At Rees R & Sydney Jones we appreciate the purchase of your property is a major life event regardless of whether it is your first family home, a vacant block on which you will build your dream home or an addition to your investment portfolio.
Jessica Bray and Aasta Daley can help you take the stress out of buying your property.
Frequently Asked Questions: Buying
Yes. The risk of the property passes to the buyer from 5pm on the first business day after the Contract date, so we recommend you arrange insurance for the property as soon as possible after signing the contract.
Stamp duty is paid on all purchases for properties in Queensland. The amount of stamp duty to be paid varies and is calculated on the purchase price.
To calculate the amount of stamp duty payable, please visit the Transfer duty calculator on the Office of State Revenue website: http://amun.osr.qld.gov.au/sap/osrqld/wd_tfr_calc_com?WDDISABLEUSERPERSONALIZATION=X
Stamp Duty concessions or exemptions are available if you are buying the property as your First Principal Place of Residence or Principal Place of Residence. To find out if you are eligible for a stamp duty concession try out the decision tree on Office of State Revenue website: https://www.osr.qld.gov.au/eligibility-testers/home-concession-decision-tree.shtml
or for more information on the ruling for receiving a stamp duty concession please visit the Office of State Revenue website: https://www.osr.qld.gov.au/legislation-rulings/public-rulings/duties/da085-1.shtml
The only grant now available for first buyers is the “Great Start Grant”.
You can apply for this grant through your broker/banker or through the Office of State Revenue.
For more information on eligibility or to apply for the Great Start Grant please visit: https://greatstartgrant.osr.qld.gov.au/index.php
Yes. You should arrange with the real estate agent to carry out a pre-settlement inspection of the property prior to settlement.
This inspection should be carried out either the day prior to settlement or before 11.00am on the morning of settlement.
If you are not satisfied with this inspection please contact your Conveyancer and advise as soon as possible to discuss your rights under the Contract.
Your Conveyancer will contact you as soon as settlement is effected and written confirmation will also be sent to the real estate agent authorising the agency to release the keys to you.
Once you have received a call from your Conveyancer advising settlement has occurred, you can collect the keys from the real estate agent.
If you are purchasing the property with someone else, you have a choice as to how you wish to hold the property, either as Joint Tenants or Tenants in Common.
The important differences are:
- As joint tenants, on the death of one person, the interest of the deceased person passes automatically to the surviving person notwithstanding the contents of that person’s Will.
- In the case of tenants in common, upon the death of one person, the interest of the deceased person passes in accordance with the terms of the Will of the deceased person. Tenants in common can own land in equal or unequal shares.