In stark contrast to NSW, QLD is one of the few jurisdictions in Australia where a conveyancer
In stark contrast to NSW, QLD is one of the few jurisdictions in Australia where a conveyancer (or solicitor) does not have to even see a sale contract until after it is agreed and signed. From initial enquiry to signing the dotted line, everything can be agreed between buyer and seller, with the agent preparing the document from an approved, legislated form.
The benefit to this is that here in the (arguably) best State, we have a degree of flexibility and agility that is the envy of many, and deals can be done literally within an hour of a property owner making the decision to sell. In a market like the one we are currently operating in, listing paperwork and contract documents can sometimes even reflect the same date. A seller in Newcastle however, can’t so much as put up a “for Sale” sign without having a contract prepared by their solicitor in advance, with numerous council and other searches included – often adding days (or longer) to the process.
As an agent, its certainly easier having it all in our hands, but while you might not HAVE to have your legal professional of choice go over the contract you’re signing as a buyer (or seller), you probably SHOULD.
A contract (as opposed to a letter of offer or expression of interest) is at the end of the day a binding document detailing the transaction of potentially your single greatest asset by value. Sale contracts are generally written in plain language with the benefit of simple clauses, but it is still very easy to make a minor mistake with major consequences. From something as simple as ticking the wrong box on smoke alarms (0.15% of the sale price), to missing a pool safety certificate or body corporate disclosure (right to termination up to settlement) through to GST implications (10% of the purchase price!), errors can be costly, even without special conditions. Unintentional errors can also be painful – a mis-spelled name or a purchase under the wrong entity can require a rescission or even additional stamp duty…
The vast majority of sales go through without a hitch, written and understood clearly by both parties. But every now and then (particularly when you don’t regularly transact), an extra set of eyes can be worthwhile.
Since the introduction of Electronic Conveyancing and PEXA as a legal requirement for the transfer of property, parties have to engage a suitably qualified either way, generally at a fixed fee. You may as well get your money’s worth.