Have you been thinking of buying a property in Brisbane, Queensland? If you have, the present time is ideally suited for the purpose. Brisbane and houses close to the CBD have witnessed a revival of buyer interest in its property market.
Purchasing an A-grade home or investment-grade property in these areas will yield profitable returns in the future. However, before doing so, you should hire the best Brisbane lawyers located in the CBD.
Even though the rest of Queensland had a shortage of properties for sale in 2022, Brisbane fared far better than the others. Its listings increased by an average of 8.4% every month in 2022 and 4.6% month-on-month in regional Queensland. Moreover, plenty of properties have also increased in value within 5 to 7 kilometres of CBD.
Hiring a lawyer while buying a property helps make the process smooth and hassle-free while saving you plenty of time and money. Purchasing a residential property involves plenty of complications, and regardless of whether you are a first-time buyer or an experienced investor, you must fulfil the legal obligations.
How can lawyers help you with a property purchase and other things you should know about this topic? Continue reading to find out.
Reasons for hiring a lawyer
You should seriously consider hiring a lawyer while buying a house since they will help you out with the various processes involved in the transaction.
They will check the sales contract, offer advice on your mortgage contract, go through the disclosure statements, inform you of your obligations as a homeowner, and conduct title searches.
Your attorney will handle any problems that arise during pre-settlement inspections with your seller’s lawyers, oversee the final payment, and ensure you receive the property title according to the legal requirements.
One of the most important roles they will perform is conveyancing since it is a highly complicated process involving several components.
Signing the contract of sale
Once you find a house you like, you can ask your lawyer to contact the seller’s agent to get a Sale of Contract, according to Queensland’s Laws. It is a document that mentions information such as the buying price of the property, payment details, and the final settlement’s date and time.
The contract will only become effective when you and the other party sign it. Under no circumstances should you sign the contract without consulting your attorney and taking legal advice.
Checking the disclosure statement
The Queensland real estate laws make it mandatory for house sellers in Brisbane to submit a disclosure statement to the buyer containing specific information regarding the property.
For instance, the statement could include the Environmental Protection Act 1994, Electric Safety Regulation 2013, Fire and Emergency Services Act, Queensland Building and Construction Commission Act 1991, and Neighbourhood Disputes Act 2011, besides other details.
Your lawyer will review the statement and ensure details such as the ones mentioned above.
Including a Pest Inspection Report in the contract
You must fill a section in the Queensland Contract of Sale to include a Pest Inspection report. Unless you have this section, you cannot insist on a satisfactory pest inspection report in the contract.
The inspector carrying out the inspection should have a licence issued by the Queensland Building and Construction Commission.
Final Settlement Process
In most cases, your physical presence won’t be required in the final settlement process. The transfer of titles in Queensland is available online through PEXA or on paper.
Your lawyer will submit the documents with the Queensland Land Title Registry and hand them the cheque containing the balance of the sale proceeds.
It is a good time to buy property in the Central Business District, but before that, you should hire experienced Brisbane lawyers located in the CBD. They will help the process of purchasing property stress-free while ensuring the seller meets their legal obligations.