Conveyancing and Property Law
One of our great hard working local real estate agents have been hard at work again we see!
Congratulations on your property sale or purchase!
Now why don’t you let us take it from here……..We look after you from contract review or drafting before you sign; right up to finalising settlement and doing all the tricky stuff in between.
Why might you need to contact us before you sign the standard REIQ contract?
So you can be sure that the REIQ contract covers everything that’s important to you, and most importantly that you are made aware of the benefits and burdens of the contract’s standard and special conditions. This is something you definitely should not use Google for to get right! We don’t charge to review a standard residential contract of sale or purchase for our clients and our review won’t delay the transaction but it may avoid some genuine oversight or surprise.
If you would like us to look over the contract before you sign, whether buying or selling, just nominate us as your local lawyer of choice on the contract and ask the agent to send the contract over to us by email at email@example.com and give us a call on 1300 636 212 so we can go through the contract with you, or better still come on down to our office. We would love to meet you in person.
Review of more Complex Real Estate Transactions
We do charge to review or conduct due diligence on more complex property transactions on a fixed fee or hourly rate basis depending on what you and Milburns Law agree might be fair. We understand your need to keep the legal costs down and we are happy to haggle with you and reach an agreement that’s fair for the work required.
Once you have signed your contract
So, you were so excited you decided to sign a contract without us looking at it and advising you first? That’s not ideal, but it’s still ok. Ask the agent to send the contract to us and let’s get started. If you delay in this step you may miss out on some important information to your benefit under the contract.
The contract date is important. This is the date that the last party signs the contract (usually this would be the seller but not always). There is no binding contract in place until the last person who signs the contract notifies the other party that they have in fact signed it. If notice date is not the same date the contract was signed this can be the basis of dispute and can often change the contract date. A further possible consequence can occur for the last party signing a contract who delays in giving notice of their signing of the contract to the other party: The other party can pull out of the contract if the last signing party sits on their hands for too long.
Why is the contract date so important?
It’s important because time starts ticking immediately from this date and some of your time based obligations or rights under the contract will roll around before you know it.
Examples: A buyer may have to pay an initial deposit of $1000 upon the signing of the contract and a final deposit of $5000 7 days from date of contract; a buyer may have 21 days from date of contract to obtain finance approval or 14 days from contract date to finalise building pest inspection reports.
So as you can see contract date is important. That’s why it’s vital that you get the contract to us straight away so we can advise you on its terms and your rights and obligations.
No charge to you for termination of Standard Residential REIQ Contract in the early stages
We don’t charge you for any professional work undertaken on your behalf if a Standard REIQ Residential Contract is terminated in the early stages. We will ask you to cover the costs of any searches we have conducted on your instructions. These are fees we have had to pay to a third party on your behalf during the early stage of a contract but we will tell you about these before we undertake them and get your go ahead and funds in advance. But if a contract is terminated in the early stages for any reason, (for example you as buyer have decided to opt out during the 5 business day cooling off period or perhaps you didn’t get your finance approval or maybe your building pest report was not up to scratch), we will simply say thank you for choosing us to assist you and close our file in the hope that you come back to us with your next contract.
Our fees on a Standard Residential REIQ Contract
Sale of Residential Property under standard Contract
$690 including GST, our professional fees and settlement charges in Hervey Bay and a title search if required. For other areas of Queensland a further settlement charge will be applicable. There may also be additional charges on a sale when the contract relates to a unit or apartment.
Purchase of Residential Property under standard Contract
$770 includes GST, our professional fees. A settlement fee is applicable depending on place of settlement.
There are additional fees and charges to you as a buyer under a standard residential contract that aren’t included in our fee of $770. These additional fees and charges for a buyer include important property searches, government Transfer Duty (stamp Duty), your banks/financiers fees and charges (if applicable) and government registration fees Any fees we incur in this regard will be passed on to you at cost and no additional fees from our office will be charged.
All other Conveyancing and Property Transactions
Due to the complex nature of certain commercial and investment transactions Milburns Law is unable to provide you with a quote up front without being provided with all of the details beforehand. What we can tell you is that we will be competitive on price and are willing to negotiate with you. Give us a call to discuss your needs 1300 636 212 or email us at firstname.lastname@example.org.