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Transfer Documents

What is a Form 1 Transfer document? As settlement, a Seller is required to hand over a correctly signed original Form 1 Transfer document to the Buyer in exchange for the purchase money. There are very strict rules set out in the Land Titles Practice...

Community Management Statement

What is a Community Management Statement? A Community Management Statement (CMS) is an important document created when developing Lots as part of a Community Titles Scheme. A CMS contains important information regarding the Scheme including the Bi Laws of the Body Corporate and Exclusive Use...

Self Managed Super Funds

Should I obtain advice before signing a Contract when purchasing a property with a Self Managed Super Fund? Yes! It is crucial that prior to buying a property with a Self Managed Super Fund you seek your accountant’s advice to ensure that it is compliant...

Welcome Back!

Welcome Back! On behalf of the staff at Ownit Conveyancing we would like to say Welcome Back! We are looking forward to working with you all through the coming year and will again be keeping you updated with our weekly Fast Fact. If there are...

MERRY CHRISTMAS!!

On behalf of the staff at Ownit Conveyancing we take this opportunity to wish you and your families a very Merry Christmas and a safe and enjoyable New year! We thank you for your support throughout the year and look forward to working with you...

Cooling Off over the Christmas period

What happens to the Cooling Off clause over the Christmas period? Any cooling off period that falls between the 27th to the 31st of December will still fall during this period of time and will not automatically move to the next business day pursuant to...

Contract Dates over the Christmas Period

What happens to Contract dates over the Christmas period? The standard REIQ Contract terms provide that if any critical date falls on a non-business day then the date moves to the next business day. This means that any date that falls between the 27th to...

Valuation of Property

Is the Buyer entitled to undertake a valuation of the property? While the standard REIQ Contract is not conditional on the valuation of the property often it is a condition of the Buyer’s Finance Approval that it is subject to the property being valued and...

First Home Loan Deposit Scheme

What is the First Home Loan Deposit Scheme? The federal government has launched an initiative to assist people in entering the housing market for the first time by underwriting home loans for first home buyers. The new government scheme for first time buyers allows approved...

Vacant Possession

What if there is a tenant in the property at settlement? The standard REIQ Contract terms provide that if the Tenancies section of the Contract is not completed and the tenancy is not noted in the Contract then the Seller must provide the Buyer with...

Pre Settlement Inspection

Is the Buyer entitled to inspect the property prior to settlement? Yes. Pursuant to the terms of the standard REIQ Contract a Buyer is entitled to undertake one pre settlement inspection of the property prior to settlement. Prior to settlement the Seller must remove all...

Buying and Selling at the Same Time!

Is it important to make a buyers purchase subject to their sale when they are buying and selling at the same time? Yes. When a person is buying property and they are relying on funds from their sale to be able to complete their purchase...

Brisbane City Council Rates Remission

Brisbane City Council Rates Remission for First Home Buyers Brisbane City Council are currently offering a remission for First Home Buyers allowing them a 50% remission on rates for the first 12 months of home ownership. The remission is allowed on properties valued below $750,000.00....

GST Withholding Law

Is it important to complete the GST Withholding Obligations section of the Contract? Yes. Following the introduction of the Australian Taxation Office Withholding Laws it is extremely important for both Buyers and Sellers of property that this information is correctly completed in the Contract. Financial...

Finance Approval

Is it necessary to make a Contract subject to finance if a Buyer has pre-approved finance? Yes! Pre-approval of finance does not mean that a Buyer will necessarily be able to obtain unconditional finance approval. Often when finance is approved it is subject to conditions...

Verification of Identity (VOI)

Verification of Identity (VOI) Following the introduction of PEXA into Queensland Conveyancing there have been significant changes to the way that we identify our clients with the introduction of verification of identity standards by the Department of Natural Resources and Mines which now require that...

What happens when a Seller dies? (Part 2)

What happens to the sale of property where a Seller noted on title dies? When a Seller dies the title to the property must be varied in the Department of Natural Resources and Mines to reflect the death of the Seller before the property is...

