FAQ's for Buying a Property
How much holding deposit will I need to pay to the agency?
A property holding deposit can vary, but it is usually $1,000. The deposit is generally non-refundable, so even if you withdraw your offer during the cooling-off period, the seller may charge a penalty fee of up to 0.25% of the purchase price, which will be deducted from the deposit paid.
What are the costs of buying a property?
When purchasing a property, you should budget for:
- A deposit (usually 5 - 20% of the purchase price)
- Stamp duty
- Lender’s mortgage insurance (if borrowing more than 80% of the purchase price)
- Building insurance
- Legal fees for a solicitor or conveyancer
- Building, pest and strata inspections
- Council rates and strata fees
- Moving costs
Will I have to pay stamp duty?
If you are purchasing an investment property or a home to live in, you will need to pay transfer duty. All transfers of land and property are liable for transfer duty (formerly known as stamp duty).
You can find current transfer duty rates on the Queensland Government website: www.qld.gov.au/housing/buying-owning-home
Once I sign a contract, how long do I have to arrange a building and pest inspection?
This depends on the terms of your contract. However, a standard 30 day contract will usually allow 14 days from the contract date to organise a building and pest inspection.
If you need recommendations, please contact us and we can refer you to a trusted local provider.
How do I put in an offer on a property?
When you are ready to make an offer, it must be submitted in writing to the agent. The offer will then be presented to the seller and, if accepted, will be formalised in a legally binding Contract of Sale for both parties to sign.
How can I book an inspection to view a home for sale?
Please contact our office via email at or call us on (07) 4401 5077 to arrange an inspection.
What happens with the council rates for the property?
Regarding council rates, at settlement the council will finalise any outstanding rates with the previous vendor and commence the new rating period from the settlement date.
Your solicitor will notify the council through the Titles Office.
Do I need to appoint a solicitor to buy a property?
Once a contract is signed, there is a period before the sale is finalised. This process is known as conveyancing. Conveyancing involves all necessary steps to ensure the property title is transferred into the buyer’s name at the relevant government land titles office. During this period, searches are conducted to confirm the seller’s ownership and to identify any matters affecting the property, such as proposed land resumptions, contaminated land, easements or other government requirements.
You may complete your own conveyancing; however, it is strongly recommended that you seek legal advice, preferably from a qualified conveyancing solicitor.
What is the difference between joint tenants and tenants in common?
If you own a property as a joint tenant, you and the other owner(s) jointly own the whole property. The ownership is not divided into shares. If one joint tenant passes away, their interest automatically transfers to the surviving joint tenant or tenants. A joint tenant cannot leave their share of the property in their will. If you wish to end a joint tenancy, legal advice should be sought.
If you own property as a tenant in common, you hold a defined share of the property. This may be an equal share or a specified percentage (for example, 50% each or 25% and 75%). A tenant in common may transfer their share to another person and may leave their share in their will.
What does unconditional mean?
When purchasing a property, buyers may include specific conditions in the contract. The contract becomes “unconditional” once all conditions have been satisfied and the sale is proceeding.
What is settlement?
Settlement is the final stage of the property transaction. The settlement date is agreed upon during negotiations and is typically several weeks or months after the offer is accepted. On settlement day, legal ownership of the property transfers to the buyer.
Do I need a pest inspection?
Although you are not legally required to obtain a pest inspection, it is strongly recommended to ensure the property has no significant structural or pest-related issues. This may help you avoid unexpected costs in the future.
Who do I speak to about finance?
If you have not arranged finance, it is important to contact your bank or a mortgage broker as soon as possible, as finance approval can take time. Finance-related issues are one of the most common reasons a property sale does not proceed.
If required, we are happy to recommend a trusted mortgage broker.
What is the cooling-off period?
A cooling-off period of five business days applies to contracts for the sale of residential property. It begins on the day the buyer receives a copy of the contract signed by both parties.
Please note:
The cooling-off period does not apply if the buyer is:
- A publicly listed corporation (or its subsidiary)
- The State or a statutory body
- Purchasing at least three lots at the same time (whether or not under the same contract)
