A Simple Guide to Buying a Home in Brisbane: What You Need to Know
Buying a home is an exciting milestone, but the legal side of things can feel overwhelming. To help you navigate the process with confidence, here’s a simple step-by-step guide to residential property conveyancing in Brisbane.
Step 1: Sign the Contract of Sale
Once you’ve found your dream home and your offer has been accepted, you’ll sign a Contract of Sale. This legally binding document outlines the terms of the purchase, including price, settlement date, and any special conditions. Before signing, it's crucial to have a conveyancer or lawyer review the contract to ensure you understand your obligations.
Step 2: Cooling-Off Period (if applicable)
In Queensland, most residential property purchases have a five-business-day cooling-off period after signing the contract. This gives buyers time to change their minds, but keep in mind that a small termination fee (0.25% of the purchase price) may apply if you withdraw.
Step 3: Organise Finance and Pay the Deposit
Your lender will conduct a property valuation and finalise your loan approval. Once approved, you’ll need to pay the deposit (usually 5–10% of the purchase price), which is held in a trust account until settlement.
Step 4: Conduct Property Searches and Inspections
Your lawyer will arrange important property searches, such as checking land titles, zoning regulations, and any outstanding rates or encumbrances. If you’ve made the contract subject to building and pest inspections, this is the time to ensure the property is structurally sound and free from major issues.
Step 5: Settlement Preparation
As settlement day approaches, your legal team will prepare final documents and liaise with the seller’s representatives and your bank to ensure a smooth handover. You’ll receive a settlement statement outlining the final payments due, including stamp duty and adjustments for council rates or water charges.
Step 6: Settlement Day – The Keys Are Yours!
On settlement day, your bank transfers the funds to the seller, and ownership of the property is officially transferred to you. Once settlement is complete, you’ll receive the keys to your new home!
Need Help with Your Purchase?
The conveyancing process can be complex, but you don’t have to go through it alone. At Hewlett Legal, we guide buyers through every step to ensure a smooth and stress-free transaction. Reach out to Leisa to chat about your situation:
Direct line: (07) 3310 8716
Email: Leisa@hewlettlegal.com.au
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