FAQ Buying A Property

7 Most Often-asked Questions

I’m looking to buy a property – what are the steps I need to take?

Once you determine your preferred area/suburb, type of property you are looking for and your price range, inspect as many properties as you can. Click here to see what we have available right now.

Beat the crowd and register for property alerts (click here).  You will be notified the minute we list a new property on our database that matches your search criteria. 

In addition, we suggest you talk with one of our Area Specialists who often become aware of properties before they go to market and can give you valuable feedback on the market, comparable properties, price history etc.


Do I need to pay any fees when buying a property?

No, there are no fees payable to your agent (these are paid as commission by the seller unless you have an agreement to appoint a Buyer’s Agent). However, as a buyer, there are other costs such as Building & Pest Inspections, Solicitor or Conveyancer Fees and of course Transfer Duty if applicable.  To find out more about transfer duty rules and exemptions (click here) or to use our handy transfer duty calculator  (click here).


Who prepares the sales contact in Queensland?

In Queensland we (your agent) prepare the REIQ contact and once agreed and signed by both the buyer and seller and you have paid your initial deposit, a copy is electronically dispatched to both parties’ solicitors who will continue to guide you through the process.


What are the required timeframes in Queensland Contracts and when do I pay the balance of my deposit?

In Queensland contracts “time is of the essence” however, contracts can be made subject to:

  • a pest & building inspection (usually 7 days) and
  • finance (usually 14 days). 

Once the above is completed, the contract is said to be “unconditional” and you must pay the balance of your deposit within 24 hours.


Can I make the contract subject to finance at an auction?

No, at auction all contracts are “unconditional” and there is no "cooling off" period. You will need to have prior bank approval and know your borrowing limit before you bid at the auction. Your bank or mortgage broker can provide you will all necessary information.


When do I need to take out insurance on my new property?

In Queensland, you are responsible for insurance on the property from the time you enter into a contract.  If you are borrowing funds to buy the property, your lender will probably ask for a copy of your building insurance policy prior to settlement (check with your lender for their requirements).


How do I know if the property will be in the same condition at Settlement?

Prior to settlement, you are entitled to a pre-settlement inspection of the property (accompanied by your Agent) to verify that the property is still as you inspected, rekindle your memory and ask any questions as to the operation of different elements of the property (i.e. pool etc).
 

Need further information?

Click here to download our handy free Home Buyer's Guide.

**This is intended as general information only and should not be relied upon as formal legal advice. Please seek proper legal advice regarding your individual circumstances