Q. What is the Queensland Conveyancing Protocol?
A. 1. Background
The introduction of a conveyancing protocol for the use of solicitors in Queensland has been under consideration for some time by the Queensland Law Society Incorporated. As a result of the increasing complexity of conveyancing practice, the reduction in fees charged for conveyancing and the marked increase in the sale and purchase of investment properties the need for the introduction of a conveyancing protocol had become more compelling.

2. Complexity of Conveyancing Practice
Although Standard Conditions of Sale are used for most residential (except “off the plan” sales of newly developed properties) and commercial transactions legislative intervention in the area of conveyancing has increased in recent years.

Consumer protection legislation now imposes strict regulation of the sale process for residential property through the disclosure and cooling off provisions of the Property Agents and Motors Dealers Act 2000 and Body Corporate and Community Management Act 1997, the process for the sale of proposed lots in the LandSales Act 1984 and the disclosure obligations of a seller for a managed investment under the Corporations Act 2001 (Cth). This strict regulation has increased the work undertaken by your solicitor.

These statutory obligations have been imposed over a conveyancing regime where real estate agents commonly prepare contracts without reference to solicitors and the parties are often bound in contract before any searches are undertaken. Because of the “sign first search later” approach, the buyer is almost totally reliant upon the terms of contract, the provisions of statutes, and the diligence of their solicitors in undertaking the searching process to protect the client’s interest, where further investigation of a property being purchased, reveals that it does not meet the expectations of the client as required by the contract of sale.

Whilst there are statutory disclosure obligations in Queensland, the extent of disclosure generally is far less than that required in New South Wales and Victoria. In those latter jurisdictions, there is an obligation upon the seller to undertake searches and append the results of those searches which are recent, to the contract of sale so that, by and large, a buyer is far better informed about specific aspects of the property before becoming bound by the contract. This fact has some ramifications for Queensland practice, in that there is a Queensland Conveyancing Protocol which places a higher obligation upon a Queensland solicitor undertaking conveyancing services, to undertake certain steps during the conveyancing process for a client when buying or selling a property.

Affordable Conveyancing strongly adheres to the Queensland Conveyancing Protocol.

Q. Do you do conveyancing in all areas of Queensland?
A. Yes, we have acted for clients for purchases all over Queensland

Q. Is it a problem if I am overseas?
A. No, as long as you are contactable via email or phone, we act for you in any part of the world.

Q. What is Conveyancing?
A. It’s the legal process of transferring property from one party to another.

Q. How long does conveyancing take?
A. It depends on what the contract says.
On average 30 days from date of contract.

Q. Can I complete settlement on the weekend?
A. No, because most law firms and banks do not carry out settlements in the weekends.

Q.  When should I arrange insurance?
A. The standard 6th Edition REIQ Contract of Sale for Houses and Residential Land provides that “… The Property is at the Buyers risk from 5.00 pm on the first Business Day after Contract Date…”. The Sellers, whilst continuing in possession, are required to use the Property reasonably until settlement.  You should therefore arrange for appropriate insurance urgently and straight after you sign the Contract.  

Q.  What is a cooling-off Period?
A. You can change your mind about purchasing a property during a 5 day cooling-off period.  Use this time to seek independent legal advice and an independent valuation of the property.

Q. Can I terminate the contract under the cooling off period and I don’t have to provide any reasons?
A. Yes.

Q.  When does the cooling off period start?
A.It begins on the day you are bound by the Contract of Sale.  Both the Buyer and the Seller are bound by the Contract as soon as the Buyer or their agent, lawyer or personal representative receives a copy of the signed Contract.  In any dispute concerning the commencement of the cooling-off period, it will be up to the Seller to prove the Buyer received a copy of the Contract.  If the Buyer is bound by the Contract on a day other than a business day, the cooling-off period commences on the first business day after the day the Buyer is bound by the Contract.

Q.  When does the cooling off period end?
A. It ends at 5.00 pm on the 5th business day after the cooling-off period started.

Q.  Will I lose my deposit if I terminate the contract during the cooling-off period?
A. If the Buyer terminates the Contract during the cooling-off period, the seller must refund the deposit within 14 days of termination but may deduct a termination penalty equal to 0.25% of the purchase price.

Q.  What happens after the cooling-off period ends?
A. You are legally bound to buy the Property, subject to the terms and conditions in the Contract.  Accordingly you must ensure that you’re happy with all of the terms and conditions in the Contract before you sign it and before the cooling-off period ends.

Q.  Why are the search fees different in different suburbs?
A. Each Local Authority has different fees for their relevant property searches so depending on where you are buying will determine the cost of the searches. Please click here for an estimate of fees.

Q.  Do I have to attend settlement?
A. No, you do not have to attend settlement. Our office will attend on your behalf.  However, you must be contactable at all times on the day of settlement and until settlement has been effected and we have informed you of it.

Q.  When can I collect the keys?
A. We will call you to advise once settlement has been effected and notify the agent that it has occurred. You can then collect the keys from the agent after we have notified you.