Buying a house interstate

Did you know that conveyancing and the process of buying/selling a house differs between states in Australia? Whether you live in Queensland and are looking to buy interstate, or live interstate and are looking to buying a home in Queensland, it is important to know that the purchase process may not be exactly what you are familiar with. Property Law in Australia is state based, so regulations, laws and practices will vary between each.  Marino Lawyers practices exclusively in the Queensland jurisdiction.

Some of the important things to note about Property Laws in Queensland are:

• There is a standard format for contracts which is approved by the Real Estate Institute and the Queensland Law Society. While a ‘standard’ contract does exist, it is still important to read and understand all terms of the Contract, and have a conveyancer review it prior to signing.
• You may make the contract conditional upon certain things such as the building and pest inspection, finance approval, or selling your existing property. These must be written into the contract to be effective. Ensure that you speak with your conveyancer prior to signing the contract to ensure that all agreed terms are included in the final contract. 
• The standard REIQ contract does include a 5 business day cooling off period, however there is a penalty (.25% of the purchase price) if you terminate the contract in the cooling off period.
• A deposit is usually paid when you sign the contract. In some instances it may be payable at a later date.  Pay close attention to when the deposit is due to be paid as a failure to pay when due will give rise to a termination right in favour of the seller. 

Given the financial investment involved in purchasing a house, if you’re moving interstate, don’t take the risk of trying to do your own conveyancing or going with a conveyancer that is not familiar with the local laws where you are purchasing. If you are looking to buy a house in Cairns or Queensland, contact our experienced team who will be able to assist you throughout the whole buying process and ensure all of your bases are covered.