Buying a home is a significant and exciting decision. This section provides professional real estate advice and helpful home buying tips.
The Internet and real estate professionals are the top two resources most buyers turn to when searching for a home.1 JLC RE can help improve your overall home buying experience and provide the guidance to reduce stress, save time, and make you a savvy, successful consumer.
JLC RE is ready to make a full-time commitment to help you capitalize on current market opportunities and assist you in making an informed decision.
To ensure you make the right choice for the long term JLC RE offers extensive knowledge in:
Finding the right real estate agent can make you a savvy consumer and improve your overall experience.
How do you buy property in Queensland?
This is a process where you browse advertised homes and make an offer on ones you like based on the listed price. You then negotiate with the vendor or their real estate agent until you both come to a satisfactory price for both parties.
An auction is a one-off event. You register as a bidder and compete with others - whoever has the highest bid over the set reserve price will own the home.
With the tender process, there is not necessarily a listed price. You submit an offer along with a 5 or 10 per cent deposit, and the vendor will accept or reject this depending on whether it meets their wants and needs.
The Queensland buying process
Buying by private treaty
If you like the look of a property and want to make an offer, you can do this yourself - or with the help of a JLC RE agent. You then negotiate the price of the home and any relevant conditions (such as subjecting the home to an inspection or moving in by a certain date), until both parties are satisfied.
You then both sign and exchange the contracts of sale, you pay a deposit (normally 10 per cent of purchase price), and the settlement process begins. You will have five days from receiving the contract of sale in which you can back out of the deal, which is a cooling-off period.
Buying at auction
Buying Queensland property at auction means there is no cooling-off period, and normally no conditions (such as inspections) placed upon the sale. If the home goes above reserve and you are the highest bidder on the day, then the home is yours - exchange and payment of the deposit occurs on the day.
You should still conduct all of the relevant inspections and checks, to make sure you know everything about the home. Bidding can be a stressful process, so getting a JLC RE buyers' agent to do it on your behalf could be a good idea.
Contracts of sale
This is the main document in the purchase of Queensland property. It includes details on the purchase price, you and the vendor, as well as agents, solicitors and conveyancers involved in the process. It will also include conditions of the sale, and it must outline penalties for backing out, which are 0.25 per cent of the purchase price in Queensland.
It is highly recommended that you use a conveyancer or solicitor to handle the paperwork at this part of the process, as it can be very complicated. For more details on contracts of sale, the Queensland government is once again a good resource.
Settlement of Queensland property
Settlement begins once contracts are signed and exchanged, and usually takes 30 to 90 business days, depending on what checks and inspections need to take place. Once the process is complete, the title is transferred, keys are handed over and you can move in - congratulations, you have bought Queensland property!
For any further questions, get in touch with your local JLC RE Agent.