What are the differences between buying property in Queensland and New South Wales?

The southern Gold Coast and Tweed region is in the special position of straddling two states.

This means buyers should be aware of some differences that apply with stamp duty and contracts of sale, whether purchasing in Queensland or New South Wales.

We recently looked at stamp duty in our previous blog, noting the states have different duty structures and exemptions and concessions for first home buyers.

In Queensland, a contract of sale is exchanged once it is signed and dated by both parties, but usually remains conditional for a period of 21 days while the buyer obtains building and pest reports.

It is the buyer’s responsibility to conduct title and other searches to ensure they are satisfied with the property.

Contracts of sale in NSW do not contain standard building inspection or finance clauses, however a buyer may have termination rights if the seller fails to make certain disclosures.

A cooling off period of five business days applies to most contracts of sale in both Queensland and New South Wales.

The contract becomes unconditional in Queensland once the buyer obtains formal loan approval and is satisfied with building and pest reports and any other searches.

In Queensland, settlement of the property must be made by the date specified in the contract of sale.

But in NSW, the contract is not immediately terminated if settlement is not reached on the agreed date.

 

‘Til next month…

Jason Abbott – Principal Coolangatta/Tweed

 

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