By Matt Gill
We have included below some of our more frequently asked questions from clients regarding Conveyancing & Property Law. Click on each heading to expand.
What is Conveyancing?
Conveyancing is described as the process whereby the transfer of land or property occurs between the owner and a purchaser.
Conveyancing in Queensland is very unlike other states of Australia as nearly all Queensland conveyancing is undertaken where time is of the essence.
Why use MCG Legal to do my Conveyancing?
MCG Legal has experience, are professional, prompt, easily contactable with access 24/7, reliable and cost effective. We look forward to completing your Conveyancing and any of your Property Law needs.
What is involved in undertaking Conveyancing?
We at MCG Legal will do the following:
- Review your Contract, preferably before you sign it and if that is not the case, immediately upon receipt of the executed Contract
- Identify and notify you of key dates and issues in the Contract
- Check if the Contract is compliant with current legislation
- Conduct relevant searches on your behalf
- Liaise with your financier and the other party’s legal representatives
- Communicate with you and all parties to the transaction at all times
- Calculate all necessary and applicable adjustments such as rates, water, body corporate, land tax and others
- Arrange settlement of the matter and attend to same
- Provide you with notification that your conveyance has been successfully completed, providing you with a settlement statement for your taxation purposes
Do I have to pay transfer duty?
Yes, transfer duty is payable on the purchase or acquisition of any land or property unless an exemption applies pursuant to the Duties Act 2001. If you are the purchaser of property, the likely answer is that you will be paying transfer duty. We at MCG Legal will advise you what transfer duty is payable after speaking with you and obtaining all of the relevant facts from you. We will also establish whether there are any exemptions applicable to you. Please contact us to discuss.
In Queensland, time is expressly of the essence under standard Contracts. Therefore, it is extremely important that all times and dates in the Contract are complied with as they are essential terms.
Failure to comply with these terms will place you in breach of the Contract and may allow the other party to terminate the Contract and / or sue for specific performance. The breach may also give rise to the forfeiture of the deposit if you are a purchaser. It is therefore extremely important that you provide to us the executed Contract as soon as it is received by you. Should you have any questions, please contact us immediately.
What is a 'Cooling Off' period?
The cooling off period is found in Queensland residential Contracts. It is a period of time being 5 business days which is afforded to the purchaser to pull out of the Contract should they get ‘cold feet’ and not wish to continue. Should a purchaser wish to terminate a Contract under the cooling off period then they may be liable to pay 0.25% of the purchase price to the seller. The cooling off period starts when the fully executed Contract is either provided to the purchaser or the purchaser’s representative / solicitor.
Please note that not all Contracts have a cooling off period such as purchasing a residential property at auction or a commercial property. It is also the case that some sellers will ask you as the purchaser to waive the cooling off period. To do this there is a specific form that must be signed by your Solicitor after they have advised you of the advantages and disadvantages of waiving the cooling off period.
Are there hidden costs in Conveyancing?
Hidden costs in Conveyancing are usually found in fees charged for searches and settlements. Some firms place an additional fee onto their costs of searches or attending settlement. These can also be through a service company controlled by the firm or built into the search fee itself. Ensure you ask about hidden costs should you be obtaining quotations.
Does MCG Legal have hidden costs?
No we do not. You pay the exact amount it costs us for searches and to attend settlement. There are no hidden costs. Contact our Gold Coast Conveyancing team today to discuss your sale or purchase of property.
Conveyancing services for Mortgage Broker & Real Estate Clients
The friendly & experienced team of Property Lawyers at MCG Legal are available for Conveyancing advice on the Gold Coast. Please don't hesitate to contact us with any queries regarding the sale or purchase of property on the Gold Coast.