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Commonly Asked Questions

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What Happens on settlement day?

On settlement day your solicitor and the buyer’s solicitor will forward to your agent notification that the property has settled. Once your agent receives these instructions in writing they are able to release keys to the buyer. The agent will not release the keys without first receiving these written instructions from the solicitors even if they have been verbally told that the property has settled. Your solicitor should also notify your agent of how the deposit funds are to be sent to you or your bank following settlement. These should be sent well in advance of settlement and you should allow a few days following settlement for the agent to be able to release these funds to you.

What are the benefits of pre-approval

If you’re looking to purchase a house but you’re not sure how much you can spend, it’s difficult to know where to begin.

Getting pre-approved is one of many steps that will show Vendors that you are serious about purchasing and often helps to speed up the process once your offer has been accepted.

What is a pre-approval home loan?

A loan pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn’t proceeded to full or final approval. It allows you to know your maximum available funds so you can narrow your search and negotiate with more certainty.

Understanding your budget and knowing how much money you can afford to spend will give you the confidence of knowing if your dream home is within your reach and can help you move faster in competitive markets.

Appointing a solicitor

We strongly recommend you get independent legal advice before you sell your home.

Solicitors must have insurance—this protects you in case they do something wrong.

When choosing a solicitor:

shop around for experience, services and costs
find a firm that specialises in property or conveyancing
make sure your solicitor isn’t connected to any other party (like the buyer).

Before you appoint a solicitor, ask for a detailed quote for the work you want done. Some conveyancing solicitors may charge a set price.

The Queensland Law Society can help you find a solicitor in your area.

How they can help

Ask your solicitor to:

draft the contract to make sure the terms are appropriate and reasonable
help you complete the disclosure documents
check the contract of sale before you sign it.

They will deal with the buyer (or their solicitor) to:

fix any problems that came up in pre-settlement inspections
handle receipt of your final payment on settlement day
transfer the property title from the you to the buyer.

Complaints

If you want to make a complaint about your solicitor, contact the Legal Services Commission.

What Happens on settlement day?

Renovating or improving before sale

You may want to consider renovating or improving your home before you put it up for sale. Think about how much money you would spend and whether it’s likely to improve your sale price.

Think about your home’s safety devices. By law, your home should already have certain types of safety devices. You may need to replace or repair old devices, or install anything that’s missing.

Safety switches

A safety switch:

detects certain forms of faults in electric devices
shuts off power through those circuits.

Any home built after 1992 must have safety switches.

Older homes may not have them, but you might still consider installing one because the buyer will have to install one within 3 months anyway.

Do not attempt to do electrical work yourself. Always use a licensed electrician.

Learn more about safety switches

Smoke alarms law

On 1 January 2017, a new law about smoke alarms started in Queensland.

Requirements for smoke alarms in residential dwellings will change progressively over the next 10 years.

All new and substantially renovated homes that are subject to a building application submitted on or after 1 January 2017, must have interconnected photoelectric smoke alarms (compliant with Australian Standard 3786:2014) installed.

The smoke alarms must be:

in every bedroom
in hallways that connect bedrooms
on each level of the home.

From 1 January 2022, these requirements will apply to all houses leased and sold, and from 1 January 2027, they will apply to all homes.

In the meantime, if a homeowner replaces a legally required smoke alarm in an existing dwelling, it must be replaced with a photoelectric smoke alarm that complies with Australian Standard 3786:2014. If that smoke alarm is powered by 240 volts, it must be replaced with a 240-volt smoke alarm. If the smoke alarm is not powered by 240 volts, it may be replaced with tamper-proof, 10-year battery smoke alarm.

Learn more about smoke alarms.