Conveyancing

Conveyancing is the process of transferring the ownership of the legal title of land (or property) from one person to the other.

A typical conveyancing transaction consists of three stages:

• before contract
• before completion
• after completion

If you have a contract you would like the team to act on or to receive a free offer review, please email the contract to [email protected]. Free offer reviews are offered within business hours.

As conveyancing is the transfer the ownership of the legal title of land (or property), transfer duty will apply.

In Queensland, transfer duty on land (or property) is usually calculated on either the unencumbered value of the property or the amount you agree to pay (the consideration), whichever is higher. The higher amount is called the ‘dutiable value’.

This means that transfer duty can apply even when no money is paid or the transfer is a gift. Read the public ruling about when valuations are needed for transactions with no consideration (DA505.1). The rates of duty apply to the dutiable value of the property to determine how much you have to pay. Concessions and exemptions may apply to a dutiable transaction, so you may have less or no duty to pay if you’re eligible.

A cooling-off period is a set number of days after you make a purchase in which you can say, “Thanks, but no thanks. I want to cancel my transaction.” If you take the option to cancel your legal agreement, you may have to pay the seller a termination fee, but in some circumstances, it can be worth paying the price.

The cooling-off period is not available everywhere or under every circumstance. In Queensland, you have five business days to back out of a contract you have already signed. You will have to pay the seller a termination fee of 0.25 per cent of the purchase price.

There is no cooling-off period for properties purchased at auction and you can elect to waive your right to a cooling-off period.

For the buyer – Coronis Conveyancing will:

• Prepare, clarify and lodge legal documents – e.g. contract of sale, memorandum of transfer
• Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing
• Put the deposit money in a trust account
• Calculate the adjustment of rates and taxes
• Settle the property – act on your behalf, advise you when the property is settled, contact your bank or financial institution on when final payments are being made
• Represent your interest with a vendor or their agent

For the seller – Coronis Conveyancing will:

• Complete and ensure the legal documents are all sorted
• Represent you and respond to requests from the buyer – for example, request to extend dates, title questions, etc.

Coronis Conveyancing’s promise to you is to understand your needs and aspirations. Our conveyancing solicitors will keep you informed throughout each critical stage of the process (deposit, finance, inspections and settlement) and guarantee a high service level

Yes, they can. Our conveyancing solicitors can and will handle all possible scenarios that occur during the buying process. Whether it be with the seller, real estate agent, bank, broker or a third party settlement agent, we’ve got you covered and will ensure your settlement is completed on time.

If our conveyancing solicitors do encounter a legal problem, we promise you will be notified and communicated with every step of the way until your assigned conveyancing solicitor is confident the problem is resolved.