QLD H&L Purchase Process
By June, 8 Aug 2019
Queensland Off- the-plan Property Purchase Process (House & Land Package)
Buying a property off the plan means buying a property that has not yet built, which may sound a little unsecured, yet thousands of buyers are buying off the plan every year because of its apparent benefits. By understanding the purchase process and preparing for each step, you will be in a much better position to make a stress-free purchase.
1.Express of Interest (EOI)
After selecting the right property, you will need to sign an EOI and pay a deposit to the developer to reserve the property. Each developer has different requirements for deposits, typically ranging from $1,000 to $5,000. After receiving the deposit, the developer’s solicitor will prepare a purchase contract, which usually takes 7-10 business days. If you decide not to continue to purchase during this time, the deposit may not be refunded in full, as the seller’s solicitor may have already prepared the contract and the developer may require a small fee. If you decide to buy, it is time to find an experienced conveyancer/solicitor.
Midas Value Added Service: the Midas team will strike to negotiate the best deal for our clients. We can also refer a reliable third party solicitor and arrange a face-to-face consultation for you. If you decide not to continue the purchase after submitting the EOI, Midas will negotiate with the developer and try to get a full refund for you. Overseas buyers must apply for a purchase permit from the Foreign Investment Review Board (FIRB) to purchase a property in Australia. The current application fee for a property of less than $1 million is $5,600, and this fee is collected by the government. A solicitor generally requires a service fee of approx. $200 to apply for FIRB. Midas team will assist overseas clients to apply for FIRB without charging any service fee.
2.Sign Contract
There are two contracts for a house & land package: land contract and build contract. After receiving the contract, your solicitor will review the contract and explain the obligations and rights to you. Providing you fully understand the details and have no further issues to bring up, you will then sign the contract. Your solicitor will send the signed contract to the developer’s solicitor. After the developer signs, the other party will send the signed contract to your solicitor. On the day that the contract is signed by both parties, the cooling-off period of 5 working days starts. During this period, if you decide not to continue to purchase, a penalty of 0.25% of the contract price is required by the developer according to the contract.
Midas Value Added Service: Midas advises clients to consider thoroughly and make up your mind before entering into a contract to avoid financial losses. If the client decides not to continue to purchase within the 5-day cooling-off period, Midas will assist to negotiate with the developer and ask for a penalty exemption. We will also add a ‘subject to finance’ clause in the contract to protect buyer’s best interest. If finance does not approved, we will assist clients to apply for a full refund of initial deposit.
3.Pay deposit and wait for land settlement
After the cooling-off period and loan approval (if client requires finance), you are required to pay 10% of the land price and 5% of the build price as deposit within the period specified by the developer, and then wait for the land settlement. The developer’s solicitor will notify your solicitor at least 14 days in advance to prepare for land settlement. After receiving the notice, your broker should contact the bank as soon as possible to arrange finance approval. The current approval timeframe is about 2-3 weeks. On the other hand, your solicitor will calculate the fund needed for settlement, which you can prepare in advance and transfer to your solicitor’s trust account upon settlement. E.g. stamp duty, transfer fees, legal fees, etc. It is worth mentioning that the stamp duty on house and land packages only applies to the land.
Midas Value Added Service: The waiting period for land settlement depends on the land division and registration time frame. The Midas team will keep in touch closely and inform you, your solicitor and broker a month in advance about settlement date. The team will also remind you to pay the relevant fee on time to avoid settlement delay and paying for extra legal fee and other expense because of that.
4.Construction Phase
After land settled and receiving building permit, the builders can start construction. Construction period usually takes 6-7 months, most builders require progress payments, usually at five stages: base, frame, enclose, fixing and practical completion. Different builders may have different payment ratios, below is an example:
- At base stage completion, the buyer pays 15% of the build price.
- At frame stage completion, the buyer pays 20% of the build price.
- At enclose stage completion, the buyer pays 25% of the build price.
- At fixing stage completion, the buyer pays 20% of the build price.
- At practical completion(PC), the buyer pays 15% of the build price.
