Frequently Asked Questions

 

Property terms

Settlement – the day the sale process is completed and the ownership of the property is transferred.

Cooling off – in Queensland the buyer is given 5 working days to pull out of the contract. A statutory penalty of 0.25% applies if you pull out of the contract in these 5 days.

Going unconditional – making the contract not subject to anything. Both parties are bound by the contract.

Freehold or Fee Simple – the most common form of ownership where the property is owned outright (another form of title is leasehold).

Title – the record of ownership of a particular property. It includes the owners name, property details and any encumbrances, mortgages or easements.

Deposit – an amount paid by the buyer usually on signing the contract, or when the contract goes unconditional, which secures the property for the buyer and indicates their commitment to the seller. The deposit is usually held in a trust account.

Time of the essence – parties have a strict obligation to perform within the time agreed, failing which they will be in breach of the contract. If the contract is not time of the essence, the parties have a reasonable time to perform their obligations.

Mortgagee – the lender secured over the title (i.e. the bank).

Body Corporate – the owners’ committee/board that runs a unit or apartment building complex for the owners.

Contract – the written document the buyer and seller sign to record their agreement.

Subject to finance – the contract can be subject to the buyer obtaining finance approval if they require finance to pay for the property.

Pest and building – the contract may be subject to the buyer obtaining satisfactory building and pest reports on the property. If they are not satisfied they can terminate the contract.

Chattels – moveable items that are not annexed to the land. I.e. Furniture.

Pre-settlement inspection – the buyer may be entitled to a pre-settlement inspection to ensure the property is in the same condition as previously agreed.

Stamp duty or duty – a state tax paid on the transfer of land or property. Contact us for further details in relation to this.

Government grants – state or commonwealth grants/handouts provided to some home owners. Contact us to see if you’re eligible to concessions.

 

General questions

When do I get in touch with you for conveyancing? You can get in touch with us if you have any questions or you can let your real estate agent know you wish to use our services and they will send us the contract.

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All mail to:

Conveyable, PO Box 949

Surfers Paradise QLD 4217

Head office

Level 2, 33 Elkhorn Avenue

Surfers Paradise QLD 4217

Fax:     (07) 5570 6788

 

Why can’t I do it myself? During the conveyancing process, if you are not experienced, a lot can go wrong. Dealing with property forms, land registry departments, revenue offices and property legislation can be a headache. For our affordable price you are better off saving yourself a big headache, a lot of stress and possibly a lot of money in the future.

How are you different to a conveyancer? Being property lawyers, we have experience in complex property transactions. Should any legal issues arise we can handle the problem in house and provide you with advice. A conveyancer is likely to have to send you to a solicitor who will charge you further fees.

Do you do all types of conveyancing? Yes, we do all types of conveyancing. The fixed prices displayed on our site are for properties under $2,000,000.00 and not commercial properties. If it is for a commercial property or over $2,000,000.00, we will provide you with a custom quote based on your situation.

When do I pay for your services? Usually on the contract going unconditional.

How do we communicate? Our service is mainly conducted on the phone and by email. Any documents requiring signing are sent by post and no physical appointments or meetings are required.

How do I get an update? You will have a designated person working on your file you can email at any time or request a phone call.

 

Buying questions

Do I need your help making an offer or signing the contract? We can assist you with explaining clauses in the contract you may be unsure of however you generally do not need our assistance until the contract is signed.

What searches do you do? See our costs page for applicable searches.

How do I buy at auction? We recommend you always have your finance approved prior to putting your hand up at auction (that is unless you have the cash available). Buying under auction conditions can be strict and most of the time the contract is unconditional once the property sells to you as the highest bidder.

What adjustments are done at settlement? All charges relating to the property you are buying. These usually include Rates, Water, land tax, Body Corporate (if applicable) and any other specific charges.

How do you communicate during the conveyance? Most of our communication is over email, phone and by post. We will generally be in touch a day prior to a due date or time limit under the contract. Please monitor your emails.

When is my deposit due? You usually pay a deposit when you sign the contract and a balance amount when the contract goes unconditional. We coordinate this with you.

How do I waive my cooling off? In Queensland you need a lawyer to waive the cooling off. Ask us how we can waive your cooling off for you.

How do I go unconditional with my finance or pest/building condition? You need to be sure you have your finance approved and/or are satisfied with your pest and building report. You then advise us that you wish to proceed and are satisfied with these conditions of the contract. We then communicate this to the other side.

What’s not included in your service? Included in your conveyance is the general process of seeing the transaction through to settlement and the property transferred into your name. It includes all calls and emails throughout the process. However there are things that can come up that are not included, for example if you need to rescind the contract to change the name, arranging a second settlement if the first one is not successful etc. these are not included.

Selling questions

Who prepares the contract? It is typically either your real estate agent or in some cases you need a lawyer/conveyancer to prepare the contract. Ask us about this service.

What searches do you do? For a sale, the only prudent search is a title search to confirm the current status of the properties title and encumbrances.

What adjustments are done at settlement? All charges relating to the property you are selling. These usually include Rates, Water, land tax, Body Corporate (if applicable) and any other specific charges.

How do you communicate during the conveyance? Most of our communication is over email, phone and by post. We will generally be in touch a day prior to a due date or time limit under the contract. Please monitor your emails.

What’s not included? Included in your conveyance is the general process of seeing the transaction through to settlement and the property transferred out of your name. It includes all calls and emails throughout the process. However there are things that can come up that are not included, for example if the buyer wishes to rescind the contract to change the buyers name, arranging a second settlement if the first one is not successful etc. Most of the time these costs are not included and in some circumstances they can be paid by the buyer as it is usually the buyers fault.

 

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