If you’ve recently bought a house in Queensland, congratulations, but your legal responsibilities don’t end at signing the contract. Understanding your rights, risks, and next steps is essential to protect your investment.
Queensland property law is strict, and timelines matter. Missing a deadline could cost you financially.
When Does Risk Pass to You?
Many buyers are surprised to learn that after you’ve bought a House, the property is at your risk from 5:00 pm on the first business day after contract signing, not at settlement. This means you must arrange building insurance immediately.
Key Laws That Apply
Property purchases in Queensland are governed by legislation including:
Property Law Act 1974 (Qld)
Land Title Act 1994 (Qld)
Duties Act 2001 (Qld)
Property Law Act 2023 (Qld) (seller disclosure reforms)
These laws regulate contracts, title transfer, disclosure obligations, and stamp duty.
Costs Beyond the Purchase Price
If you’ve bought a House, budget for:
Transfer duty (stamp duty)
Legal and conveyancing fees
Building & pest inspection
Title registration fees
Mortgage registration costs
Council and water rate adjustments
Most buyers should allow an additional 4-6% above the purchase price.
What Happens Before Settlement?
After you’ve bought a House, your solicitor will:
Ensure finance approval is satisfied
Conduct final property searches
Arrange settlement via PEXA
Coordinate with your lender
Schedule your pre-settlement inspection
Always complete a final inspection 24-48 hours before settlement.
What If Problems Are Discovered?
If you’ve bought a House and later discover undisclosed issues, you may have legal remedies under Australian Consumer Law or property legislation. Prompt legal advice is critical.
Why Professional Legal Advice Matters
Queensland operates under “buyer beware” principles, but sellers must still comply with disclosure requirements. An experienced property lawyer ensures your rights are protected and deadlines are met.
At Aylward Game Solicitors, Accredited Specialist Mark Game provides strategic advice across Brisbane, Gold Coast, and Sunshine Coast transactions.
Frequently Asked Questions
1. When should I insure the property?
Immediately after contract signing.
2. Can I cancel after signing?
Only during cooling-off (if applicable) or under specific contract conditions.
3. Who pays stamp duty?
The buyer, under the Duties Act 2001 (Qld).
4. Is settlement always 30 days?
Commonly, but it depends on the contract.
5. What if my finance is declined?
You may terminate if within the finance condition timeframe.
6. Do I need a final inspection?
Yes, before settlement.
7. What if defects were hidden?
You may have legal claims for misleading conduct.
8. Is auction purchase different?
Yes, auctions are unconditional.
9. Are new laws changing disclosure?
Yes, mandatory seller disclosure reforms apply from 2025.
Contact Aylward Game Solicitors
Call: 07 3236 0001
Email: mail@aylwardgame.com.au
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