What happens when a Seller dies?

What happens to the sale of property where a Seller noted on title dies? In the event a Seller noted on title dies there are important steps that must be taken to with regard to the Seller’s estate and the title to the property before...

Foreign Buyer Approval

Is a Foreign Buyer required to obtain the approval of the Foreign Investment Review Board to purchase a property? Yes. Clause 10.2 of the standard REIQ Contract confirms that the Buyer warrants that their purchase of the property is not a ‘notifiable action’ under the...

New Contract Change – Delay Event

What is a Delay Event? The new REIQ Contracts released last week now include a provision to allow for the suspension of time as a result of a Delay Event. A Delay Event is defined in the Sixteenth Edition Contract as a tsunami, flood, cyclone,...

New Versions of REIQ Contracts Released

New Versions of REIQ Contracts Released! New REIQ Contracts have been released for use from the 20th of August, 2019! It is extremely important that the new editions of the Contracts are used from this date as they refer to important changes in both electronic...

Cooling Off Period

When is A Buyer Entitled to a Cooling Off Period? A Buyer is only entitled to a Cooling Off Period in instances where the Property Occupations Act 2014 (Qld) applies. There are many instances where the Buyer is not entitled to a Cooling Off Period,...

Instalment Contracts

What is an Instalment Contract? An Instalment Contract is an agreement whereby the Buyer pays the purchase price to a Seller in gradual increments without having the immediate transfer title to the property made in exchange for payment. It is important to be aware of...

What information should the Seller provide after Contract?

Is there any information that the Seller should provide to the Buyer after signing the Contract but before Settlement? The Seller has an ongoing duty to provide certain information to the Buyer after a Contract has been entered into but before settlement has been effected....

Priority Notices

What is a Priority Notice? A Priority Notice is a form lodged in the Department of Natural Resources and Mines over the title to a Lot (most often prior to settlement) in order to preserve the priority of instruments that are to be lodged over...

Outgoings and Adjustments on a Property

What happens to the outgoings and adjustments on a property when it is sold? At settlement, when ownership of a Lot changes, the Buyer becomes responsible for all rates and statutory charges in respect of a property. The standard REIQ Contract contains terms which allows...

Foreign Ownership

Can a Foreign Buyer purchase land in Queensland? Clause 10.2 of the standard REIQ Contract provides a warranty by the Buyer that the purchase of the property is not notifiable under the Foreign Acquisition and Takeovers Act 1975 (Cth) and that the Foreign Investment Review...

Swimming Pool

What is a Swimming Pool? A swimming pool is defined as any above or below ground structure principally used for swimming or bathing, including portable pools and spas. If the structure can hold more than 300 millimetres of water then the swimming pool safety laws...

Land Tax under the Contract

Who pays Land Tax under the Contract? Pursuant to the terms of the standard REIQ Contract land tax is payable by the Seller for the current land tax year as at the settlement date. TIP: It is not ordinarily possible for the Seller to recover...

Additional Foreign Acquirer Duty

What is Additional Foreign Acquirer Duty? Additional Foreign Acquirer Duty (AFAD) is an additional amount of Transfer Duty that a Buyer of Residential Land is required to pay when they are not an Australian Citizen or Permanent Resident of Australia. AFAD applies regardless of whether...

Default Interest

Q. What is Default Interest? A. The Contract allows the Seller to charge the Buyer default interest on any late payment required to be paid pursuant to the Contract, the interest will continue to accrue until such time that the payment is made. Related: Default...

Survey of Property

Q. Is the buyer entitled to a Survey of Property? A. Yes. The buyer is entitled to have a survey of the property conducted and it is the responsibility of the Buyer to arrange this. A buyer may have a right to terminate the contract...

Contract Signing

Q. In contract signing, is it necessary to sign all of the pages of the Contract? A. Yes. Contracts in relation to land must be in writing and signed by all parties to the transaction. It is important that all of the pages of the Contract...

Purchasing Entity

Q. Is the name of the Purchaser on the Contract really that important? A. Yes. It is extremely important that the name of the purchaser on the Contract is accurate at the time that the Contract is signed to avoid any stamp duty implications that may arise...

