Buying a Property
What costs are involved?
What searches do I need?
There are minimum searches that are required. However, there are additional searches available depending on whether you are purchasing a unit, hobby farm, commercial building or large rural property. We can provide you with a list of all of the searches and the fee for each search and discuss your particular property with you.
When do I have to pay?
We request a retainer to our trust account at the commencement of your Contract to cover searches. The balance of our fees, outlays and transfer duty can be paid by you prior to Settlement or by your bank at Settlement.
How long will the process take?
Generally we allow 30 days for a residential purchase – this is generally broken down into 14 days for obtaining finance and building and pest and then 14 days to organise your bank and Settlement. However, sometimes we need to allow longer for the conditions to be satisfied (your bank may need longer to process your application or you need to sell a property first) or for Settlement to be organised (if you are travelling or away and need longer to sign mortgage documents, there is a tenant in the property or you are fly in/fly out worker). We can discuss timing of the conditions and settlement with you prior to signing the Contract to ensure you are able to meet your obligations.
- Solicitor professional fee – this fee is payable to your solicitor for them to handle all aspects of the transaction.
- Disbursements / outlays – there are minimum searches that you should conduct on a property to ensure there are no defects in title or money outstanding. We do not charge a markup on the fees that we are charged to order your searches. The search fees may vary as each Council has their own fees.
- Transfer Duty (formerly stamp duty) – transfer duty is a tax charged on the acquisition of property and is based on the purchase price. We can discuss the various concessions available.
- Registration fees – the fee payable to the Queensland Titles Office to transfer the property into your name. This fee is also based on the purchase price.
- Finance – your bank will charge you loan application and processing fees.
- Building & Pest Inspector / Electrician / Plumber / Soil Test – depending on what inspections you want to conduct on the property there will be a fee for each tradesman.
What searches do I need?
There are minimum searches that are required. However, there are additional searches available depending on whether you are purchasing a unit, hobby farm, commercial building or large rural property. We can provide you with a list of all of the searches and the fee for each search and discuss your particular property with you.
When do I have to pay?
We request a retainer to our trust account at the commencement of your Contract to cover searches. The balance of our fees, outlays and transfer duty can be paid by you prior to Settlement or by your bank at Settlement.
How long will the process take?
Generally we allow 30 days for a residential purchase – this is generally broken down into 14 days for obtaining finance and building and pest and then 14 days to organise your bank and Settlement. However, sometimes we need to allow longer for the conditions to be satisfied (your bank may need longer to process your application or you need to sell a property first) or for Settlement to be organised (if you are travelling or away and need longer to sign mortgage documents, there is a tenant in the property or you are fly in/fly out worker). We can discuss timing of the conditions and settlement with you prior to signing the Contract to ensure you are able to meet your obligations.
Selling a Property
What costs are involved?
When do I have to pay?
We will draw a cheque at Settlement to pay our professional fees.
What do I have to do to notify my bank that the Property is sold?
Your bank will require a Discharge Authority to be signed in order to notify them that the Property has been sold. Most banks require at least 14 days to process the Discharge Authority however we suggest that you sign the Discharge Authority as soon as the Contract is signed. All too often Settlements need to be delayed as the bank was not ready to provide the Release of Mortgage at Settlement. We can assist you with completing the Discharge Authority.
- Solicitor professional fee - this fee is payable to your solicitor for them to handle all aspects of the transaction.
- Outlays / disbursements – generally the only search required is a title search. We include this search in our professional fees.
- Agent’s commission – you will have negotiated your commission with the agent prior to engaging them. Their commission can be paid from the deposit and at Settlement.
When do I have to pay?
We will draw a cheque at Settlement to pay our professional fees.
What do I have to do to notify my bank that the Property is sold?
Your bank will require a Discharge Authority to be signed in order to notify them that the Property has been sold. Most banks require at least 14 days to process the Discharge Authority however we suggest that you sign the Discharge Authority as soon as the Contract is signed. All too often Settlements need to be delayed as the bank was not ready to provide the Release of Mortgage at Settlement. We can assist you with completing the Discharge Authority.
General
Do I have to attend at your office or meet with you?
While it is always nice to meet you in person I acknowledge that you lead a busy life or you are not local. I can assist you with any purchase or sale in Queensland. Technology means that we can complete your transaction without needing to meet with you personally. However, we do need to verify your identity and if this can’t be done in person we will require you to complete a Verification of Identity which is relatively simple.
What is PEXA?
PEXA is a recently introduced online or electronic settlement solution. Traditionally, Settlements have been effected by way of a physical Settlement where all parties attend at Settlement and hand over physical documents and cheques. Organising Settlements can sometimes be difficult with getting every party to attend on time and are often delayed by hours or days due to cheques or documents containing a minor error. PEXA is a platform to ensure Settlements can be effected efficiently, securely and without delay. As a Seller, your money will automatically be deposited to your account on the Settlement day. As a Buyer, your transfer will be lodged and registered with the Titles Office within hours rather than weeks.
We are currently in the process of registering with PEXA and will advise if your Settlement is eligible.
Can you help me with my Will or other legal related issue?
Unfortunately no – I have decided to focus my practice solely on conveyancing. However, I am happy to recommend another solicitor that I know and trust.
While it is always nice to meet you in person I acknowledge that you lead a busy life or you are not local. I can assist you with any purchase or sale in Queensland. Technology means that we can complete your transaction without needing to meet with you personally. However, we do need to verify your identity and if this can’t be done in person we will require you to complete a Verification of Identity which is relatively simple.
What is PEXA?
PEXA is a recently introduced online or electronic settlement solution. Traditionally, Settlements have been effected by way of a physical Settlement where all parties attend at Settlement and hand over physical documents and cheques. Organising Settlements can sometimes be difficult with getting every party to attend on time and are often delayed by hours or days due to cheques or documents containing a minor error. PEXA is a platform to ensure Settlements can be effected efficiently, securely and without delay. As a Seller, your money will automatically be deposited to your account on the Settlement day. As a Buyer, your transfer will be lodged and registered with the Titles Office within hours rather than weeks.
We are currently in the process of registering with PEXA and will advise if your Settlement is eligible.
Can you help me with my Will or other legal related issue?
Unfortunately no – I have decided to focus my practice solely on conveyancing. However, I am happy to recommend another solicitor that I know and trust.
Any other questions?
I'm here to help - please feel free to phone or email me to discuss your query or contract -
Ph: 0408 737 185
E: md@altitudeconveyancing.com.au
Ph: 0408 737 185
E: md@altitudeconveyancing.com.au
