Although Conveyancers are licensed in the other mainland states to conduct conveyancing, other than Western Australia where Settlement Agents finalise the transaction, in Queensland only solicitors admitted to practice are lawfully entitled to undertake conveyancing.
Jim’s Conveyancing Queensland therefore only has properly qualified and admitted property lawyers as the franchisees.
The individual law firms who are the franchisees for Jim’s Conveyancing in Queensland provide consistent brilliant service because they concentrate and specialise in conveyancing. Just about all law firms also do conveyancing but conveyancing is a field of law that we are experts in.
The Law relating to conveyancing in Queensland is different in a number of ways.
The most strikingly different aspect to the contract terms is that there is a standard term in 99% of all conveyancing contracts that – “Time is of the essence”.
The practical effect of this clause is that if either party to a conveyancing transaction failed to fulfill and perform their essential contractual obligations on the due date then the other party will have a right to terminate the contract.
While the consequences of default may not always be calamitous there are serious consequences which flow from default, including the risk of losing the right to purchase the property for the buyer, and the risk of losing the buyer and the contract for the seller.
Being experts in conveyancing, Jim’s Conveyancing Queensland always makes certain that their clients do not default on any term of the contract to protect their interests.
If either party to a contract defaults in the performance of an essential term then in addition to the risk that the other party may terminate the contract other consequences that flow, especially for the defaulting buyer include:
- the obligation to pay as damages to the seller any deficiency between the original contract sale price and the subsequent sale price;
- the costs of the subsequent sale including advertising, option, and real estate agents commission;
- the costs of the seller’s lawyer, notably on an indemnity basis in most cases. An indemnity basis means that the party in default pays the other parties actual costs referenced to those lawyers charge out rates which can easily be between $450 and $850 per hour plus GST
The majority of common “cottage conveyancing” contracts, whereby parties are buying or selling residential land, or house and land, will be “subject to finance”.
This means that the buyer has the opportunity to apply to a lending institution for a loan sufficient to complete the contract, with such loan being on terms satisfactory to the buyer.
It is not a “get out of jail free” card able to be used at a buyers whim just to escape a contract.
The buyers have a duty to actually apply for a loan and if they failed to do so they are not entitled, based on contract law and legal precedent, to try and escape the contract by saying that finance was not approved.
At Jim’s Conveyancing Queensland we work hand-in-hand with your lender to effect a seamless transaction with minimum stress to you.
If you are buying a residential house it is common to make the contract subject to a satisfactory building and/or pest inspection report, usually within the first 14 days after the contract is stated.
The building and pest inspector need to be appropriately registered.
If the inspection reports are not to the buyer’s satisfaction, acting reasonably, then the buyer may terminate the contract and recover a refund of the deposit paid.
If the seller requests, the buyer must provide a copy of the report relied upon.
Again, unlike many other states, the standard terms of a usual conveyancing contract do not give any protection to the buyers that the structure is approved by the local council, or having been approved has had a satisfactory final inspection.
Jim’s Conveyancing Queensland franchisees, being locals, are aware of the intricacies and nuances of their local councils building code, regulations and bylaws, so the buyer is protected using a Jim’s Conveyancing Queensland expert.
Often because of this lack of protection in the standard terms or clauses of a cottage conveyancing contract a special condition needs to be drafted and inserted in the contract so that the buyer is protected.
This is another reason why it is prudent for either the seller or the buyer to engage a conveyancing property lawyer expert from Jim’s Conveyancing Queensland at an early stage before the contract is signed so that their rights and interests are protected.