|Buying Residential Real Property in Queensland|
|Queensland is the second-largest state in Australia. Brisbane is the capital city of Queensland. Most population concentrate along the coast.|
|Buying a residential real property generally involves the following stages and the following information are for your reference in general (NOT legal advice):|
|Finding a suitable residential real property|
|Finding a suitable real property may start selecting a suitable location with price range within budgets. Prospective buyer may start looking up property sales reports on various real estate websites. Comparing selling prices with the sales report would assist a buyer to negotiate a fair price. The duration of the real property on market, whether it is selling by private sale or auction sale should also be taken into consideration.|
|It is an important step to inspect the real property before you consider to make an offer. You may discuss with the on-site real property agent about any issues you have with the property. Nowadays house inspection could be performed online and you should also schedule a short visit of the property through appointment.|
|When you find a suitable property, the following suggestions you may wish to consider before you sign a contract:|
|When you obtain a binding contract, you should inform the real estate agent to deliver a copy of the contract to your solicitor. You should arrange a time as soon as possible to discuss the terms and conditions of the contract with your solicitor.|
|There is a 5 days cooling-off period provided under the standard REIQ contract. If you change your mind and wish not to proceed with the contract, you should discuss with your solicitor before you terminate the contract during these 5 days cooling-off period. A 0.25% of the purchase price penalty applies if you terminate the contract during the cooling-off period.|
|Conditional on Inspection|
|You should appoint qualified person to carry out the relevant inspections as soon as possible. If you have any trouble in understanding the inspection reports, you should discuss with your solicitor before the condition date is due.|
|If you are borrowing money to complete the purchase, you should discuss with your financier as soon as possible. A valuation will be conducted usually before your finance application is approved officially. Any indication or pre-approval of finance should not considered it is final.
You should discuss any application for first home owner grant and or great start grant with your financier. Your financier will assist you to complete the application form and make the fund to be available at settlement.
You may arrange payment of stamp duty from your borrowing fund at settlement. You should discuss it with your financier and your solicitor.
|Pre-settlement Property Searches|
|In Queensland, it is the buyer’s responsibilities to perform its own property searches to satisfy yourself. If you have any concerns, such as whether there will be widening of road, merging of traffic in front of your property, potential construction of utilities infrastructure, etc, you must discuss your concerns with your solicitor and instruct relevant property searches to be taken out before the contract made to be unconditional.|
|Under the standard REIQ contract term, a buyer must take out home insurance because the property is at the buyer’s risk from 5pm the next business day after the date of contract.|
|Pre-settlement Property Inspection|
|A buyer should inspect the property before the settlement date to ensure the property is in the same condition as at your first inspection. You should check whether all the facilities are working and inclusive chattels are there. If you have any concern, you should discuss with your solicitor before settlement is taken place.|
|Before settlement is taken place, you should arrange with your financier to sign all finance documents. When you are signing the finance documents, if you have any question, you should discuss with your solicitor. When you are signing the finance document, you should inform your financier who is your solicitor and how the settlement instruction should be delivered to your solicitor.
Prior to settlement date, you should contact with your solicitor arrange sufficient settlement fund, stamp duty, lodgment fee and or other costs & expenses be paid into the designated settlement source fund account. If the loan amount you are borrowing is insufficient to pay the balance of the contract price, it is your responsibilities to arrange sufficient fund to be deposited in the designated settlement source fund account and authorise your financier to release the loan amount to our designated settlement source fund account (property exchange workspace).