• Seek valuation advice or market appraisal regarding value of the property.
  
  
• If property is tenanted, review terms of tenancy agreement as to when it expires and whether you can deliver vacant possession to the buyer at settlement. Fixed term tenancy agreements can not usually be terminated earlier.
  
  
• Seek accounting / taxation advice on the sale (ie how long have you owned the property, is it your principal place of residence, do any other taxes apply - (GST, CGT?)

• Usually a contract will be presented with the buyer’s signature already on it.
  
  
• If satisfied with the price, submit the contract to your solicitor for legal advice prior to signing and to ensure all legal requirements of Property Agents & Motor Dealers Act and Body Corporate Community Management Act relating to the signing of contracts have been complied with (ie: warning statements attached to front of contract etc).
  
  
• Are there any fixtures that you wish to have excluded from the sale (ie fixed items you wish to take with you).
  
  
• Are there any chattels being included in the sale that the buyer has requested?
  
  
• Have all easements and encumbrances been disclosed in the contract?



• If vacant possession is being granted, will you and /or any tenant have vacated the property by the settlement date?



• Make contact with your mortgagee advising them of your intention to sell and sign mortgage discharge request forms.
  
  
• If solicitor approves the contract, the contract can be signed (please note that there are specific and complicated processes for the execution of contracts, particularly by facsimile or email in Queensland. The seller’s solicitor should ensure that these steps are correctly followed and all relevant disclosure statements attached before the buyer signs the contract, otherwise the contract is unenforceable).

• The buyer will normally have a 5 business day cooling off period and will also usually have contract subject to finance and inspections.



• Seller should source the mortgage release discharge request and have this signed and sent to bank. Bank’s usually require this form a certain period prior to settlement and this can often be up to 14 days or more prior to settlement.



• Inform your insurance company of the intention to sell but maintain cover over the full duration of the contract.
  
  
• If tenanted, discuss notice to vacate with solicitor. It is preferable not to give notice to vacate until the contract is unconditional but this may not always be possible if vacant possession must be delivered on a certain date. Usually a minimum of 30 days notice to the tenant is required but this depends on the type of tenancy. Seek legal advice on this issue and the timing of the notice.



• Provide rates, body corporate levies and other adjustable items information to solicitor to adjust at settlement.



• If required, arrange vacant possession prior to settlement date. The buyer is entitled to a pre-settlement inspection.



• Arrange the cancellation of services, such as electricity and telephone, if in your name.
  

• Solicitor will attend on your behalf.



• Get keys to either agent or solicitor.



• Proceeds of sale provided as cheques handed to your Bank and solicitor as required.
  

This settlement checklist is a generic guide to the conveyancing process in Queensland and is only current as at 1 March 2007. It is not applicable for conveyancing processes in other states. It is not intended to be an inclusive list of all matters that a buyer or seller should consider or should undertake in selling or buying property in Queensland. We highly recommend that the buyer and seller both engage independent solicitors to undertake these tasks on their behalf. This information is a generic guide only and should not be relied on as specific legal advice under any circumstances. All transactions are unique and the circumstances of each buyer and seller can often introduce additional considerations. In Queensland there are also specific and complicated requirements that must be complied with to have a binding contract. In all cases, you should get specific legal advice to ensure those requirements have been met. No responsibility is accepted for any matters overlooked or errors contained within the checklist.