Present Use

Q. What happens if the present use of the property is not lawful under the Town Planning Scheme? A. If at the Contract Date the present use of the property is not lawful under the Town Planning Scheme then the Buyer may have a right to terminate...

Certificates of Title

Q. What changes are being introduced in respect of Certificates of Title? A. From 1 October 2019, a paper Certificate of Title will become an item of historic or sentimental value only and will no longer need to be deposited with the Titles Registry when a transaction...

Natural Disasters

Q. What happens when a Natural Disaster occurs? A. If a party cannot meet their obligations under a Contract due to a natural disaster the in certain circumstances time will no longer be of the essence. Related: What are the essential elements of a contract of sale...

Personal Property Securities

Q. What are Personal Property Securities? A. The Personal Properties Securities Act, 2009 (Cth) (PPSA) relates to security interests in personal property. The PPSA does not apply to land, buildings or a fixture that forms part of the land. It is important to note that when selling...

Administrative Advices

Q. What is an Administrative Advices on Title? A. An Administrative Advice will show interests on title impacting on the land. There are numerous types of Administrative Advice that may be noted on a title such as an owner builder, heritage listing, vegetation clearing offenses etc. The...

Seller’s Warranties

Q. Are there any warranties given by the seller when selling their property? A. Yes. The standard REIQ Contract contains certain warranties given by the Seller of a property to the Buyer as to their capacity to complete the Contract, the correctness of the title, that there...

Body Corporate Notices

Q. Is a Seller obliged to notify a Buyer of Body Corporate Notices? A. Yes. The Seller must notify the Buyer of any notices of Body Corporate meetings and any resolutions passed at Body Corporate meetings after the Contract Date.  Where a Buyer is materially prejudiced by...

Combustible Cladding

Q.  What happens when the property is suspected of having combustible cladding? A. On 1 October, 2018, Part 4A of the Building Regulation 2006 (Qld) (Cladding Regulations) came into effect.  When an owner of a private building is selling their property which has cladding, the property owner is...

Chattel or Fixture?

Q.  How do I know whether the item is a fixture or chattel? A. The difference between a fixture and a chattel depends on whether the item is affixed to the land or property. If the item is affixed to the land or property then ordinarily...

Encumbrances and Easements

Q.  Does a buyer have the right to terminate the Contract of Sale if there are easements on the property and the easements have not been disclosed in the contract.   A. If an easement has not been disclosed in the Contract of Sale then the...

Rights of Terminating Contract If the Buyer does not pay Initial Deposit or Balance

Q. Can a seller terminate a contract if the buyer does not pay the initial deposit or balance deposit by the due date? A. Yes. If the buyer does not pay the initial deposit or balance deposit to the Stakeholder by the due date then the...

Joint Tenants or Tenants in Common?

Q. What is the difference between holding the property as Joint Tenants or as Tenants in Common?   A. When two or more people are buying property together, they must decide whether to hold the property as joint tenants or tenants in common.  Joint tenancy is...

Terms of contract following settlement

Q. After settlement can the terms of the contract still be enforced?   A. Certain provisions of the contract can be enforced after settlement. Essentially any term of the contract which can take effect after settlement will remain in force. That means provisions in the Contract...

Swimming Pool Safety Certificate

If there is a pool on the property and a valid pool safety certificate has been issued, does the pool inspector and pool inspection date section of the contract need to be completed on the contract? No. The pool inspector and pool inspection date only...

Terms of Contract Following Settlement

Q. I am preparing a REIQ contract with conditions that fall due on 28 December 2018. Is this going to be the date the condition is due?   A.  No. Current REIQ contracts have exclusion dates from 27 December 2018 to 31 December 2018. These dates...

Completion Dates that Fall on a Non-Business Day

  Q. If a condition date falls on a non-business day (eg. Sunday) is the condition date due on the prior Friday or the coming Monday?   A.  When any condition of a contract falls due on a weekend or public holiday then the due...

