registering their mortgage. If the matter settles electronically by PEXA, then the settlement process occurs electronically and instantaneously. It is important to note that time is usually of the essence in respect of Queensland contracts. That means that you must be ready to settle on the settlement date as set out in the contract. If you do not settle on the settlement date, you can lose your deposit and the seller can sue you for any damages incurred.

Once the legal settlement has occurred, usually the agent will provide you with the keys to the property and you will be free to move in.

Once the transfer documents are registered, the property will be in your name and the conveyancing process will be complete.

Selling a Property

If you accept an offer from a buyer for the sale of your property, usually your real estate agent will prepare and submit to the buyer a draft contract of sale for the buyer to sign.

We recommend that you let us look over a copy of the contract prior to signing it.

It is important to ensure that the contract accurately records the terms on which you have agreed to sell the property, correctly identifies the parties, and includes any appropriate conditions.

Once the contract is signed by all parties, usually the agent will submit it to our office./p>

Once the contract is signed, there will be a number of matters requiring urgent attention. Depending on the terms of the contract, that may include:

  • If the property is mortgaged, submit a discharge authority to your bank to ensure the bank releases the mortgage on settlement
  • Where the sale price is $750,000 or more, you must apply for and obtain a clearance certificate from the ATO in respect of capital gains tax, failing which the buyer is required to pay 12.5% of the purchase price to the ATO on settlement
  • Deciding whether or not to settle the matter electronically via PEXA
  • Ensuring the buyer has paid the deposit in accordance with the contract

Over the next few weeks, it is necessary to monitor any conditions in the contract inserted for the buyer’s benefit (for example, being subject to finance, building, and pest, due diligence inquiries, or the sale of a prior property). Sometimes the buyer may raise issues relating to the building inspection, or seek extensions of time, which need to be dealt with.

In the lead-up to settlement, it is necessary to:

  • Execute transfer documents
  • If you have a mortgage, ensure your bank is booked in for settlement and ensure there are sufficient funds available to pay out the bank
  • Consider any capital gains tax withholding obligations or GST issues
  • Finalise the settlement calculations and adjustments

Property outgoings such as rates and water charges and body corporate levies are usually adjusted on settlement such that the seller will pay the outgoings up to and including settlement and the buyer will pay the outgoings after settlement.

In advance of settlement, we will obtain from you directions as to how cheques for the purchase price are to be made out.

At settlement, the settlement funds will be provided, in exchange for which we will hand over the executed transfer documents. If the matter settles electronically by PEXA, then that process occurs electronically and instantaneously. It is important to note that time is usually of the essence in respect of Queensland contracts. That means that you (and your bank) must be ready to settle on the settlement date as set out in the contract. If you do not settle on the settlement date, the buyer can terminate the contract.

Once the legal settlement has occurred, usually the agent will provide the buyer with the keys to the property and the buyer will be free to move in.

Once the transfer documents are registered, the property will no longer be in your name and the conveyancing process will be complete.

Why Choose Us For Conveyancing?

At ABKJ Lawyers on the Gold Coast, we understand that selling or purchasing a property can be stressful. It is our goal to reduce that stress by providing a comprehensive conveyancing service for a competitive price. We understand that as a client, you want to be regularly informed and properly represented should an issue arise. 

Not only will our Conveyancing Team ensure you feel like you are their only client, they have the capacity to act promptly and resolve issues as they arise to ensure your transaction achieves a settlement as smoothly as possible.

Our firm is also registered and experienced in completing conveyancing by PEXA, which is an online settlement process. This process can be used to settle matters without the need for parties to meet and exchange documents and bank cheques. The process is completed electronically which means for a seller, your funds are distributed more quickly and for purchasers, your property title is in your name sooner.

Conveyancing FAQ

What is conveyancing?

Conveyancing (also referred to as property settlement or property transfer) refers to the change in ownership of a residential property from one person or entity to another person or entity. Generally, such change in ownership occurs as a result of the sale or purchase of a property.

What is the difference between a lawyer and a conveyancer?

A lawyer is a person who is qualified to provide legal advice regarding the rights and obligations of a seller and buyer throughout the course of a conveyance. For example, a lawyer is qualified to provide legal advice regarding the terms of the contract and whether a particular term has been breached.

A conveyancer is a person who is experienced in the area of conveyancing but is unable to provide legal advice. They are skilled at managing the sale or purchase of a property from the date the contract is signed until the date settlement occurs, under the supervision of a qualified lawyer.

What is a disbursement?

A disbursement or outlay is an expense incurred on behalf of a client during the course of their conveyance. Generally, disbursements relate to the cost involved in obtaining searches such as council rates, survey plans and body corporate reports. Disbursements can also include fees for instructing an agent to attend settlement in a location that is distant from the conveyancer. It can also include bank cheque fees if the conveyancer is required to draw cheques on behalf of their client.

What is PEXA?

PEXA is an online settlement process. This process although new to Queensland can be used to settle matters without the need for parties to meet and exchange documents and bank cheques. The process is completed electronically which means for a Seller your funds are distributed more quickly and for purchasers your property title is in your name sooner.

What is a 'cooling off period' and who does it apply to?

A cooling off period applies to the buyer of a residential property. It commences on the day the buyer or their agent (e.g. solicitor) receives a copy of the signed and dated contract. It ends 5 business days later. A ‘business day’ is a weekday. It does not include a Saturday or Sunday. If a buyer or their agent receives the signed and dated contract on the weekend, the cooling off period will commence on the next business day.

