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Purchasing: The Residential Conveyancing Process Explained – Townsville and Queensland Wide
Conveyancing is the process of transferring ownership of property from one person or entity to another and needs to be undertaken whenever someone buys or sells their home or investment property.
The conveyancing process for a residential purchase is the same throughout Queensland and generally follows this order:
1. Signing the contract
For the conveyancing process to begin both the seller/s and buyer/s must sign the Contract;
We highly recommend that you seek legal advice prior to signing the Contract. At this stage you can advise us if you have any concerns about the property and we will ensure that your rights are protected under the Contract;
Once the contract is fully executed we recommend that you organise building and public liability insurance.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
2. Getting the contract to us
If there is a Real Estate Agent involved please advise them that NQ Legal will be acting for you in this matter, they will then forward to our office a copy of the Contract; or
If there is no agent please provide our office with the contract. It is essential this is done in a timely manner to ensure your protection.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
3. Cooling off period
Once the Contract has been signed by all parties and it is received by either you or our office, it is subject to a cooling off period of five (5) business days. During this period you are not legally bound by the Contract and may terminate the contract for whatever reason. Please note a termination penalty may apply.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
4. Finance
If the Contract is subject to finance the next thing you will need to do is provide a copy of the Contract to your financier; and advise them that NQ Legal is acting on your behalf;
They will then contact you (and our office) advising whether finance has been approved. It is important to ensure that finance approval is unconditional (i.e. not subject to a valuation or any other conditions).
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
5. Building and Pest
If the Contract is subject to a Building and Pest Inspection report you will need to arrange for a Building Inspector to inspect the property;
This is an important part of the process as the Building Inspector may discover some defects with the property that were not brought to your attention. Depending on the issues discovered by the building and pest inspection, you may be able to terminate the contract or seek a price reduction;
If you are unsure about any of the structures on the property not having building approval, please advise your building inspector (and our office) as soon as possible;
You can also arrange for an Electrical Inspector to inspect the property at the same time as your Building Inspector.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
6. Searches
In the ordinary course of a conveyance there are a number of searches we carry out as standard on the property; these include:
- Title Search;
- Registered Plan of the Land;
- Full Council Rates Search;
- Land Tax Certificate;
- Queensland Transport Search;
- Contaminated Lands Search;
- Body Corporate Information Certificate (if unit or townhouse);
- Company Search (where the seller or the buyer is a company);
- Bankruptcy Search;
- Court Register Search;
- Townsville City Council Heritage Search;
- Flood Search; and
- Title Search on the day of settlement.
There are a number of Additional Searches you may wish to undertake on the property. Please advise us as soon as possible if you would like us to carry out any additional searches.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
7. Once the Contract is Unconditional
Once the Contract has gone unconditional we will then contact your financier to arrange a time for settlement;
In order for us to be able to book in settlement you must ensure that your mortgage documents have been signed and returned to your bank;
It can take at least one (1) week for your bank to be ready to book in settlement. We recommend you contact your bank once the contract becomes unconditional so we are able to begin this process.
We will prepare the transfer documents for settlement to have your name transferred onto title as the new registered owner.
We will prepare the documents required to pay the necessary transfer duty to the Office of State Revenue, we can lodge these documents on your behalf once settlement is completed.
Further we calculate the amounts that need to be paid at settlement and organise the necessary cheques that will need to be provided by your bank.
Note if there are any adjustments to be made, such as rates, we will calculate this for you.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
8. Settlement
We will attend settlements in Townsville on your behalf, free of charge.
Once settlement has been effected we will contact you and the real estate agent. The real estate agent will then release keys to the property directly to you.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
9. Post settlement
After settlement has been effected we will contact any relevant authorities to advise of the transfer;
We will forward payment of transfer duty to the Office of State Revenue; and
We will also send you a letter containing the settlement statement and copies of the searches we carried out on the property.
If there is no financier involved we can attend to lodgement of all documents necessary to complete the transfer. Please note this is considered an additional service and is not included in our fixed price professional fee. Click here to see details of the additional services we provide.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
What next?
Ask your real estate agent to sent your contract to NQ Legal:
- Fax:
- (07) 4721 0588
- Email:
- [email protected]
- Post:
- PO Box 1906, TOWNSVILLE QLD 4810
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
Rest assured with the knowledge and experience of NQ Legal your residential conveyance will be in the best hands with all aspects of that residential transaction being duly considered.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
Customised QuoteEmail now to receive your obligation FREE customised quote |
Customised Quote |
Selling: The Residential Conveyancing Process Explained – Townsville and Queensland Wide
Conveyancing is the process of transferring ownership of property from one person or entity to another and needs to be undertaken whenever someone buys or sells their home or investment property.
The conveyancing process for a residential sale is the same throughout Queensland and generally follows this order:
1. Signing the contract
For the conveyancing process to begin both the seller/s and buyer/s must sign the Contract;
Please arrange for a copy of the Contract to be sent to our office.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
2. Getting the contract to us
If there is a Real Estate Agent involved please advise them that NQ Legal will be acting for you in this matter, they will then forward to our office a copy of your contract; or
If there is no agent please provide our office with the contract. It is essential this is done in a timely manner to ensure your protection.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
3. Cooling off period
Once the Contract is signed, it is subject to a cooling off period which allows the buyer to terminate for whatever reason. Please note that you are entitled to claim a termination penalty should the buyer terminate under the cooling off period.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
4. Finance & Building Inspections
The Contract is generally subject to the buyer obtaining finance and a satisfactory building and pest inspection;
We will contract you if the buyer requests an extension or if any issues arise.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
5. Once the Contract is Unconditional
Once the Contract has gone unconditional we will then contact your financier to arrange a time for settlement;
In order for us to be able to book in settlement you will need to contact your bank to arrange for a Release of Mortgage;
It can take up to (1) week for your bank to be ready to book in settlement. We recommend you contact your bank at the latest, once the contract becomes unconditional so we are able to begin this process.
We will contact you prior to settlement to discuss how you would like your settlement funds to be disbursed and we will confirm the adjustment / settlement figures with you;
We will co-ordinate with the purchaser’s solicitors the cheques we require at settlement and who you would like these made payable to.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
6. Settlement
We will attend settlement in Townsville on your behalf, free of charge. At this time we will collect any necessary cheques and forward them on to the relevant parties.
We will contact you once settlement has been effected.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
7. Post settlement
After settlement has been effected we will send you a letter containing the settlement statement and any other documents you request.
Please don’t hesitate to contact our office any time after settlement if you have any questions.
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
What next?
Ask your real estate agent to sent your contract to NQ Legal:
- Fax:
- (07) 4721 0588
- Email:
- [email protected]
- Post:
- PO Box 1906, TOWNSVILLE QLD 4810
CONVEYANCING ADVICE – 7 DAYS A WEEK – (07) 4721 0488
Rest assured with the knowledge and experience of Melanie Mullins, Jo Kiernan, or Kelsie Condon your residential conveyance will be in the best hands with all aspects of that residential transaction being duly considered.