Tips to Avoid Delays during the Christmas Period

  Q. After settlement can the terms of the contract still be enforced?   A. Certain provisions of the contract can be enforced after settlement. Essentially any term of the contract which can take effect after settlement will remain in force. That means provisions in...

What does Time of the Essence mean?

Q.What does a contract mean when it states “Time to remain of the essence” in Queensland contracts? A. “Time of the essence” means that a party to a contract must perform its contractual obligations under the Contract by a specific date and time. Failure to...

Common Mistakes in Conveyancing

Conveyancing is not as easy as everybody thinks. That is why states make laws to systematise the process. In Queensland, we follow a certain protocol. This is to avoid the common mistakes and negligence of people involved in the transaction. Here are some of the Common...

GST Withholding Law

Q. What happens if the GST Withholding sections are not completed correctly in the contract? A. Buyers and sellers are required to provide the correct information to enable the GST Withholdings section to be completed. The buyer and seller can obtain the correct information required...

New Version of contracts

On 1 July 2018, a new House and Land Contract Version 15 and a new contract for Residential Lots in a Community Titles Scheme Version 11 were released. It is recommended that these new versions of the contracts are used from 1 July 2018. The...

Removal of Sellers Belongings after Settlement

Removal of Sellers Belongings after Settlement Q. What happens if the Seller has not removed all of their belongings from the property by the time of settlement on the settlement date? A. Any such items not removed prior to the actual time of settlement on...

A Basic Guide to Conveyancing in Queensland

When you want to settle down in a certain place, you will need to buy something big as a land or a house property. Of course, everybody wants to have a concrete proof of his/her ownership. This is also applicable to corporations or businesses purchasing...

ALERT: TRANSFER DUTY RATES AND $10,000 BUILDING BOOST

The Queensland Government have announced that from 1 August 2011, transfer duty rates will be adjusted. The most significant change is that there will no longer be a Home Concession available to Buyers purchasing property as their principal place of residence. The transfer duty reforms...

DEFAULT INTEREST

Q. Is a Seller limited to claiming interest at the “Default Rate of Interest” or “Default Interest Rate” when they are asked to extend for example the settlement date? A. No. A Seller may agree to extend or not agree to extend on whatever terms they wish...

Stamp Office Valuation Report

Q. When do you require Stamp Office Valuation for a residential property transaction? A. In most cases stamp duty is simply paid on the purchase price shown in a Contract for a residential property transaction. In some cases, for example, where the transfer is by way of...

Multiple Offers to Buy

Q. Is a Seller entitled to accept any offer they choose out of Multiple Offers to buy a property or are they obliged to accept offers only in the order in which they are made? A. The Seller in normal circumstances would be entitled to accept whichever...

Everything You Need to Know about Cooling Off Period

Q1.How does the Cooling Off Period apply to Contracts? A. A cooling off period applies to all Contracts for the sale of residential property in Queensland, other than: A Contract formed on a “sale by auction” or; Where the Buyer has obtained a Lawyers Certificate waiving...

Conveyancing Contract Date

Q.What date should be inserted as the Conveyancing Contract Date in the item schedule of the Contract? A. We recommend that the Conveyancing Contract date should be inserted as the date the Seller signs the Contract. You should note however that the Cooling Off Period in...

Home Insurance

Q. Once a Contract is signed by all parties is the property at the Buyers or Sellers risk through to the settlement date? A. The property is at the Buyers risk from 5pm on the first business day after the Contract date. This gives the Buyer sufficient...

ESSENTIAL ELEMENTS OF A CONTRACT

Q. What are the essential elements of a Contract of Sale on lands? A. Generally, the position is as set out below. This is a complex area and the summary below is only a brief overview of the position. A more detailed consideration may be needed in...

Foreign Residential Investment

Q.Which non-Australian purchasers do not need foreign investment approval for a Foreign Residential Investment? A. You are exempt if: You are an Australian Citizen living abroad; Your spouse is an Australian Citizen (not a permanent resident) and you are purchasing residential real estate in both names...

