A guide to end-of-year property sales

With the end of the year drawing near and the festive season just around the corner, businesses are getting ready to pack down and switch off for some well-deserved R&R over the Christmas break.

So what does this mean for real estate?

Properties are still for sale, buyers are still looking to buy and sellers are still looking to sell. 

It is possible to buy and sell over the holiday season, it just pays to know the process and be aware of who might be closed and factor that into the process. 

To help you, we’ve put together this end-of-year property sales guide.

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1. Legal procedures

Conveyancers and solicitors, specialising in property law, manage transaction elements such as drafting legal documents, conducting property searches, overseeing settlements, and advising on contract obligations. 

Though not obligatory, their participation streamlines the buying/selling process, ensures legal adherence and safeguards the interests of buyers and sellers alike.

In Queensland, regulations allow both licensed conveyancers and solicitors to handle conveyancing work. 

Licensed conveyancers specialise specifically in property law and conveyancing matters while solicitors have a broader legal scope and are qualified to handle various legal matters, including property transactions. 

Check with your chosen conveyancers and/or solicitors on their closing period over December/January.

2. Legal documents

There are several legal documents required when selling a property. 

In Queensland, these are:

Contract of sale

• This document outlines the terms and conditions of the property sale agreed upon by the seller and the buyer. 
• It includes details about the property, the sale price, the settlement date, any special conditions, and other relevant terms of the agreement. 
• Read more about the contract here. 

Form 30C: Warning Statement

• A Warning Statement is a mandatory document in Queensland that provides important information to buyers regarding their rights and the cooling-off period (if applicable). 
• It must be attached to the Contract of Sale. 
• See more about the warning statement here. 

Vendor’s Disclosure Statement (formerly known as Section 32)

• In Queensland, this document is referred to as the “Property Information and Other Disclosure Statement.” 
• It includes crucial information that the seller must disclose to the buyer, such as zoning details, encumbrances, easements, council rates, and any other relevant property-related information. 
• Learn more about the Vendor’s Disclosure Statement here. 

Title Search and Certificate of Title

• These documents confirm the seller’s legal ownership of the property. They provide details about the property title, any registered interests (like mortgages or caveats), and confirm that the seller has the right to sell the property.
• Click here for more information about title searches and Certificate of Title.

Registered plan or survey

• A registered plan or survey shows the boundaries, dimensions, and any easements or encumbrances on the property. 
• It helps buyers understand the physical aspects and limitations of the property.
• Read more about survey plans here. 

Compliance certificates and reports

• Certificates verifying compliance with local building codes, council regulations, and relevant inspections (such as a building and pest inspection report) may be necessary to ensure the property meets legal standards.
• See more about compliance certificates and reports here.

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3. Sale process outline

Selling a property requires multiple steps and some of these can be quite time-consuming. If you are thinking of selling during the end-of-year period, here are the typical steps involved, according to the REIQ.

1. Find your agent: selling a property is a collaborative process, therefore an open, working relationship with an agent is required. 
2. Appoint an agent: there are three types of agent appointment under Queensland law when selling a property. These are open listing, sole agency, or exclusive agency.
3. Choose a method of sale: the most common methods of sale in residential sales are private treaty and auction. A private treaty is a sale marked with a price, a price guide/range such as ‘offers over’ or ‘by negotiation’.
4. Marketing and advertising: an exclusive real estate agent will design a marketing and advertising plan using the most effective marketing methods for the style of property and its attributes. The seller must agree to the campaign prior to any marketing.
5. Decide on a listing price: when listing a property for sale there are a number of price considerations. An agent can provide a comparative market analysis (CMA), a report with information on (at least) three properties of a similar nature and style that have sold recently in the area. Beware of overpricing and the seller can choose to change the listed price at any stage when marketing a property.
6. Prepare the property: spend a little time preparing the property to look its best inside and out as first impressions count. 
7. Offers: agents have an obligation to present all offers when selling a house unless the seller instructs them not to submit offers under a certain dollar value. In the case of an auction, it is the seller’s right to set the reserve price (if any) prior to the auction. 
8. Signing the contract of sale: After both the buyer and seller have agreed on the offered price and the terms of the offer, all parties must sign and initial the contract of sale and any changes that have been made to the document.

4. Settlement

Settlement is the date when the ownership of a property is transferred from the seller to the buyer.

Settlement day can be whatever length of time the seller negotiates with the buyer but it is most commonly 4–6 weeks after both parties sign the contract and mostly falls within a range of 30–90 days, says the Queensland Government.

On settlement day the seller will receive the remaining amount of the purchase price from the buyer, transfer the title of the property, hand over the keys and give possession of the property to the buyer.

The information provided is of a general nature and is intended for informational purposes only. It does not constitute legal advice or replace professional consultation. Specific legal situations may vary, and individuals should seek advice from qualified legal professionals regarding their particular circumstances.