According to APRA's rules, banks must have specific basic requirements when evaluating if a borrower can repay a home loan. This includes a minimum serviceability buffer of 3%, which is added on top of the mortgage interest rate.
How to Choose a Conveyancer in Qld?
The Conveyancing process in Queensland can be a lengthy and complicated procedure that requires in depth knowledge and professional legal guidance. As it requires the time and expert information to navigate this step by step process we recommend you engage a conveyancing solicitor from the moment you are ready to sign a contract. With the right legal advice and management you can rest easy with the trust that your conveyance is in the right hands.
At Horrocks Solicitors we offer friendly and dedicated conveyancing services to ensure your settlement is easy and without the confusion or stress if any complications should arise when purchasing or selling your property.
Conveyancing Guide : Terminating a Contract
Have you signed a house and land contract to purchase in Queensland but are unsure if you can terminate the contract before settlement? Buying a property in Queensland can often easily become a complicated legal process. Horrocks Solicitors have been helping Queenslanders settle their conveyances for over 30 years and are legal conveyancing experts in Brisbane, the Gold Coast and Greater Area. When it comes to contract termination it is strongly advised to contact a conveyancing solicitor to help you through the legal process to avoid any significant mistakes and financial consequences.
Brisbane Property Market Forecast 2022
HOW MUCH DOES CONVEYANCING COST IN QLD?
CONVEYANCING COSTS IN QUEENSLAND
Know what your conveyance fees should be for buying and selling a house in Brisbane by comparing our competitive low cost conveyancing.
Do I need a Conveyancing Solicitor to buy a house?
When buying or selling property you will need to satisfy the legal process for the transfer of ownership. As this involves the execution of a house and land contract and crucial conveyancing steps we recommend to leave it in the hands of a trusted conveyancing solicitor.
If you have recently signed a contract or are looking to buy or sell soon consider that should you make an error with your conveyancing you may cause a delayed settlement whereby you will be required to pay default interest or enable the party on the other side to terminate the contract at your expense and sue you for breach of contract.
How much should Conveyancing cost?
In Queensland some property solicitors will offer a price based on an hourly charge which can accumulate quickly if any complications arise during the course of the contract which is generally 30 days for a standard house and land.
At Horrocks Solicitors there are no hidden costs in our fixed fees and we have over 30 years experience with more than 70,000 settlements completed by John Horrocks.
Our fees are $1200 for buying & $990 for selling
these include GST
There are also search costs when buying a property.
What are the extra Conveyancing search costs or disbursements?
During the conveyancing process there are various disbursements that can be incurred on your behalf by your Conveyancing Solicitor including a fee for the lodging of documents with the relevant authorities, the option of important searches to know if there are planning restrictions, zone regulations, unapproved constructions or any vested interest by the government authorities. These are important to be aware of as they may affect the value of the property.
What are Conveyancing standard search costs?
For residential home or land purchases, we carry out the following property searches required to reasonably secure your purchase.
Standard Search Package:
Title Search upon receipt of the contract
Council Rates Search which reveals information about the state of the rate account.
Main Roads Search
Land Tax Clearance Search
Registered Plan of Land Search
Title Search on the day of settlement.
Additional and optional searches can include the Body Corporate Information Certificate, Certificate of Currency, Contaminated Land, Railways and Bankruptcy.
Are conveyancing fees paid upfront?
We will collect a cheque for our fees at settlement. There is no upfront payment for our conveyancing services.
Why do you need a lawyer for conveyancing?
Conveyancing solicitors are able to deal with any complex legal problems that can come up during your conveyance and you can have the peace of mind that your property transfer will be handled with care and in the best interests of your legal rights. Furthermore Horrocks Solicitors can offer you expert legal advice beyond conveyancing in the circumstances of a separation or divorce.
Call today for guaranteed and affordable legal property advice Horrocks Solicitors 07 3013 2300 or email your contract to reception@rivercityconveyancing.com.au
BUYING PROPERTY IN A BRISBANE FLOOD ZONE
BUYING IN A POSSIBLE FLOOD ZONE IN BRISBANE
The Brisbane river has a history of significant flooding beyond it’s brown riverbanks. Many potential Buyers of real estate in Queensland will ask Horrocks Solicitors what they need to know about buying a house in a flood zone in Brisbane.
As Brisbane sits on flood plains the possibility of a future flooding is high; especially when you take into account that the highest recorded floods occurred as recently as 2011 and 1974, in addition to earlier floods throughout the last century.
If you are concerned about the possibility of buying a property in a flood zone. You can make the following inquiries before you enter into a contract:
1. Flood Awareness Map / Brisbane City Council
The information in this map is sourced via flood studies conducted by the Brisbane City Council.
Click on the Flood Awareness Map and follow the links, it is important you read and
understand the conditions of use. This Map will give you a percentage likelihood of flooding
including details of the 1974 and 2011 floods.
2. FloodWise Property Reports
FloodWise Property Reports show the risk and type of flooding at a specific property including estimated flood levels.
5 QUESTIONS TO ASK BEFORE BUYING A HOUSE
Before you take the leap and make what may become the biggest purchases of your life, there are a few crucial questions to consider when buying a house.
Here are 5 important points you need to know before you sign a new house and land contract in Queensland:
5 QUESTIONS TO ASK BEFORE BUYING A HOUSE
Do I have sufficient funds to complete the purchase and do I need to make the contract subject to finance approval?
What are the legal costs for conveying the property into my name?
What Transfer Duty and Titles Office registration fees will I need to pay?
How old is the house and other improvements on the property? Have they been approved and inspected by the local Council?
Do I need to add any special conditions to the contract? For example: a settlement subject to confirmation of Council approval and final inspections or the sale of my property…
5 STEPS AFTER SIGNING A CONTRACT FOR BUYING A HOUSE
Once you’ve committed to the purchase and signed the contract here are 5 steps you need to take immediately
pay any deposit on the due date
send a copy of the signed contract to your financier to start the formal application for finance approval
engage the services of a building inspector if the contract is subject to a building and pest inspection
arrange for building insurance cover to start straight away if the property is a house
engage the services of a solicitor to do the conveyancing for you
For professional service from Brisbane’s most experienced conveyancing solicitor John Horrocks contact Horrocks Solicitors today for a fixed quote or a free contact review. Phone 07 3013 2300 or email admin@rivercityconveyancing.com.au.
