8 Steps to Buying Property
What is Conveyancing?
Conveyancing is the legal transfer of a property’s title from the seller to the buyer. It is important that buyers research who they wish to use for conveyancing when they have a contract of sale.
Use a Solicitor
The REIQ recommends the use of a qualified solicitor (for details of qualified solicitors contact the Queensland Law Society) for any property matter, including conveyancing.
Using a solicitor often saves time
on paperwork such as title searches and stamp duty, and can often
provide peace of mind when making what may be the largest single
financial transaction of one’s life.
Conveyancing will incur costs such as searches of the:
- Titles Office,
- Certificate of Rates,
- Transfer duty
- Registration fees
- Standard professional services costs
Council and property searches can identify any planning issues or problems, and highlight what the area might look like in five to 10 years. They ensure major changes like new
freeways and major road upgrades are not planned for a property’s
Searches for zoning and titles will
determine whether the property has any restrictions such as adverse
planning, demolition orders, outstanding taxes or encumbrances on the
title (for example, easements or caveats).
Most of these searches are standard in the conveyancing process but are often overlooked when buyers elect to do the conveyancing themselves.
Step eight: Settlement