Midas Value Added Service: After each phase completion, Midas team will provide you a construction progress update report with photos attached, the builder will also provide a receipt and require the client to pay within 7-14 days. If you have a construction loan, the Midas team will work closely with your broker to ensure that the bank releases payment on time to avoid any late payment penalties. Please note, you only pay interest on the money you’re using at each stage until the house handover, you will then pay interest for the full loan amount.
5.Pre-settlement inspection
Upon practical completion, the developer will invite you to inspect the property and prepare for the handover. It is recommended to hire an experienced third-party building inspector to inspect the property for you. If any defects are found during the inspection, the developer will arrange to repair the defects. Per the conditions in the contract, non-structural defects will have a 12-month warranty from the date of practical completion, and the structural defects will have a 6-year warranty. If you find any problems after move in, you can promptly report the issue to the developer.
Midas Value Added Service: Midas can recommend efficient and reliable third-party inspection companies who will send an inspection report to you and the developer within 24-48 hours. Midas team will also urge the developer to fix the defects as soon as possible before the handover. Within 12 months after the handover, if any problems are found, Midas will promptly assist you to communicate with the developer to arrange for repairs as soon as possible.
6.Handover and post-handover service
The solicitors of both parties will agree on a date and time to meet up and finish the handover procedures. After your solicitor provides fund required to the developer’s solicitor, the handover is completed. You can then pick up the keys and officially become a proud property owner.
Midas Value Added Service: Upon settlement, Midas will provide advice on purchasing relevant insurance and order insurance for clients, such as home and content insurance, building insurance and landlord insurance. After settlement completion, Midas Property Management team will arrange advertising and start the rental procedures, as well as order depreciation report for our investment clients.
To ensure a smooth settlement, the real estate agent, the broker and the solicitor should work closely throughout the process. The steps of the handover process are closely linked, a lack of communication at any point during the process may lead to a handover delay. As a result, the buyer may have to pay a penalty for delaying the settlement. Midas team will work closely with our clients, liaise with the broker, solicitor and developer in a timely manner, to ensure our clients have a smooth and stress-free purchase. This off the plan purchase process is for reference only. As all projects and clients are unique, and you are welcome to contact Midas for any enquires.