The purpose of a cooling off period is to enable a buyer to change their mind about proceeding with a contract with minimum penalty. No reason is required to be provided to terminate a contract during the cooling off period. Notification must be given to the seller in writing.

If a buyer chooses to terminate during the cooling off period, the seller may impose a penalty of up to 0.25% of the purchase price from the deposit. The balance of the deposit must be refunded to the buyer within 14 days.

There are some exceptions to the applicability of a cooling off period. In particular, a cooling off period does not apply to properties which are purchased at auctions.

What is a formal offer?

A formal offer is an offer which has been submitted to the seller in writing. It is generally signed and dated and contains consideration. ‘Consideration’ is the amount of money a buyer is willing to offer to purchase a property.

Generally, a real estate agent will ask a buyer to submit a formal offer in the form of a contract. As a buyer can be bound by the terms of their offer if it is accepted by the seller, it is not recommended that a buyer sign a contract of sale without first obtaining the advice of their lawyer.

What is the difference between a standard purchase and an 'off the plan' purchase?

An ‘off the plan’ purchase involves purchasing land which does not yet exist. For example, the seller may own a large area of land which they propose to subdivide into smaller blocks and sell as individual lots.

Information concerning the purchase relies entirely on material provided by the seller or their agent and the purchase is reliant upon registration of the land with the local Council. Generally, such registration must take place within 3½ years of the contract date. If registration does not occur by this date, either the seller or the buyer may terminate the contract without penalty.

A standard purchase involves purchasing vacant land or property which has already been surveyed and registered with the local Council.

What are key dates to be aware of during the conveyancing process?

Key dates to be aware of during the conveyancing process include:

  • The contract date;
  • The cooling off date;
  • The date finance approval is due;
  • The date a building and pest inspection is due;
  • The date a pool inspection is due;
  • The date any special conditions are due (e.g. a due diligence search or soil inspection); and
  • The settlement date.

What happens at settlement time?

On the day of settlement, the solicitors representing the buyer and seller will meet at an agreed location and at an agreed time. The location of settlement is determined by the contract. For example, the contract may state the location for settlement is to be in Brisbane or the Gold Coast.

Settlement will usually take place in the afternoon to enable the banks sufficient time to provide a payout figure and draw cheques.

At settlement, the seller (and their financier) will provide the buyer with a document which will enable any mortgage secured over the property to be released and to enable the property to be formally transferred to the buyer. The documents will already be signed by the bank and seller and will be checked by the buyer’s solicitor for accuracy. In exchange, the buyer (or their financier) will provide the seller with cheques totalling the balance payable at settlement.

The balance payable at settlement is determined prior to the settlement time as it generally includes adjustments for expenses such as council rates and water, body corporate levies and rent. An adjustment ensures the seller is only responsible for the payment of any liabilities up to the settlement date.

Once settlement occurs, the agent is notified and authorised to release the deposit to the seller and the keys to the buyer.

What if either party cannot settle on the due date?

If settlement cannot occur on the due date, the party who is unable to effect settlement will generally request an extension from the other party. If the request for an extension is accepted, time will remain the essence of the contract. It is important to retain ‘time of the essence’ as it enables a party to force the performance of the contract should they be required to do so at a later date.

The risk with a buyer requesting an extension of settlement is the imposition of a monetary penalty by the seller. The amount of the penalty is determined by the terms of the contract. Generally, the penalty is a fixed percentage calculated per day on the balance owing until settlement occurs.

If settlement does not occur on the due date and a request for an extension is not agreed upon, the contract will lose its ‘time of the essence’. This means the seller and buyer cannot force settlement to occur on a specific date which can have significant implications for the party who wants to settle at a later time.

What is stamp duty?

Stamp duty is also known as transfer duty. It is a tax imposed by the Queensland Government when purchasing property. The amount of stamp duty is determined using a sliding scale. The higher the purchase price, the higher the amount of stamp duty payable.

The amount of stamp duty payable can be reduced if a particular exemption or concession applies. Typical stamp duty concessions involve a first home buyer or a person purchasing a property as their principal place of residence. An exemption can apply if, for example, a property is being transferred from a deceased person to a beneficiary under the terms of a Will.

A stamp duty concession will not apply if a property is being purchased by a company or trust or if the property is being purchased for investment purposes.

What are registration fees?

Registration fees are a fee imposed by the Department of Natural Resources & Mines (otherwise known as the Titles Office) when lodging documents which affect property.

The registration fee to release a mortgage, for example, is a fixed fee set by the Titles Office. In contrast, the registration fee to transfer the ownership of a property will depend upon the amount which was paid to purchase the property. Similar to stamp duty, the fee is based on a sliding scale. Therefore, the higher the purchase price, the higher the registration fee which will be payable.

Contact a Gold Coast Conveyancer Today

Please call on (07) 5532 3199 or  contact us online to obtain an obligation-free conveyancing quote for your property transaction.

Buying or selling property is a significant financial transaction, and having experienced legal support from the outset can help protect your interests and keep the process on track.

ABKJ Lawyers provides residential conveyancing services across the Gold Coast and Queensland, assisting buyers and sellers from contract review and advice through to settlement and the transfer of ownership.

Buying or selling property? Contact our Conveyancing Team for an obligation-free fixed-fee quote