Steps to Signing a House and Land Contract in Brisbane
If you are considering a move to the sunshine state you might already have a few questions regarding how conveyancing works in Queensland in comparison to Victoria or the other Australian states.
Property conveyancing is the transfer of property or land titles from a seller to a buyer. This involves more than just an exchange of contracts, as under Queensland law there are many steps that need to be completed before a property transaction is legally binding.
To complete a conveyance there are a number of legal documents and a conveyancing protocol that must be followed and is best undertaken by a Conveyancing Solicitor who is familiar with the legal requirements and can protect your financial interests.
With over 70,000 settlements since 1996 River City Conveyancing is one of Queensland’s most trusted conveyancing firms. Contact our Brisbane based office today on 07 3013 2300 or send your new contract to reception@rivercityconveyancing.com.au and enquire about our affordable fixed conveyancing prices.
What documents do you need to buy a house in Queensland?
To complete a property transfer and settlement in Queensland you require a number of official documents that are signed and dated to start the legal conveyancing process which is best overseen by a solicitor who specialises in conveyancing.
Does Queensland have a Section 32 Vendor Statement?
Unlike Victoria there is no Section 32 Vendor Statement in Queensland.To complete a real estate purchase both buyer and seller must sign a Contract of Sale for House and Residential Land or an REIQ contract.
What is a REIQ contract?
Referred to as the ‘REIQ Contract for House and Residential Land’ this document is prepared by the Real Estate Institute of Queensland and endorsed by the Queensland Law Society.
Who prepares the REIQ contract?
The REIQ sales contract is initially provided by the Seller’s Solicitor or their Real Estate Agent.
Steps for Signing a REIQ contract
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Contract is prepared by the Seller’s agent. If negotiations are entered into between a prospective Buyer the Buyer’s name and details are now added to the contract
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The Contract is sent to the Buyer’s Conveyancer for approval
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Once both Seller and Buyer approve the contract the Buyer signs and dates the contract and sends the original copy back to the Seller, Agent and Seller’s Conveyancing Representative.
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The date of contract begins on the day that both Seller and Buyer have signed the contract and from this date is considered to be time of the essence which means that the settlement period has begun.
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During the settlement period the conditions of the contract must be met by their respective due dates in preparation for the date of settlement.
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After the contract is signed the Buyer’s solicitors will conduct property searches on the Buyer’s behalf to ensure that all material facts have been disclosed about the property.
REIQ Contract Pages Guide
Page 1: On the first page is listed the Seller/s and the Seller's Agent's full names and contact details
Page 2: The contract page that includes the Buyer's full names and contact details, the Buyer's agent and their contact details. The full property information including property title, area in m2, council zone as well as any included and excluded property fixtures.
Page 3: The purchase price offered by the Buyer including the amount and terms of the deposit is negotiated and signed by both the Seller and the Buyer on this page. This page also includes the contract special conditions including the date periods for any Building and Pest Inspection and Finance Approval conditions. Any encumbrances or tenancies are also detailed on this page of the contract.
Page 4: All Pool safety certificate information and electrical safety switch information including smoke alarms are disclosed here along with any relevant information on the property.
Page 5: Special Conditions for example early possession of the property, a sunset clause or simultaneous settlement are detailed on this page and must be prepared by a solicitor or legal representative of the Buyer or Seller. The proposed date and location for settlement and signatures are also found on this page of the contract.