What is Conveyancing?
Conveyancing is the process of transferring ownership of a legal title of land to a new owner, whether it be from a person or entity. It involves the legal and statutory elements that are required in transfering ownership of property in Australia to another owner.
What's an online Settlement and does it have advantages?
Online conveyancing enables conveyancing parties (normally a Buyer and Seller) to lodge the required legal documents through an online platform.
Online conveyancing significantly reduces the risk of error and/or delay and provides greater certainty of a successful settlement.
Other key advantages include less time preparing documents, no physical attendance at settlement, secure electronic disbursement of funds, no need to organise costly bank cheques, and all the parties in the transaction having access to the one workspace to reduce human error and expediate the process.
Find out more
here.
Why should I hire RHC?
The conveyancing process can be daunting for most people, especially if you're unfamiliar with how to complete title registry documents, knowledge of legal and contractual terms, and troubleshooting processes. This isn't to mention the importance of complying with critical dates, financial obligations and the risk of losing your deposit or contract.
This is why you should consider hiring us. We've been in the business since 1983. We know the process and how the law has developed. This means you can have confidence knowing an experienced team is on your side.
Unlike other conveyancing practices, you're not just getting a junior paralegal, you'll be given a team of professionals who will be by your side, in regular communication, and available on your time.
What third-party fees are involved in a conveyance?
Third-party fees, expenses and disbursements are sums of money which we may pay, or may become liable to pay, to other people or entities on your behalf. These can include search or enquiry fees, lodgement fees, government charges, duties or taxes, transaction specific bank fees, postage or courier fees, and external fees that are imposed by someone else other than us.
All third party fees, expenses and disbursements are not included in our professional fee because these are sums of money that you are incurring with a third-party in an effort to complete your settlement. Generally, the most significant component of the third-party fees that you will incur will be search enquiries with a local council, and the lodgement fees.
What do I need to do to get the process underway?
All you need to do is send us a copy of your identification and your contract, and we will be in touch with some documents that you will need to complete so that we can begin the process.
If you have already signed your contract and it is subject to a building and pest or finance clause, we always suggest that you get this organised as a matter of priority to avoid any delay.
For more information, click
here.
Do I have to pay Stamp Duty or Capital Gains Tax?
Stamp Duty - Buyers
In Queensland, stamp duty – or transfer duty – is charged on transfers of residential land and is payable by a purchaser.
There is a regulated “general rate” of stamp duty which is payable when purchasing particular properties.
There are exceptions to the general rule, including the first home concession, the home concession and the first home vacant land concession. For more information in respect of concessions, click
here.
Should the concessions not apply to you, click
here to access a Stamp Duty calculator.
If stamp duty is payable, it will be included during the process and we will lodge it on your behalf.
Capital Gains Tax - Sellers
If you sell a capital asset, such as real estate, you usually make a capital gain or a capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it.
Generally speaking, there are exceptions to CGT, for example, where a Seller is disposing of their primary place of residence.
For more information on CGT, click
here.
What if I’m not satisfied with the building and pest inspection report?
If you're not satisfied with the building and pest inspection report, you generally have a number of rights and options. For example, if defects or evidence of pest activity is found, as the Buyer you must advise the Seller of the issue, and provide a copy of the report, for their perusal. You must also request the repairs or pest treatment be conducted, prior to settlement, or whether a reduction of purchase price is preferred to cover the work required following settlement. The Seller has the right to consider your request and/or counter offer in relation to the requested repairs.
Be aware that the Seller is under no obligation to agree with any of your proposals.
If you would like moe information, click
here.
What if I need more time to obtain finance or a building and pest report?
We highly recommend that, upon becoming aware of the risk that you may not have the building and pest report or finance approval by the due date, you contact us so that we can seek an extension of time for you to fulfil your obligations.
You should be aware of the risk that the Seller is under no obligation to provide an extension, and that termination rights can accrue. It is usual practice however to approve extensions in an effort to seal the impending deal.
Can I change the settlement date?
Yes, as long as all parties are in agreement, including any financier or outgoing mortgagor.
What happens if finance isn’t approved?
If your contract is subject to finance and you are unable to obtain approval, you should contact us immediately so that we can terminate your contract on your behalf and in accordance with the contract terms.
Does RHC have insurance?
Of course. As an incorporated legal practice, we are required to hold and maintain insurance.
When should I take out insurance over the property?
In accordance with Clause 8.1, of the REIQ Standard Terms of the Contract for the Sale, the property is at the Buyer/s risk from 5:00pm on the first business day after the Contract Date.
It is imperative and good practice to ensure that you obtain and maintain insurance over the property preferably on and from the Contract Date in case it is damaged.
For more information, click
here.
