Avoid nasty surprises when buying property !
When buying property in Queensland, you'll need to review and sign the REIQ Contract. Although approved by both the REIQ and Queensland Law Society, it's still a legally binding document filled with critical clauses that can significantly impact your rights and finances. Cooling-off periods, "time of the essence" deadlines, finance and building inspection conditions, inclusions and exclusions, insurance obligations, and various fees all require careful review and proper management.
With Conveyancing Brisbane QLD handling your property conveyancing, you'll avoid nasty surprises and gain complete peace of mind. Our expert conveyancing solicitors manage every detail - protecting your interests and eliminating costly mistakes so you can proceed to settlement with total confidence.
Thousands of property buyers have trusted us to handle their conveyancing across Queensland. Our decades of experience have shown us every type of property purchase, and we know exactly how to navigate even the most complex buying situations—earning us recognition as one of Queensland's most trusted and reliable conveyancing firms.
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Frequently Asked Questions
Buying property in Queensland (excluding auctions) include a five business day cooling-off period. This period starts on the business day you receive the contract signed by both you and the seller. If you decide to cancel during this time, the seller can retain 0.25% of the purchase price from your deposit.
Once the cooling-off period expires and both parties have signed the contract, all due dates become strictly binding. If you fail to meet these deadlines, the seller may have the right to terminate the contract and keep your deposit, or even sue for damages. Missing a deadline can put your entire purchase at risk, which is why having an experienced conveyancing solicitor is essential.
Deposit is typically up to 10% of the purchase price and is usually split into two payments. The initial deposit (often called the holding deposit) is a small amount of $500 to $2,000, payable within three business days of signing the contract. The balance deposit - usually 5% to 10% of the purchase price - is paid once conditions like finance and building inspections are satisfied. It's crucial to pay both deposits on time, as missing the deadline puts you in breach of contract and the seller can terminate and keep your deposit.
From 5:00 pm on the first business day after the contract date, the property is at your risk - even though the seller still owns it and may be living there. You must arrange insurance immediately.
Building & pest inspection is one of the most important protections when buying property. While building inspectors check if the house is structurally sound, they often don't verify whether the property and any additions (pools, carports, pergolas) have proper council approval, so these items need to be checked as well.
Comprehensive searches are essential to uncover any issues with the property before you commit. Standard searches in Queensland include: title searches (confirming ownership and encumbrances), council rates and land tax searches (identifying unpaid rates), planning and zoning searches (checking council restrictions), contaminated land searches, flood risk assessments, body corporate records (for units and townhouses), water rates, and transport infrastructure searches. Your conveyancing solicitor will conduct all necessary searches and advise you of any red flags.
Queensland law distinguishes between fixtures (which are included in the sale) and chattels (which are not). Fixtures are items secured to the land or building - like built-in dishwashers, sheds on concrete slabs, alarm systems, and constructed BBQs. Chattels are movable items like freestanding furniture and appliances. To avoid disputes, the REIQ Contract includes an "Excluded Fixtures / Included Chattels" section where both parties can specify exactly what is included and not. We will review this for you to ensure no misunderstandings.
The REIQ contract includes a finance condition that gives you a set period to obtain loan approval on satisfactory terms. If you can't secure finance within this timeframe, you can usually terminate the contract and receive your deposit back. Five business days automatic extension usually applies if your lender causes the delays, without needing written approval from the seller. We will manage all finance deadlines and liaise with your lender to ensure settlement proceeds smoothly.
Settlement adjustments are calculations that ensure both buyer and seller pay their fair share of ongoing property costs. These include council rates, water charges, and body corporate levies (for units). We will calculate these on a pro-rata basis so the seller pays for their period of ownership up to settlement, and you only pay from settlement onwards.
Disbursements are the out-of-pocket costs your conveyancing solicitor pays on your behalf during the purchase process. These include title searches, council certificates, drainage diagrams, body corporate searches, land registry fees, and settlement platform fees. Unlike legal fees, disbursements are third-party charges that vary depending on your property. Your solicitor will provide a detailed breakdown of all expected disbursements in your initial quote so there are no surprises.
Absolutely. Especially if you're planning to build. Many buyers have lost tens of thousands of dollars when their builder discovered the land couldn't support construction. A soil test (typically done within 14 days of signing) reveals whether the land is suitable for building and can save you from a costly mistake. We can include a special condition in your contract making the purchase subject to a satisfactory soil test report.