Home / Buying
Buying a property in Queensland
From the moment the contract is signed you are working to a fixed set of dates. Here is what each one means, what we do at each stage, and where people most often come unstuck.
Call us before you sign, if you possibly can.
Once the contract is signed the cooling-off clock is running and the building and pest and finance dates are locked in. Before signing, those dates and the special conditions can still be negotiated. Afterwards, we are working inside whatever you agreed to.
Contract review
We read the contract properly: the special conditions, the dates you are being asked to agree to, what is included in the sale, and anything in the seller's disclosure that needs following up. If a date is unrealistic we tell you before you commit to it, not after.
Contract date
The contract is signed by both parties and becomes binding. Every date that follows is counted from here, so we confirm it in writing straight away and diarise the whole sequence. Your deposit is paid to the agent's trust account by the date in the reference schedule.
Cooling-off period
Under section 166 of the Property Occupations Act 2014 (Qld) you have five business days, starting the day you receive the contract signed by both parties and ending at 5pm on the fifth business day. Weekends and public holidays are not counted. It does not apply if you bought at auction. If you terminate during this period the seller may keep 0.25% of the purchase price.
Building and pest inspection
You arrange the inspection and we make sure the report is back with enough time to act on it. If it turns up something significant you can negotiate, ask for repairs, or terminate, but only if we give notice by the date in the contract. This is the deadline people miss most often.
Finance approval
Your lender needs to give unconditional written approval by the finance date. If it is not going to arrive in time, tell us early and we will request an extension from the seller. Letting the date pass without approval or an extension puts you at risk of losing your deposit.
Searches and transfer duty
We order the title search and the council, rates and other searches relevant to the property, and raise anything that needs the seller's attention. We also work out the transfer duty payable and make sure it is assessed and paid, including any first home or concession entitlements you may have.
Settlement
We prepare the settlement figures, adjust rates and water so you only pay from the day you own it, and settle electronically through PEXA. Once settlement is confirmed the agent releases the keys and the title transfers into your name.
What you will need from us
Once you engage us we will ask you for a few things early, because they hold matters up if they arrive late:
- Identification, so we can verify who you are
- Your lender's details and your broker's contact, if you have one
- The name or names the property is to be bought in, and how it is to be held
- Whether you are claiming a first home or other transfer duty concession
How the property is to be held is worth a conversation rather than a guess. It affects duty, tax and what happens if circumstances change, so raise it with us early.
Have a contract in front of you?
Send it through with the dates you have been given and we will tell you where you stand and what it will cost.
Request a quote