Property Transactions in QLD & NSW: What’s the difference?

28th May, 2024

Given the proximity of the Northern Rivers region to both the states of Queensland and New South Wales, it may be prudent to highlight the differences between conveyancing procedures between these two states.

In Queensland and New South Wales, conveyancing processes differ significantly, notably in how contracts are prepared, the level of disclosure required, and the legal framework surrounding property transactions. Furthermore, even the terminology for the parties varies, in QLD, it’s “buyer” and “seller”, while in NSW, “purchaser” and “vendor” are used.

In New South Wales (NSW), the contract for the sale of land is typically prepared by the vendor’s solicitor or conveyancer. This comprehensive contract includes essential searches detailing the nature of the property, such as zoning, title searches, easements, and restrictions. Contracts are exchanged, and during the cooling-off period, the purchaser conducts property inspections and seeks legal advice. If satisfied, the purchaser pays the balance of the deposit, making the contract unconditional and legally binding.

In contrast, in QLD, the contract preparation is often handled by the real estate agent. Buyers are responsible for conducting their own due diligence, including obtaining pest and building reports and formal loan approval during the cooling-off period, before making the contract unconditional.

Additionally, in NSW, contracts allow for a 14-day notice to complete provision if settlement is delayed. In QLD, however, time is of the essence, meaning failure to settle on the agreed date can lead to contract termination and forfeiture of the deposit.

Understanding these differences is crucial for buyers and sellers navigating property transactions in these states. Bangalow Conveyancing is not limited by border lines and is experienced in handling property transactions in both states. We look forward to helping you purchase your next property.