Whether you’re a new property investor expanding interstate for the first time, or have an established property empire across Australia, there may be a time where you find yourself looking to buy property in a new state. With endless benefits to investing interstate, from high tourism traffic in holiday periods, or growing rental markets, finding a Conveyancer who is an expert on your state’s laws and requirements is essential to making sure your buying or selling journey runs smoothly. As the laws vary significantly state to state, this is especially important to keep in mind during any interstate move or property deal you might be considering.
When it comes time to investing interstate, you’ll need to understand how the property buying process differs. To make the process one step easier for you, we have broken down each of these by state.
Looking to expand into QLD, VIC, or NSW? Imperiale is here to help with all of your conveyancing needs, supporting your journey as you expand your property empire.
Conveyancing Laws in Queensland
In Queensland, the seller has little obligations when it comes to disclosing key information about the property. Due to this, it’s important to make sure the buyer does their due diligence when looking into the property. The seller will provide limited information such as statutory warranties about the property to the buyer.
Buyers also have what is called a 5 day cooling off period, which begins when the contract has been signed. The buyer is allowed to break the contract during these 5 days but after they are legally obliged to follow through.
Conveyancing Laws in New South Wales
In New South Wales, the seller is the one who has obligations. They must provide documents and information about the property to the buyer, these are known as prescribed documents. Ranging from the registered plan to the drainage diagrams, failure to provide this can result in the contract being nulled and void.
Conveyancing Laws in Victoria
Similar to New South Wales, Victoria also requires the seller to disclose specific information. Through the Sale of Land Act in Victoria, information must be disclosed to any sellers and must also be entirely accurate or up to date. Failure to produce accurate and up to date information will result in the buyer potentially being able to cancel the contract.
The Sale of Land Act also allows for a 3 day cooling off period, which gives the buyer 3 days to cancel the contract without legal repercussions, so long as they pay the minimal fee.
Buying & Selling in Other States
- Buyers do not have a cooling off period.
- Sellers are required by law to disclose information about the property to buyers.
- The standard residential sales contract has two sections:
- Contract for Sale of Land or Strata Title by Offer and Acceptance
- Joint Form of General Conditions for the Sale of Land (General Conditions) which outlines the general conditions of the property prior to the contract being signed
- A four day cooling off period is provided, which can be extended if negotiated by the seller properly.
- Does not require by law for sellers to disclose any information about the property.
- It’s common for buyers to request a 10 day satisfactory period as part of the agreement in the contract, where they are able to have the property inspected for any areas of major concern.
- Buyers do not have a cooling off period.
- There is no legal obligation for a seller to disclose anything about the property.
- A two day cooling off period is provided after contract is signed.
- Sellers are required to provide a Vendors Statement (Form 1) about the property.
- Sellers must provide a Buyers Information Notice which contains information that may affect specifically safety, enjoyment, and use of the property.
Looking to expand your property empire across Victoria, New South Wales and/or Queensland? Imperiale is here to help! Our expert conveyancers are well versed in the different laws of every state and can help make the transition from buyer to owner run as smoothly as possible. Get in touch with us today to discuss how we can help on your next property journey.
The content of this article is intended to provide a general guide to the subject matter and is not intended to be legal advice. Specialist advice should always be sought about your specific circumstances.