• Seek preliminary valuation advice if possible.



• Do preliminary enquiries into property (ie flood level, check with council or neighbours)



• Initiate contact with financier to assess level of finance availability.
  

• If presented with contract by agent, then ensure contract is submitted to your solicitor for approval and the drafting of any relevant special conditions to be included.



• Consider any moveable items that should be included as part of the purchase.



• Seek accounting advice on correct entity to purchase the property and any tax implications prior to signing the contract.



• Ensure all appropriate statutory disclosure documents are contained with the contract – consult your solicitor.



• If finance being obtained, ensure contract is subject to finance, even if you have a pre-approval of finance.



• Ensure contract is subject to building and pest inspections if required.



• Allow appropriate periods for finance and inspections (not less than 14 days).
  
  
• Is vacant possession required or is the property subject to tenancy?



• Inquire with your solicitor regarding stamp duty concessions and first home owners grant eligibility.



• Contract signed and submitted to the seller.
  

• Note that you have a 5 business day cooling off period to decide whether you wish to terminate the contract and / or obtain valuation or legal advice in respect to the contract. If terminated due to cooling off provisions, then you will lose 0.25% of the purchase price.



• Arrange insurance cover note on property as property is at your risk from the first business day after both parties have signed the contract.



• Present copy of fully signed contract to financier and finalise loan application requirements.



• Arrange building and pest inspections (not normally undertaken by solicitors).



• Ensure building and pest inspections within contract timeframe. The contract provides that the buyer is deemed satisfied if no issues are raised with regard to building and pest inspections prior to the building and pest inspection date.



• Ensure that your financier forwards an unconditional written finance approval to your solicitor within the finance time frame.
  
• Arrange execution of mortgage documents and return to the financier as quickly as possible. Financier’s will not usually settle unless all mortgage documents are returned a certain number of days prior to the settlement date (anywhere between 3 business days and 7 business days).



• Solicitor will organise searches of the property and preparation of transfer documents and their stamping. Stamp duty must usually be paid prior to settlement.



• You are entitled to a pre-settlement inspection of the property to ensure that all included chattels have remained behind and the property is in suitable condition.



• Solicitor will co-ordinate with your bank a suitable settlement time for the date of settlement and provision of settlement funds. If you are providing part of funds this needs to be made available to your bank or solicitor as cleared funds prior to settlement.



• Buyer to have services arranged, such as electricity and telephone to commence on date of settlement.
  

• Solicitor will attend settlement where title documents are exchanged for balance purchase price.



• The financier is usually also present.



• Keys are usually collected from the seller at settlement or post settlement.



• Solicitor will normally notify local authority of change of ownership but that is not officially changed until the Titles Office notifies them.



• Financier will usually lodge transfers with Titles Office, unless no financier involved. Solicitor will undertake in that event.
  

This settlement checklist is a generic guide to the conveyancing process in Queensland and is only current as at 1 March 2007. It is not applicable for conveyancing processes in other states. It is not intended to be an inclusive list of all matters that a buyer or seller should consider or should undertake in selling or buying property in Queensland. We highly recommend that the buyer and seller both engage independent solicitors to undertake these tasks on their behalf. This information is a generic guide only and should not be relied on as specific legal advice under any circumstances. All transactions are unique and the circumstances of each buyer and seller can often introduce additional considerations. In Queensland there are also specific and complicated requirements that must be complied with to have a binding contract. In all cases, you should get specific legal advice to ensure those requirements have been met. No responsibility is accepted for any matters overlooked or errors contained within the checklist.