Land for Sale: Legal Obligations of Property Sellers In a Conveyance

Brisbane is the capital of the Australian state of Queensland. The Metropolitan is quite populated with an estimated figure of over 2.3 million people, making the city the most populous in Queensland. According to the Brisbane city council, the metro’s property market is projected to improve slightly over the next year. The booming market in Queensland hopes to deliver a solid year in property growth in the city. More investors are seemingly showing much interest in the city’s real property market potential as the sector remains unexploited. There are, however, issues that every investor ought to consider before pumping resources into the industry. These are legal requirements that guide the sale of land in Queensland and ways to sell real property, as well as possible techniques to utilise.

Legal Requirements for Selling Real Estate Assets

The Australian law details the process that should be followed by both parties in agreement. This process is usually less involving for the seller as compared to the buyer, however, the seller still carries the responsibility of fulfilling his end of the deal. The seller’s legal obligations revolve around ensuring that the property has a “clear” title, overseeing the settlement of any mortgages and lien placed on the property for sale, and ensuring that the correct amount of money is received from the buyer.

Some of the responsibilities of the seller in a typical conveyance of property in Queensland include:

Listing with an Agent

Unless the property is being sold privately, the typical process of selling real estate involves listing with an agent and signing an agreement with the agency. Having a credible real estate agency in Queensland, such as Lion Land Marketing, is important in ensuring that the property is seen by all qualified buyers.

Entering Into a Contract of Sale

The seller must enter into an agreement of sale with the buyer. This will involve disclosing all information about the land for sale in Brisbane.

Settlement

The seller should agree on a settlement figure with the purchaser. This might mean paying all amounts owing to the property including taxes and rates up to the date of settlement. In addition, the seller should attend the settlement meeting to hand over necessary documents of ownership and collect the payment.

Provision of a Title

The seller of the land must provide a clear title to the land that is from encumbrances. This involves the seller ensuring that any possible conflict on the property is resolved before the deadline as indicated in the contract.

Sources:
QLD Information, quickconveyancing.com.au