“Failing to plan is planning to fail”
What is conveyancing?
Conveyancing is the legal process of transferring ownership of property from one party to another. It includes necessary checks and searches of government bodies and registers to ensure that the seller legally owns the property, and that the buyer takes possession of the property without any unexpected encumbrances or surprises.
Why are there are different prices for buying and selling?
The seller already has the information in respect to his/her property. They gained this information when they purchased the property. However the purchaser has no knowledge of the property except from what they have seen during the inspection. They need to satisfy themselves that the vendor (seller) actually owns the property, that there will be no outstanding mortgages or any other type of encumbrances on the property at settlement. In addition they need to check that the council rates are up to date, that there are no pest problems (i.e. termites) and that the building is sound. There are a number of searches to be performed to make sure the purchaser is buying a good property with full knowledge of its current state and that they will have legal title at settlement. There is a lot more work to be done for a purchaser, therefore both the professional fee and search fees are higher.
What happens if there is a problem with my contract?
Duncan Solicitors are experienced solicitors who are able to provide advice and guidance in situations that require legal expertise.
Do I need to attend your office during my sale/ purchase?
No, our business is predominately online. Most conveyances can be completed by phone, fax, email and post.
What is transfer/stamp duty and do I need to pay it?
Transfer duty or stamp duty is a tax imposed by the Queensland Government on the purchase of property in Queensland and similar government departments in NSW and other states. Under the standard contract of sale, transfer duty is payable by the buyer. It is determined by the purchase price of the property together with any concession you may be entitled to.
Are there any other fees that I may be required to pay?
Apart from transfer duty imposed by the Office of State Revenue in QLD or similar government departments in NSW and other states you will be required to pay a title registration fee and if borrowing money a mortgage registration fee which in QLD is paid to the Department of Natural Resources and Mines. This fee is based upon the contract value of the purchase.
When will I be required to pay your account?
We are prohibited from accepting payment of our fees until we have actually performed the work. The costs associated with the searches will be held on trust and through your direction we will pay these costs through our trust account as they arise. You will authorise us to accept payment of our fees at settlement.