Gold Coast Conveyancing at ABKJ

What is Conveyancing?

If you're looking to buy or sell your home or property in Queensland, you're bound to have heard the term 'conveyancing' by now. Real estate conveyancing is an area of Property Law and is the legal process of buying and selling real estate.

Why do I need a Conveyancing Lawyer?

Conveyancing is an adversarial legal process; it's you versus everyone else involved in the transaction. If you make a mistake when you're buying or selling real estate, it can be costly. But get your property conveyancing done correctly from day one and you'll have a clear understanding and protection of all your rights in the transaction.

In a world where conveyancing companies offer cut-price solutions, getting an experienced conveyancer to work on your behalf could end up being one of the most cost-effective real estate decisions you ever make. Additionally, if the transaction turns into a dispute, you will have the comfort of knowing that our litigation department is ready to enforce your rights with the skill that comes from years of conveyancing experience.

For a handy guide on buying property on the Gold Coast, read our article: 9 Tips on Buying a Property

ABKJ's Conveyancing Queensland

ABKJ's Conveyancing Team have a wealth of experience and will provide a professional service that is personal to you. Based at Southport, Gold Coast, we can assist with property conveyancing all throughout Queensland.

Conveyancing Costs

We offer competitive rates on all 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

Purchase

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 purchase, correctly identifies the parties and includes any appropriate conditions (for example, being subject to finance, building and pest, due diligence enquiries 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.

Your 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 the 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 buyer 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 advices
  • Environmental Management Register and Contaminated Land Register
  • Land tax search
  • Local government enquiries
  • 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.

Sale

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 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, submitting 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 enquiries 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 document 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.

ABKJ's Conveyancing Lawyers

Amber Page - Conveyancing Paralegal

Amber Page has over 15 years of experience and is highly skilled in handling residential conveyancing transactions. Her wealth of knowledge and attention to detail provides a streamlined and professional conveyancing service, bringing friendly and helpful advice to all clients to ensure a smooth transfer of property transactions.

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 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.

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