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This is a point of negotiation between the Buyer and the Seller though the usual period differs from state to state (30 days in Queensland for example).

Generally, settlements take either 30 or 60 days according to the terms set out in the Contract of Sale. If all parties agree, longer or shorter settlement terms can be arranged.

The Real Estate Institute of Queensland (REIQ) is the state’s leading real estate body, setting the standard for property contracts for over 100 years. It offers training, advocacy, and policy reform for nearly 30,000 industry professionals, including agents, property managers, and auctioneers. The real estate sector is Queensland’s second-largest employer, supporting over 46,000 jobs.

Under a standard REIQ contract, the buyer assumes risk from 5:00 PM the next business day after signing, so immediate insurance is essential. Some insurers offer a 30-day cover note for flexibility. Sellers should keep insurance until settlement, as the property remains their asset until the transaction is complete. For non-REIQ contracts, always review insurance clauses to ensure protection.

Yes – it is important to review the Contract and Section 32 prior to signing. Contact us for a review.

Lawyers can provide legal advice on a buyer’s and seller’s rights, contract terms, and potential violations. Conveyancers handle the transaction process from contract signing to settlement but cannot give legal advice, working under a lawyer’s supervision. Simply put, lawyers step in for complex matters, so it’s best to avoid paying for both unnecessarily.

Cooling off is the term used to describe that the purchasers right to cancel a contract for any reason within a specific period of time. Usually exercising this right means a small fee payable for the buyer. The purpose of the cooling off is to allow the buyer to change their mind about proceeding with the contract with a minimum penalty. In Victoria, the cooling off period is 3 clear business days from the date of the contract being signed. The right to terminate is only available to the buyer.

A conveyancer is a property transfer specialist. They prepare the legal documents that form part of real estate transactions such as the purchase and sale of properties, settlements and title transfers.

Whether you are buying or selling property, our services are set at a fixed price. The only cost variable relates to disbursements. We don’t want you to be worried about the word ‘disbursements’ – it’s just an everyday legal term used to describe out of pocket expenses and all property transactions in Australia will incur some of these. We’ll always be upfront about your conveyancing costs, so as soon as you ask us to help you, we can provide you with an estimate of how much your disbursements are likely to be. These out of pocket costs all depend on the type of property you have bought or sold and where that property is located.

We believe a good conveyancer should put their customers first! That includes providing sound legal advice, without the confusing legal jargon, regular updates on the status of your contract, and a seamless, stress-free service.

You can purchase conveyancing kits online; however common property transactions can be complex, and you may run into legal trouble if things aren’t done correctly. This is why it’s important to use a quality conveyancer.

Some additional outlays can include searches, verification of your identity, government fees such as transfer duty and registration fees and the PEXA settlement fee. Give us a call on 1800 022 903 if you have any questions.

The simple answer to this question is no, you don’t need a lawyer. However, Ownit has experienced property lawyers and expert conveyancers to help you with all your conveyancing needs.

Fees are generally paid on settlement.

When purchasing property, it is worthwhile having a professional perform inspections of the property and report to you their findings. The cost of this varies, though the peace of mind provided is priceless. Any transfer of property attracts government charges such as transfer duty and registration fees, which vary in their amounts based on the purchase price.

Property information needed to complete the conveyance is held by many different entities and searches are performed to obtain or verify this information. A title search for example is to verify the registered owner of the property and whether there are any encumbrances on the title. Other searches may be performed with Council or the Body Corporate in order to complete adjustments to the purchase price and ensure that there are not large sums of money owed.

When you select Ownit Conveyancing it to represent you during your property purchase or sale, our team of dedicated conveyancers and lawyers will prepare the necessary documentation, organise settlement and provide you with legal assistance regarding your rights and obligations.

This is a simple question but the circumstances that have led to that situation will determine the advice and options available. This is the benefit of having the experienced conveyancing team here at Ownit to guide you through and hopefully avoid this situation entirely or advise you if it is unavoidable.

If you are selling property, we recommend you maintain home insurance right up until the time of settlement. Things can (and sometimes do) go wrong between signing the contract and final settlement. A current home insurance policy can protect you against all sorts of accidental damage and legal liability. We also strongly recommend you insure property you are buying as soon as you sign the contract because the Contract of Sale might specify that the property becomes your risk from the contract date. This protects you in the event the seller does not have any or enough insurance in place to protect the property in the event of damage. If you need a loan to purchase the property, your financier will usually insist that the property is insured with their interest noted on the insurance policy prior to settlement.

Transfer documents are now generally lodged electronically and register almost immediately. Where you have a financier, confirmation of this is provided to that financier and can be obtained from them.

Transfer duty is a state government tax applied to the transfer (along with other dealings) in property sale and purchase and is calculated with reference to the purchase price. There are concessions or exemptions available that you may qualify for and we will assist you in identifying those and advising you of your obligations.

When you purchase a residential property, you generally have a 5 business day cooling off period. During this time, the Buyers may choose not to proceed with the contract without any reason other than a simple change of mind. This is not always available (such as purchases at an auction) but if used, a penalty of a quarter of a percent of the purchase price is imposed.

If buying or selling property was a marathon, think of the settlement as the finish line. Settlement is the part where legal possession of land or property is transferred from one owner to another.

Ownit has been helping people interstate or overseas buy and sell property for over 40 years! In recent times though, this has been made easier with the use of email and televisual communication. We specialise in Queensland and Victoria.

On the settlement date, the purchaser (or their bank) will exchange payment in return for various requirements (entitling them to become the registered owner of the property). Then the keys can be received.