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PROPERTY Frequently Asked Questions

What is Conveyancing? 

Conveyancing is the legal process of transferring ownership of a property from seller to buyer. It can vary in time frame but usually takes 4 - 6 weeks. In Queensland, you must have a solicitor oversee the transaction. So when using a conveyancer they still will need a solicitor to sign off on the transaction. In the state of Queensland it is mandatory that all conveyancing is conducted electronically, unlike some other states of Australia where paper based conveyancing is still allowed.  

What does "Seller Disclosure" mean? 

In Queensland, seller disclosure means that the sellers must give the buyers prior to signing a legal document called a disclosure statement that contains but not limited to title details, land details, zoning and planning, environmental risks and other details about the property. 

What is Stamp Duty? 

Stamp duty (or transfer duty) is a once off payment charged by the state government. It is the tax incurred on the property when it is transferred from seller to buyer. Click here for a QLD Transfer Duty Estimator. 

What does "Settlement" Mean? 

You may hear your solicitor discuss "settlement" throughout the conveyancing process but what does this mean? Settlement is the final steps that your solicitor takes before keys can go into the buyers hands. This means all documents are signed, loans are approved by the bank and funds are transferred to the seller all through a digital platform PEXA (Property Exchange Australia). 

As a buyer, when should I get insurance on my property? 

If you are buying a property, it is recommended that you get insurance the same day you sign your contract. This is because under the contract terms the risk of damage to the property is transferred to you as soon as you sign the contract not just once settlement has occurred. 

What is PEXA? 

PEXA (Property Exchange Australia) is an online platform used to buy sell and refinance properties. It allows for your conveyancer to transfer ownership of a property with lesser processing times.  

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