Witnessing a Lease Agreement Contract

Q. Does Your Contract Need Witnessing A Lease Agreement? A. No. The only purpose for a signature to a Contract being witnessed is that if there is a dispute as to whether or not a person has signed the Contract then the witness can provide appropriate evidence....

Tender Settlement in Real Estate

Q. If the Seller is in breach of contract (eg. where the seller can not remove a mortgage or caveat over the title by the settlement date), can the Buyer claim damages for that breach without tendering the balance of the purchase price, to show they...

Who Receives the Original Contract?

Q. Which party should be given the originally signed Contract of Sale after it is signed, the Seller or the Buyer? A. The usual practice is for the Buyer to be given the originally signed Contract. Why? Under the Standard REIQ Contract the buyer must pay all Stamp...

Details Regarding Tenancies in the Reference Schedule of the REIQ Contract

Q. If there is a tenancy in place in respect to a property, do you put details of the tenancy in the Reference Schedule in the Contract under the heading “Tenancies”? A. Yes, if the property being sold is subject to the tenancy. If, however, the property...

Completion Dates that fall on a Non-Business Day

Q. If a completion date falls on a non-business day (eg. Sunday), is completion effected on the previous Friday or the following Monday? A. When a condition (such as the building inspection date, finance date, completion date or any other date referred to in the Contract)...

Buyers Rights to Access Property Being Purchased

When is a Buyer entitled to access a property after the Contract is signed but before the settlement? Under Clause 8.2 of the Standard REIQ Terms of a Contract a Buyer (and their consultants) may enter the property (after giving reasonable notice to the Sellers)...

REIQ and Queensland Law Society New Version of Contracts

ALERT – The REIQ & Queensland Law Society have released new Contracts Effective from 1 December 2010, is a new House & Land Contract Version 8 and a new Contract for Residential Lots in a Community Titles Scheme Version 4. It is recommended that the correct and current version...

Contracts with Side Agreements to Accept a Rebate Off Purchase Price

Q.What is the legal effect of a side agreement whereby the Seller agrees to accept an amount lower than the purchase price on the Contract? A. If there is a condition in the Contract itself and it can not be removed from the Contract, which is...

Pool Safety Certificate

IMPORTANT NOTICE From 1 December 2010 (ie. contracts dated before that date and settling after it or contracts dated on or after that date) a seller of a house or unit which contains a pool, must before settlement, give the buyer a copy of a...

Tips to Avoid Contract Delays during the Christmas Period

Q. I am preparing a Contract with a settlement date of 31 December 2010, are all the necessary businesses open to finalise the transaction? A. No, the Christmas Period can cause major issues due to office closures of vital components of the settlement process. Whilst the majority...

Contract for Sale of Property Owned by a Deceased Person

Q.Who should be named as Seller of a property owned by a deceased person? A. The Sellers name on the Contract should be the name of the legal personal representative (ie. the executor named in the Will or the Administrator). The Sellers name on the Contract...

Stamp Duty on Transfers of Residential Land Between Parties to a Marriage or De Facto Relationship

Q. Is a transfer of an interest in a residential property by one party to a marriage (or de facto relationship) to the other party exempt from transfer duty? A. Yes, if: 1. the transfer is from one party to a subsisting marriage (or de facto relationship)...

Transfer from a Person who is not the Seller

Q. Does a Buyer have to accept a transfer of land from a person who is not the Seller named in the Contract of Sale? A. Generally, no. The standard REIQ Contract requires the Seller to give the Buyer at settlement a duly executed transfer of...

ALERT – New Form 30C Warning Statement

Effective from 1 October 2010, is a new Form 30c Warning Statement Version 6. The current version of the Form must be used from 1 October 2010. Failure to use the correct form can lead to the Buyer terminating the Contract under Section 370 within...

Notification of Existence of Electrical Safety Switch

Q.What are the Sellers and Buyers obligations regarding an electrical safety switch? A. The Seller of a residential house or residential unit must notify the Buyer in writing whether an approved safety switch has been installed for the general purpose socket outlet in the house/unit. This...