Helpful conveyancing tips for first time buyers in Queensland

A lot of people from a lot of different background are choosing to call the Sunshine State home. Is Queensland the state in which you have chosen to buy your first home? As a first home buyer you will probably know you’re entitled to the $10,000 First Home Owners Grant? Congratulations! This is a sum of money you can add towards your initial deposit – a great government incentive to get you living in your first home sooner.

Regardless of whether you’re buying your first him in Keperra or Kuranda, buying a home means you will need to get some conveyancing done.

Conveyancing is a scary word for many first home buyers who may already be grappling with the real estate terminology they are contenting with while trying to find their first home.

Before we go into conveyancing for first home buyers in Queensland, let’s have a quick look at some of the terminology you will be faced with in your journey to buying your first home.

Contract of Sale

When a person makes a promise to do something and is paid by another person to do it, this agreement is usually called a Contract. The Contract of Sale is the term used for the document used to formalise the transfer of a piece of real estate from one owner to another.

Deposit Bond

A deposit bond means that the purchaser may not have all of the cash they need to be able to pay a 10% deposit on the purchase price of the property. A deposit bond is an alternative to a cash deposit so that the vendor and purchaser don’t have to miss out on the sale.

Current Market Value

You will hear this term thrown around a lot by real estate agents. It means the price which the current owner of the property will sell it for and the price at which a likely buyer would buy it.

Settlement

The final stage of conveyancing! When you reach a successful settlement it means everyone is satisfied with the exchange of money for property and you can get your keys and get moving into your first home in Queensland!

Because of the property boom in Queensland over the last 5-10 years, there are thousands of conveyancing companies available to first home buyers. The trick is making the right conveyancing choice.

The Real Estate Institute of Queensland (REIQ) recommend you first peruse the Conveyancing Queensland website for some frequently asked conveyancing queries. See here http://www.conveyancingqueensland.com/faq.html

No matter where you hope to settle your first home in Queensland here’s wishing you happy house hunting in the Sunshine State!