If you’ve ever bought or sold a home, then you’re familiar with how complicated and deadline-driven the process can be. In this blog, we tackle the questions you might be too busy or too embarrassed to ask your conveyancing solicitor.
Q: Why does returning your documentation on time matter so much?
A: Because property sales are the biggest transactions many people will ever deal with, conveyancing is one of the most tightly regulated areas of law in Queensland. In fact, there are close to 20 different laws conveyancers have to consider every time a home is bought or sold. Life savings are at stake in the property business, so specifics and deadlines are more important than ever.
Q: What if I change my mind about buying a property?
A: In other types of transactions there’s not much to stop a buyer backing out of a sale. Cancelling a property purchase, however, can mean you lose part of your deposit. In Queensland, the seller may keep 0.25% of the property price if the buyer backs out – money most buyers would prefer to spend on their new homes or other investments.
Q: I think I’m going to miss a deadline, can I get an extension?
A: Good conveyancers will clearly explain the selling/buying process to you before sending you off to complete the first batch of paperwork. If you’re organised, deadlines within that paperwork can be extended. If your bank is taking longer than usual to approve your loan, your conveyancing solicitor will send the opposing solicitors a letter asking for an extension, which is often granted. The system can cater for problems and delays.
Q: How is conveyancing charged out?
A: Conveyancing Home Queensland offers customers a competitive professional fee + the cost of searches (which are set by the government and are the same throughout Queensland).
Do you have more questions about buying or selling property in Queensland? Whether you’re in the market now or you just need advice for the future, call our team of specialist conveyancers on (07) 3236 2852 or email info@conveyancinghome.com.au.