In Queensland, the usual conveyancing process for a purchase is:
- The parties sign a contract for the sale of land
- The buyer/s appoint a lawyer and the seller/s appoint another lawyer – and from this point on the parties’ lawyers handle the conveyancing process on their clients’ behalf
- The lawyer explains to his or her client the various rights and responsibilities the client now has due to the contract and relevant legislation
- The lawyer explains to his or her client what must be done by the client in order to ‘settle’ the transaction (‘settling’ a transaction is the moment when money is officially paid by the buyer to the seller for the property, and ownership legally changes hands)
- The lawyer prepares legal documents to give effect to the transfer of the property and ensures these are signed by the buyer/s and seller/s
- The buyer’s lawyer ensures the buyer’s interests are secured by lodging a Settlement Notice to prevent the seller from secretly selling the property to multiple buyers and/or dealing with the property in any other way now that they have signed a contract
- The lawyer conducts searches of various government and body corporate records to ensure the property is at it appears and there are no hidden traps
- The lawyer liaises with banks and other parties to ensure everything and everyone is coordinated for the day of settlement
- The lawyer or his or her agent attends settlement on the client’s behalf and either pays money to the seller or accepts money from the buyer
- If required, the lawyer lodges legal documentation with the Queensland Government to register the change of ownership
Each of these steps has multiple sub-steps and a vast body of law and convention which together dictate and complicate the conveyancing process in Queensland. Having a Solicitor to guide you through this process could save you from breaching the contract, loosing your deposit or being sued.
