Buying property in Queensland
So you’ve found your dream property, now what?
Buying property in Queensland is a little different to the rest of the country, and I hope these steps below clear some common questions up for you.
After you have done all your market research and found the home loan that suits your needs it’s time to get ready to buy your perfect property.
Once you have found the property, you wish to purchase it’s time to make an offer. Now in Queensland, a sale is only legally binding once the contract of sale has been initialled and signed by both the buyer and the seller. Here is where you need to be prepared when buying a property up here.
Once you have talked to the selling agent about the property you are interested in purchasing, you will be asked to make an offer. Now, this depends on a few things, but you may be asked to either submit an expression of interest or an offer form or sign a full contract.
In Queensland, it is the agents that draw up the contracts, and they should have a blank copy ready for you to look over. It is always advisable to get a qualified Queensland lawyer to look over the contract before you sign it, but remember that until the contract is signed off by the seller you haven’t secured it yet, and another buyer can still purchase the property. If this is your first time buying in Queensland, you may want to get yourself familiar with the contracts that we use.
The standard contract-
Now here is where it gets formal and how a contract of sale in Queensland should be presented to you.
In accordance with the Property Occupations Act 2014 your attention is directed to the below pages
a) Relevant Contract pages to be filled in and signed or initial and witnessed where stamped
b) Body Corporate Disclosure Statement
c) Form 23 Pool Safety Certificate
d) Electronic consent form
Once you have been given all the relevant information in the contract make sure you read over it and understand what you are signing. Your lawyer will be able to answer any questions you may have and advise you on any conditions and clauses you may wish to have inserted.
If you are buying at auction, there is no cooling off period. When you register to bid, full auction conditions of sale should be available for you to read over.
Please note that the information above is only written as a helpful guide. You should always contact a qualified lawyer for any legal advice, as they will be able to tell you information that suits your specific needs and situation. I only write this information to help people clear up some common questions about buying property in Queensland. It does not take into account your needs and goals in property, so the advice contained above should only be taken as a general guide.
To find the best professionals to make the whole process easy go to the professionals I recommend page for more details
For more buying tips and information on the property market, please subscribe and follow me on the below websites and if you liked this post, please share around.
Until next time as always, do your research before putting pen to paper.
Happy investing and have fun.