Conveyancing

For many people, buying a property is one of the most significant financial transactions they will be involved in during their lifetimes. The team at O’Reilly Stevens Bovey Lawyers can help you complete your purchase with our friendly expert service and advice.

O’Reilly Stevens Bovey Lawyers have a strong affiliation with a number of real estate agents and financiers throughout Far North Queensland, which means we can provide you with a complete conveyancing service from pre-contract advice to settlement.

When purchasing a property:

• You are entitled to seek independent legal advice before signing a contract.
• You are entitled to a five day cooling off period.
• You should ensure the contract is subject to finance, property inspections and special conditions.

• You should ensure your full names are on the contract.
• When buying house and land packages there are usually Special conditions and Building Covenants which you should ensure you are aware of.

• Check the Contract of Sale
• Order relevant searches
• Keep you informed
• Liaise with you and your financier
• Prepare settlement figures

• Generate Transfer of Land documentation and Office of State Revenue forms (if applicable)
• Arranging and attending settlement on your behalf
• Ensuring all documents received at settlement are correct

• We won’t give advice regarding the commercial viability of the transaction or the tax, succession, matrimonial or other financial implications of the purchase. If you need advice on any of these aspects you should seek a specialist’s advice.
• We will not carry out a physical inspection of the property. It is up to you to do this. Issues relating to location of property, impact of adjoining properties, impact of proposed development or roadworks on land in the vicinity of the property will not be discovered by us in our searches.

• It is up to you to tell us whether your finance approval is satisfactory. Finance is often subject to valuation or other conditions.
• The searches we recommend are essential for a purchaser to conduct in the conveyancing process however the actions you can take as a consequence depends on the Contract. As a consequence not all adverse search results will give you a right to terminate or claim for compensation.

The amount of stamp duty payable will also vary depending on whether the property is to be a:

• Principal Place of Residence; OR
• First and Principal Place of Residence; OR
• Investment property/vacant land.

Stamp duty must be paid within 30 days of the Contract date or within 30 days of the Contract becoming unconditional. In all cases stamp duty is payable prior to settlement. Failure to pay stamp duty in time will incur penalties from the Office of State Revenue.

You may be entitled to the First Home Owner Grant provided you meet the eligible criteria. In most cases where a Bank is providing finance the loan is conditional upon obtaining of the grant.