昆士兰州房产购买流程系列二（土地别墅套餐）
很多客户对买地建房的流程和注意事项不是很了解，就算曾经买过房的客户也有可能一知半解。为解答大家的疑惑，本文将会介绍土地别墅套餐 (house & land package)的购房流程和注意事项。清楚了解购房流程和注意事项，并预先准备好每个步骤需要的款项，是顺利交接的关键。很多时候因为不了解，错过了履行义务和维护自己权利的时间点，而导致经济上的损失。
1.签购买意向书（EOI）
选好合适的房源后，买家需要签购买意向书并交订金，从而中介可以向开发商申请保留该房源。每个开发商对订金的要求不一样，一般是$1,000 – $5,000不等。开发商收到订金后，他们的律师会准备购房合同，通常在3-7个工作日。大多数情况下订金可以全额退还，但如果卖家律师根据买家提供的讯息已准备好合同， 由于客户临时改变主意，有些开发商会收取小额度的手续费，所以提前问清楚很关键。如果决定购买，就需要先找一位有经验的房屋律师。
Midas加值服务：Midas团队会为客户争取最优惠的价格，为客户介绍可靠的第三方律师并安排面谈。如果客户递交EOI后决定不继续购买，Midas团队会尽力帮客户争取全额退还订金。海外买家购房前必须向海外投资审核委员会(FIRB)申请购房许可，目前100万以下房产的申请费用是 $5,600，费用由政府税务局收取。请律师帮忙申请FIRB一般需要付$200左右的服务费。Midas团队可帮助海外客户申请FIRB并不收取额外的服务费。
2.签订购房合同
土地别墅套餐的合同通常有两份，一份是土地合同，一份是建房合同。昆士兰政府允许买家只承担土地价值的印花税，购地后再盖房就可节省建筑房屋部分的印花税。收到合同后，买家律师会审查合同，买家充分了解合同细节并确认没问题后签字。开发商签字后，卖家律师会把合同发给买家律师。双方签好合同当天开始，就进入了为期5个工作日的冷静期 (Cooling-off Period)。这个期间内如果买家决定不继续购买，根据合同规定，会产生合同价格0.25%的罚金。
Midas加值服务：温馨提示，Midas团队建议客户考虑清楚再签合同，以免造成经济损失。如果客户在5天冷静期内决定不继续购买，Midas会帮助客户与开发商协商，尽量争取免除罚金。如果超过5天冷静期，我们都会在合同里放上贷款审批通过条款 (subject to finance) 来保护客户最大化利益，如果贷款没有审批通过，我们会跟开发商申请订金全额退还给客户。
3.支付购房首付并等待土地交接
冷静期过后和贷款审批通过后（如果是需要贷款的客户），买家需要在开发商规定期间内支付土地价格的10%和建筑价格的5% 做为首付款，然后等待土地交接。开发商律师会提前至少14天通知买家律师准备土地交接。收到通知后，买家贷款师要尽快联系银行安排贷款交接，目前的审批速度大约是2 -3周。另外，买家代表律师会计算交接需要用到的费用，并让买家预先把这笔钱打到律师的信托账户，等待交接当天使用。例如，印花税，过户费，律师费等等。
Midas加值服务：等待土地交接的时间视土地分割情况而定，Midas团队会与客户保持紧密联系，提前一个月告知客户，客户律师和贷款师有关土地交接时间并提醒客户按时支付土地交接的相关费用，以免延期交接所产生不必要的律师费等费用。
4.动工建房
土地交接后，建筑商收到政府的建筑许可(Building Permit)后开始动工建房。一般建筑周期为6-7个月，整个建筑过程分为五个阶段来完成：地基，框架，封顶，装修和完工阶段。具体付款方式如下 （不同建筑商会有不同的付款比例）：
1) 房屋地基做好后，买家需要支付建筑价格的15%给建筑商
2) 框架做好后，买家需要支付建筑价格的20%给建筑商
3) 封顶做好后，买家需要支付建筑价格的25%给建筑商
4) 装修完工后，买家需要支付建筑价格的20%给建筑商
5) 完工交房时，买家需要支付建筑价格的15%给建筑商
Midas加值服务：从开始动工到完工期间的每个阶段，Midas团队会给客户提供附照片的施工进度更新报告。每个阶段完工后，建筑商会提供收据并要求客户7-14天内付款。Midas团队会与买家贷款师紧密联系，确保银行按时放款以免产生延期缴款的罚金。温馨提示，每笔费用都由银行直接拨给建筑商，每拨一笔费用，买家则需要多还那一笔费用的贷款。直至交房，买家开始正常还整个房子（土地+房屋）的贷款。
5.交接前验房
完工阶段时，开发商会邀请买家验房并准备交接。这个时候建议请经验丰富的第三方验房师验房。验房过程中发现的问题，开发商会安排维修。一般情况下，新房的装修和配件有12个月保修期，新房结构有6年保修期。入住后如果发现有问题，可以及时向开发商反映安排维修。
Midas加值服务：Midas团队为客户提供高效可靠的第三方验房公司，并陪同验房师一起做房屋检查，并在24-48小时内把验房报告发给开发商和客户。Midas团队也会督促开发商在第二次验房和交接前将报告中的问题处理好。交接后12个月内，如果发现任何问题，Midas团队会及时帮助客户与开发商沟通，尽快安排维修。
6.交接
双方律师会约定日期和地点办理交接手续。买家代表律师把交接需要的费用交给开发商律师后，交接就成功了。交接完毕，买家可以取钥匙，正式拥有新房。
Midas加值服务：临近交接，Midas为客户提供购买相关保险的建议并帮助客户订购保险，例如财产保险，建筑保险，房东保险等等。在这期间，如果买家是投资客户，Midas会第一时间内安排广告出租等事宜，并安排订购折旧报告为客户提供每年退税的准备。
以上就是土地别墅套餐 (house & land package)的购房流程。交接过程一环扣一环，负责靠谱的房产中介、贷款师和律师在整个过程中各司其职。如果在某个环节因为缺乏沟通而导致不能按时交接，买家可能要支付延迟交接的罚金等。因此，一个专业团队从选择项目到最后顺利交接甚至之后的出租管理都起着至关重要的作用。Midas团队会在整个购房流程中与客户紧密联系，及时帮助客户与贷款师、律师和开发商沟通，确保整个过程顺利完成，为客户免除一切后顾之忧。