FAQ’S.

To help you during this process, we have compiled a list of the most common questions asked about conveyancing, and to give you more information about RCB and the services we have to offer.

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A formal offer is an offer made in writing which clearly outlines the terms and conditions of your offer. A formal offer must be in writing. A formal offer may be made by way of a letter of offer, or by completing a draft contract. Depending on the format of your offer, a formal offer is not binding until a contract has been signed by the Vendor(s) and Buyer(s). Please note, commonly prospective buyers are provided with a contract to make their offer on. In this event, it is highly recommended to have your contract reviewed prior to submitting your offer in a contract formal. Once the contract is executed by the Vendor(s), the contract is then binding.

The primary difference between a standard purchase and an off the plan purchase is that in a standard purchase you are purchasing an established dwelling (already built) on registered land. When purchasing off the plan, generally the land is not registered, and the property is not constructed. You are purchasing the property off the actual plans of the property (survey plan, building plan, specifications).

Key dates are the contractual due dates for agreed conditions under contract. In Queensland, time is of the essence which means tasks must be completed under contract in a timely fashion or penalty may apply. If timely completion of the task does not occur, then the other party to the contract will have rights against the defaulting party. The Contract Date is the date by which both parties have signed the contract. All key dates are calculated from this date. Commonly key dates are the Insurance Date, Initial Deposit Date, Building and Pest Date, Finance Date, Due Diligence Date, Balance of Deposit Date and the Settlement Date. Special Conditions may also apply to the contract which make specific provision for items not otherwise dealt with under the standard contractual terms and conditions.

It is not uncommon for settlements to be delayed. The most frequent causes for settlement delays usually relate to the processing of bank documents (loan/mortgage documents for a buyer and a discharge authority for the seller). Depending on which party delays the settlement, the terms of the contract and the jurisdiction you live in, there are usually penalties for causing delays. These penalties include the imposition of default penalty interest, additional legal costs, or pursuing a claim for damages. In standard REIQ Contracts, Standard Condition 6.2 makes provision for delays and entitles either party to nominate a new date for settlement which must be no later than 5 Business Days after the Scheduled Settlement Date. Please note, it is important to ensure that you have a conveyancer or solicitor review your contract to confirm this provision applies to your contract. Other ways to mitigate risk of delays is to ensure you have executed documents correctly and provided your broker and lender the required information in a timely fashion.

Registration and lodgement fees are fees payable to the Department of Resources at settlement to facilitate the lodgement process of the property transfer. The fees are associated with the common process of transferring the title to the new registered proprietors, releasing any mortgages from title and adding a mortgage to a title. The actual fees payable are calculated by reference to the purchase price, whether the vendor has an existing mortgage on title and whether they buyer is obtaining a loan with the property as security. The relevant Department of Resources calculator is available here: Fee calculator – Titles Queensland (titlesqld.com.au)

Subject to Finance means the contract is conditional upon the buyer obtaining approval from a lender of their choice on terms satisfactory to the buyer. Essentially, the condition provides a safety-net for prospective buyers should they be unable to obtain financial approval, or obtain approval on terms to their satisfaction. A Finance condition is one of the most commonly inserted conditions in your standard contract. In most instances, it is strongly recommended to insert a finance condition. Please obtain the necessary legal advice prior to signing the contract to ensure the finance condition applies and provides you adequate protection.

The content of a Building Record Searches varies from Council to Council. Generally, a Building Record Search provides records of the properties Council Approvals, Final Inspection Certificates and any requisitions apply to the property. It is strongly recommended to obtain this search to ensure the properties compliance with Council regulations.

VOI (‘Verification of Identity’) is a process conducted to verify the identity of a person and ensure they are who they claim to be. The process requires the provision and verification of relevant ID documents (Passport, Drivers License, Birth Certificate, Marriage Certificate etc), recording of a short video repeating a unique code, and/or a face-to-fact consultation with your lawyer. A VOI must be reviewed and signed off by requesting staff to ensure accuracy and validity.

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The property is at the risk of the Buyer from 5pm on the first business day after the Contract Date. The Buyer is responsible for obtaining adequate cover as they are responsible for the property should damage occur between the Contract Date and Settlement. It is recommended to make enquiries regarding insurance prior to entering the contract as it may also alert you to additional risk factors you may not have considered (flooding, bushfires, contaminated land etc). In some instances, the Seller may remain liable for the property but only if the contract includes a special condition confirming this. 

Land Tax is a state tax, calculated on the freehold land you own in Queensland at the end of the financial year (30 June each year). The rate of tax varies depending on the total taxable value of your land and if any exemptions apply. When purchasing, it is recommended to conduct a Land Tax search to obtain a Land Tax Clearance Certificate. If a Certificate can not be granted (usually when funds are owing), the search will allow your solicitor to make adequate adjustments at settlement.

Chattels are items of property/goods that are not fixed to the land or property by anything other than their own weight. Common chattels are furniture, appliances or personal belongings. The interpretation of whether an item is a fixture or chattel may vary significantly in each case. It is important to seek legal advice prior to entering a contract so adequate provision can be made for the agreement of parties involved. This will usually result in the insertion or removal of items noted in the ‘Chattels’ section of the contract. It is highly important not to assume certain items pass with the property.

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Client Feedback

Augustus & Bianca have been fantastic to deal with in all 3 of my property purchases. They are quick and clear with their communication. Understand the process and offer excellent advice and support. I have recommended them to many friends and family and will continue to do so. Amazing work guys!

Jack B.

Augustus and Bianca has made our first investment property purchase so smooth running! Their communication and responses were so prompt and they always answered any queries we had. The process was super relaxed and we were never once concerned. We would highly recommend Augustus and Bianca!!

Cassie T.

Thanks to Augustus the whole process of buying my first home was absolutely stress free. He knew exactly what he was doing, was very quick and clear with communication through the whole process. Made the impossible possible settling on my settlement date just after Christmas break. I didn’t have to worry about a thing! Highly recommend.

Curtis M.

Tamara and Francois made the whole process of selling our house so easy and stress free. They kept us informed all the way through so we knew exactly what was happening next.
My husband and I would have no hesitation in recommending their services.

Ann H.

Buying a property is really stressful but I found having Francois as my conveyancer was brilliant. He was thorough, conscientious and made me feel that he genuinely cared about the smooth transfer. All the way through he was courteous, efficient and thoughtful. I would definitely recommend him to anyone buying or selling. Awesome!

Heather G.

Sharon at RCB Law handled my recent purchase of land. Everything was so simple and way too easy and completely stress free. I had some queries following settlement and Sharon was only too happy to take them off my plate and handle them for me. Couldn’t recommend her highly enough.

Carol M.

I write to express my sincere and heartfelt appreciation and gratitude to Augustus from RCB Law for his excellent work, professionalism, kindness and understanding, especially on those occasions when I must have asked what could have been construed as pretty ‘silly’ questions!

Considering that we were the first home buyers, we found the whole process stress free due to your guidance. The things were pretty well explained and taken care all the way up to settlement.

Also, 25 days settlement would have not been possible without your efforts!!

I have no reservation in highly recommending your firm to anyone seeking services that require a Solicitor.

Vinash S.

Tamara has been extremely helpful and professional throughout our experience of both selling a property and then purchasing another. We had a complex settlement situation which Tamara handled with ease and made the whole process very stress free, we would highly reccommend RBC Law

Sharon K.