When a Buyer comes to us to help with their purchase, their questions and concerns usually depend upon their level of experience with the Queensland conveyancing process. For first time home Buyers, 3 “commonly asked” questions we usually get asked (and our answers) are as follows:
Under the Standard Contract Conditions, the Property is at the Buyer’s risk from one business day from the Contract date. It will therefore be the Buyer’s responsibility to attend to any necessary insurances for the Property.
The Seller does still however have an obligation until settlement to take reasonable care of the Property. If the Property is damaged between the Contract date and settlement (for example, due to a cyclone) then the Buyer will still be required to settle in accordance with the Contract, despite the damage – unless the Property is so well destroyed as to be unfit for occupation.
At settlement, adjustments will be made for all outgoings including Council rates, water usage and Body Corporate levies (if applicable). The Seller will be liable for all outgoings up to and including the settlement date, with the Buyer assuming responsibility from the settlement date.
Any amounts owing to Council or the Body Corporate will be paid by the Seller at settlement, however an amount may be added to the Purchase Price payable at settlement for the Buyer’s share of the outgoings.
Generally, if the Buyer is not satisfied with the building and pest inspection reports then they can terminate the Contract. The Buyer though does not have a right to reduce the Purchase Price or require the Seller to undertake any works to the Property. We can however try and negotiate with the Seller.
At McKays Solicitors, our experienced solicitors and conveyancers act for both Buyers and Sellers all around Queensland. We are always keen to help our clients with quick and accurate advice to help ensure their conveyancing goes as smoothly as possible.
Please contact our Property Law Team today, as professional advice should be sought about your specific circumstances.
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