5 mistakes Queensland property buyers make (and how to avoid them)

Buying property in Queensland is exciting - but it's also one of the most complex financial transactions most people will ever go through. And in the rush of finding the right place, negotiating the price, and getting everything moving, it's surprisingly easy to make costly mistakes.

The good news? Most of them are entirely avoidable.

Here are five of the most common mistakes we see Queensland property buyers make - and what you can do to protect yourself.

Mistake 1: Signing the contract before getting legal advice

It's an incredibly common scenario: you find a property you love, the agent hands you a contract, and you sign it on the spot (or within hours) because you're worried someone else will beat you to it.

The problem is that a signed contract is a legally binding document. Whatever it says, you're committed to it.

Common issues that can be avoided with a pre-signing review include:

• Conditions that are worded in ways that don't actually protect you

• Missing conditions (finance, building and pest) that you assumed were 'standard'

• Settlement dates that don't align with your circumstances

• Inclusions and exclusions that aren't what you expected

The fix: Contact a conveyancer before (or as early as possible after) you find a property. At Impact Legal, we can review a contract quickly - in most cases before you need to sign. Don't let the urgency of a competitive market pressure you into signing something you haven't had reviewed.

Mistake 2: Delaying finance approval until the last minute

When buyers receive their finance condition period - typically 14 to 21 days - it can feel like there's plenty of time. There isn't.

Lenders need documentation. Valuations need to be ordered and returned. Queries need to be answered. And any delay in providing requested information can push you right up against your finance deadline - a stressful and potentially dangerous position to be in.

If your finance approval lapses and you haven't properly documented an extension with the seller, you can lose your deposit.

The fix: The day you sign your contract, contact your broker or bank. Send every document they request the same day you receive the request. Keep your conveyancer informed - we track these deadlines and can alert you if things look tight.

Mistake 3: Skipping the building and pest inspection (or not attending)

Some buyers skip the building and pest inspection to save money ($400-$600) or because they're confident in the property. This is a false economy.

Even properties that look perfect can have significant hidden issues - rising damp, termite activity, structural movement, plumbing problems. A thorough inspection by a licensed inspector can reveal issues that could cost tens of thousands of dollars to rectify.

Even buyers who do book an inspection often don't attend it. This means they rely entirely on a written report, which can be difficult to interpret without the context of seeing the issues in person.

The fix: Book a licensed building and pest inspector as soon as the contract is signed. Attend the inspection yourself. Ask questions. If the report identifies significant issues, discuss your options with your conveyancer - you may be able to renegotiate or terminate within the condition period.

Mistake 4: Forgetting to insure the property from day one

This surprises a lot of buyers: under standard Queensland contract terms, your insurance obligation begins at 5pm on the first business day after the contract date.

Not settlement day. Day one.

From that moment, if something happens to the property - a fire, a storm, accidental damage - the loss could fall on you, even though you don't legally own it yet. Many buyers simply aren't aware of this until something has already gone wrong.

The fix: Arrange building insurance immediately after signing. Your insurer will simply need the address and an approximate settlement date. It's a quick call that protects you from the start.

Mistake 5: Not budgeting for the full cost of buying

The purchase price is just the beginning. Many buyers - particularly first-time buyers - are caught off guard by the additional costs involved in a property purchase.

In Queensland, these typically include:

• Transfer duty (stamp duty): Calculated on the purchase price and your buyer status. For a $600,000 property, transfer duty for an investor is approximately $20,925. First home buyers may be eligible for a concession or exemption.

• Conveyancing fees: Fixed and known upfront if you use a fixed-fee conveyancer like Impact Legal. 😉

• Property searches: These vary slightly by council but are a standard part of the process.

• Rate and water adjustments: At settlement, outstanding rates and water charges are adjusted proportionally between buyer and seller. You may owe a small amount.

• Loan costs: Mortgage registration fees, lender establishment fees, and any applicable LMI (Lenders Mortgage Insurance).

The fix: Ask your mortgage broker to provide a full breakdown of estimated costs before you sign. And if you're unsure about any costs related to the conveyancing process, just ask us - we're always happy to clarify.

The common thread: a good conveyancer prevents all of these

Notice that every mistake on this list has the same underlying solution: get a conveyancer involved early, and choose one who communicates clearly and proactively.

At Impact Legal, we're not just handling paperwork in the background. We're actively tracking your deadlines, reminding you of key obligations, liaising with your lender and agent, and making sure you understand every step before it happens.

Fixed fee. No jargon. Based in Cairns, serving all of Queensland.

Speak to our team today — or call 07 4015 3464.