Owning valuable real estate (e.g. houses, retirement villages, and land) in Queensland offers financial advantages. Care for it and let it retain value. If you plan to sell it, know that there are many interested buyers. Then again, do you know enough about property law?
Having an idea about property law in QLD is a good start. Remember to stock up on knowledge, so you can avoid legal disputes and other problems. Here are some facts about property sales:
Financial Commitment is a Requirement for the Sale of Real Estate Property
The involvement of written contracts is necessary. Usually, this contract is approved by the Queensland Law Society and Real Estate Institute Queensland. It’s best to hire the services of licensed real estate agents, as well as qualified law firms. The consult from such professionals will grant important advice regarding the sale. More importantly, with professionals by your side, you’re protected under the Property Occupation Act.
Selling Via an Auction is Allowed
As per the rule of most auctions, the highest bidder receives the property. The signing of an unconditional contract follows. The downside (for the buyer) of selling any property at an auction is the absence of a cooling off period. Normally, a cooling off period should be granted prior to the finalisation of the sale. Therefore, as the seller, it is your obligation to disclose all important information.
Take Into Account the Rights of Other Tenants (For Joint Tenancy)
Remember, they are part owners. Consulting them prior to the decision to sell the property is a must. To avoid disputes, ending a joint tenancy is allowed. In case another joint tenant passes away, the surviving tenants are granted property ownership. The ownership of property in a joint tenancy isn’t easily transferrable to another owner without legal arrangements. It also cannot be divided into shares.
Property law may be too complicated for your (or not), so know when to ask for help. Many legal professionals are out there after all.