Ascent Lawyers understand that when selling a property, there is always something that will be overlooked. Sale of a property is not as easy as you think. Sometimes you may get confused and not sure where to start or what to focus on.
Once you are given the contract by your real estate agent, please ask a solicitor to review and explain the contract before you sign.
Our legal fees may vary depending on the type of property you are selling. We suggest that you fill out the enquiry form below to obtain an accurate quotation from us.
Our legal fees are payable at settlement.
Cooling off period
Most residential property sales in Queensland are subject to a cooling-off period of five business days commencing on the date the buyer or their lawyer receives a copy of the contract signed by both the buyer and the seller.
If the buyer decides not to proceed with the sale within that period, the buyer may give written notice to the seller terminating the contract. However, the seller may deduct an amount equivalent of 0.25% of the purchase price from the deposit as the termination penalty.
Building and Pest Inspection
The buyer must obtain the building and pest inspection report from licensed inspectors and tell us whether or not it is satisfactory.
If the buyer does not notify you or your solicitor that the building and the pest inspection report is satisfactory or waive the condition by 5 pm on the due date, you may terminate the Contract.
The buyer can terminate the contract due to unsatisfactory finance application and get a full refund of the deposit without paying any penalty.
Is there anything that I should be aware of if my property is under mortgage?
After the contract becomes unconditional, you may now contact your bank to discharge the mortgage on your property. Your bank usually requires around 2 weeks to prepare the necessary documents.
Home and Contents Insurance:
It is suggested that you keep your insurance until the settlement day.
Electricity and Internet:
You should contact your electricity and internet provider and cancel the service before settlement to avoid further usage costs.
Sale with the lease
Terminate the lease with your tenants
You can request the tenants to move out of the property by giving them a Notice to Leave.
We will attend settlement on your behalf and let you know once the settlement is effected.
The buyer will provide bank cheques at settlement as payment of the purchase price. Bank cheques will normally take a few business days to clear.