With the increase in ‘cut price’ conveyancing it could be easy to assume that the purchase of property is a straight forward legal transaction.
However, conveyancing in Queensland is becoming more and more complex with 20 pieces of legislation governing it.
Further, in Queensland, sellers are under a limited duty of disclosure.
Standard Real Estate contract conditions may not provide you with rights of termination or compensation in some circumstances where the property is adversely affected. It is important that you understand your rights and the limitations of standard real estate contracts.
Certain searches should be conducted prior to signing the contract.
It is even more so important that you seek legal advice prior to executing an off the plan contract. These are contracts for the purchase of property that is part of a subdivision and does not yet have an individual title. Many developers use standard real estate contracts for small scale property development sales with the inclusion of special conditions. It may appear like a standard form of contract but in actuality it contains special conditions that alter the normal rights and warranties that are afforded to buyers.
The moral of the story is the old saying “don’t sign anything before you obtain legal advice”.
Ashley Gullo is a solicitor of the Supreme Court of Queensland and High Court of Australia. He is the owner of Brandon & Gullo Lawyers and is himself an avid property investor.
- Ashley is the author of “Negotiate Well” and is sought after as a speaker at business conferences and forums in Australia and overseas.
- He is proud to have grown Brandon & Gullo Lawyers into a BRW Fast 100 company recognised as one of the top 100 fastest growing companies in Australia.
- In his spare time, he is a lime farmer and keen dirt bike rider and enjoys fishing with his little sons.
The information provided in this article is of a general nature only and in no way constitutes legal or professional advice, or specific advice in relation to any finance, tax or the law. In all cases we recommend you receive professional advice based on your own personal circumstances.
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