Like most states, Queensland has its own laws covering real estate properties. If you are planning to invest in land for sale soon, you have to take note of these laws to avoid making mistakes that could lead to legal issues. Here are a few important reminders.
It Is Always Safer to Hire an Agent
While it may cost you a little more than doing all the work yourself, working with a licensed agent in purchasing land may just be the smartest decision you will ever make throughout the whole endeavour. For one, an agent knows the ins and outs of QLD’s real estate market more than you do, so you have a better chance at finding the land for sale that suits your needs. Another reason is that using professional services protects you under the Property Occupations Act of 2014, which regulates the work and activities of licensed real estate agents.
You Have the Right to Make the Contract Conditional
This, actually, should be a no-brainer, but because most buyers get easily overwhelmed by the tons of technical jargons they encounter in the contract, it helps to remind them over and over. A contract is the agreement between you and the seller, so it means you have a right to lay down conditions that you believe could protect your own interest in the transaction. If you’re not sure what particular provisions may give you all the security that you need, just request for a standard contract approved by the Real Estate Institute Queensland and the Queensland Law Society.
Keep in mind that most of the facets that make up the whole transaction will be included in the contract, but it’s still up to you and the seller what each of those facets would say. Some of the areas that you might want to make conditional include getting a satisfactory building and pest inspection, financing the purchase, and selling any existing property.
There’s a 5-Day Cooling Off Period
Of course, you should take into account the likelihood that the seller will not agree with your conditions. It is very possible that they will negotiate before they present you a new contract. Both sides are given a 5-day cooling off period to settle everything and come to terms. If you end up cancelling just because you found the negotiation quite disadvantageous, you will have to pay a certain fee. This is why it is crucial to seek legal advice when making these decisions regarding your real estate purchase.
You Will Not Get to Fully Own the Land Just Yet
Unless you made it clear in the contract and the seller agrees to it, you can’t use the property just yet. That’s because a lot of paperwork lies ahead of you after you sign the initial documents. Your purchase will undergo a procedure called conveyancing. This involves all the processes needed to ensure that the land is registered in your name at the land title office.
There are a lot of other important things that you have to consider when purchasing land for sale in Queensland. This makes the whole process overwhelmingly convoluted. The only way to survive it is to work with a licensed agent from the state’s top real estate companies, such as Lion Land Marketing. Not only do you get to work with some of the most experienced professionals, but since they specialise in lands, you have a greater chance of success.
PROPERTY OCCUPATIONS ACT 2014, classic.austlii.edu.au
Property ownership laws, qld.gov.au