Are you thinking about purchasing a property in Queensland?
Read on.
This article will discuss four essential things to remember before signing on the dotted line.
1. Don’t Forget to Get Your Solicitor’s Pre-Signing Advice
It is always a good idea to have a solicitor review your contract before signing it, as it is a legally binding document.
At One80 Conveyancing, we offer complimentary pre contract advice.
This is especially important if you buy your first home, as the process can be overwhelming. Your solicitor will take the time to explain your contract so you have a clear understanding of your rights, obligations and in some cases, risks under the contract.
The Contract of Sale for a property in Queensland usually includes a standard set of terms and conditions. However, there may be some cases where the Contract requires additional special conditions to cater for your individual circumstances. Your solicitor will be able to advise you on special conditions.
2. Request a Copy of the Title Search Before Signing
You must have a current title search for the property before you sign the contract. A title search will tell you: who owns the property; if there are any mortgages or other charges on the property; if there are any restrictions on the property, such as a covenant that requires you to keep the property as a residential dwelling; and if there are any easements on the property. You should also check that the property address is correctly noted in the Contract.
3. Check Your Name
Check that your name is spelt correctly, as per your identity documents. If you have a middle name or names, make sure your full name is inserted into the contract.
If you intend to buy the Property with someone else, make sure that the other person is also included in the contract and that their name is spelt correctly too.
Adding or removing a party to a contract once it is signed is not without difficulty – you will most likely have to enter into a Deed of Rescission.
4. Know You Should Not Feel Pressured to Sign the Contract
Always remember that a real estate agent works for the Seller. They may use selling tactics that cause buyers to overpay or make unsuitable purchase decisions. These tactics may include mentioning other potential offers or declaring that the seller won’t accept their offer if they want to put in specific terms and conditions.
Take time to negotiate your contract (purchase price and conditions) and remember not to let emotions cloud your judgment.
Conclusion
Don’t rush into signing a QLD Residential Purchase Contract.
Take the time to have your Solicitor review your contract before you sign it. If you do so, you will have peace of mind that your rights and interests are protected.
If you do sign a contract and are having second thoughts, contact your solicitor immediately. You may be entitled to terminate under the cooling off provisions (assuming it has not been waived). Terminating under the cooling off provisions must be done within strict time frames.
One80 Conveyancing helps homebuyers get into their dream homes efficiently with our very own revolutionary One80 Prime System™. It is a unique nine-step framework that sets out the conveyancing process for home buyers in a ridiculously easy step-by-step guide. You’ll know exactly what we will do in the conveyancing process and what you will need to do. It’s also packed with powerful guides, meticulous checklists and cheat sheets all designed to make your life super easy.
Don’t know the process of buying a property in Queensland?
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DISCLAIMER: This article is provided for general information purposes only. Its content is current at the date of preparation. Changes in circumstances or policy or legislation after the time of preparation may impact the accuracy of the information provided. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice from a qualified professional based on your specific circumstances before taking any action concerning the matters discussed in this guide. One80 Conveyancing Pty Ltd will not accept liability for any reliance on this article, including but not limited to, the accuracy, currency or completeness of any information or links.
