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Cheapest Conveyancing Service in Queensland and Victoria
for over 30 years
OWNit Conveyancing has been providing exceptional, hassle-FREE and the cheapest conveyancing services Queensland and Victoria for more than 30 years!
We offer more than 30 years of trusted conveyancing experience in the industry with the cheapest fees. Our offices services all major cities and towns of Queensland and Victoria including: Brisbane, Gold Coast, Southport, Southside, Logan, Beenleigh. Melbourne, Geelong, Bendigo and Ballarat.
Our conveyancing firm provides professional and exceptional client services, including personalized contact, streamlined systems, and hassle-FREE settlements across the board.
When it comes to choosing our conveyancing firm to represent you with an exceptional conveyancing services, it is very important to understand the reasons why you should do so. Our services are designed to deliver the cheapest conveyancing solutions in Gold Coast, Brisbane, Logan, Ipswich, Springfield and surrounding areas in Queensland, as well as Melbourne, Geelong and all areas in Victoria.
The professionals at OWNit offer services for property conveyancing works with the cheapest and fixed fees in Queensland and Victoria.
We have an experienced legal team to guide you through every step of your purchase, ensuring a smooth process.
You will be allocated an experienced senior property paralegal (supported by Solicitors) providing you with personalised service.
Many things can go wrong with a property transaction. If it does, you need to know that you are in the care of a quality, yet cheap, conveyancing firm that has over 30 years’ experience in getting things done right
Our Queensland and Victorian wide services combined with a modern approach and technology, avoid the need for you to visit our offices. Our skilled property conveyancer services keep you fully updated by phone, or email. You are of course always welcome to pop into one of our three locations, but our processes are designed to save you time.
You will have peace of mind knowing that we are independent conveyancing solicitors acting in your interests at all times.
Q- Have you signed the contract but have later realised it needs to be in a different name? A- Once the contract has been signed with a specific buying entity listed, it cannot be amended unless agreed by all parties. Changing the buying entity without taking...
The pre-settlement inspection is the buyer’s opportunity to ensure that the property is being handed over in the same condition that it was in when the contract was signed. The seller is required to maintain the property to the same standard that it was in...
During the conveyancing process, your legal representative will require the buyer and seller respectively to provide 100 points of certified identification. This is a crucial step in the process which protects all parties from fraud. Without this process being followed, the chances of fraudulent transactions...
During the contract process, it can be easy to get caught up in the he said, she said, which often leads to arguments and settlement delays. To avoid any issues like this arising, it is important to ensure that any agreements regarding contract terms, negotiations...
It is important to remember to include the disclosure statement with the contract prior to the buyer receiving it to sign. The seller is required to provide relevant disclosure to the buyer prior to the contract being signed. Failure to do so results in the...
Moving in and out of a property can be a tedious task. So what condition does it need to be left in to ensure compliance with the contract? The terms of the contract provide that the property must be at a ‘reasonable’ standard at settlement....
Q- Did you know that a registered company has the same legal rights to purchase property as an individual? A- A registered company is considered a legal entity just like an individual person and as such they can purchase property in their own right. To...
Q- The contract has been signed by I now need to add a special condition, can the contract be changed? A- Once the contract is signed, it can be difficult to make amendments unless all parties agree. Once the contract terms are agreed to and...
There is often confusion from buyers and sellers alike between early possession and early access. Early possession is taking full possession of the property and moving in like the property is yours (subject to terms and conditions) whereas early access is having access to the...
We all know that moving house is extremely stressful and being able to move in prior to the settlement date can take stress off the buyer so that the move in process is smooth sailing. Moving into a property prior to settlement can be risky...
OWNit Conveyancing have taken steps to implement policies and procedures to ensure that we are able to continue to represent our clients during this lockdown. Good news for those wanting to continue to settle during lockdown, we are able to settle electronically via PEXA as...
When all parties are eager to settle the property early, we may be able to negotiate to bring the settlement forward.Before making any requests, it is important that both the buyer and seller’s banks are booked and that the purchaser has searches back from the...
Q- Are you worried about the safety of your funds being transferred electronically? A- GOOD NEWS. PexaKey is a new app that allows you to confirm your bank account details in a safe, secure and guaranteed way! We understand that cyber safety is important and...
Q- Did you know that if the buyer pays the initial deposit late, the seller can terminate any time up to settlement? A- The last thing anyone wants is the contract to fall over at the last minute due to the deposit being paid late....
For buyers, it can be confusing between the deposit they have saved to contribute to their loan and the deposit they are putting down on the contract. Whilst is shows great commitment to a seller for the buyer to pay a large deposit, this can...
Who signs the contract first once the offer has been made? Once a prospective buyer has made an offer to buy, the contract can then be prepared and sent to the buyer who will execute the contract first. Once the contract is finalised and signed...
Are there changes that the vendor wants to make after the seller has already signed? Once the buyer has signed the contract this is a legally binding offer to purchase. Any changes made to an offer becomes a counter offer. If the seller wants to...
Are the Tenants on the Property managed by the vendor? Did you know that there is a large amount of behind the scenes work done by managing agents when a property changes ownership. When the property is managed by the vendor privately, there are various...
What is the difference between Government Registration fees and Transfer Duty? At settlement, there are various additional items required to be paid by the buyer to effect settlement. Transfer Duty (also known as Stamp Duty) is a Government Tax charged for acquiring property whereas Government...
Q: What is a Deposit Bond? A: Deposit bonds can sometimes be used (when formally agreed to between the parties) instead of cash to pay a deposit when buying a home. The person taking out the bond has to pay the money plus fees for...
The terms of the standard ADL and REIQ Contracts differ in what the requirements of the Seller are until settlement. Under the current REIQ Contract a Seller must use the property reasonably until settlement whereas the current ADL Contract provides that the Seller must maintain...
At Ownit Conveyancing we embrace the power of digital. Our clients and stakeholders expect fast and seamless settlements and this is why we choose to settle via the PEXA settlement workspace as often as we can. To date Australia wide there have been 7,402,197 settlements...
Q: Did you know that there are many exemptions to the payment of transfer duty in Queensland? A: The Office of State Revenue website sets out the many exemptions allowed for the payment of transfer duty. These exemptions range from exemptions applied to deceased estates...
Q: Are there any differences between the ADL and REIQ Contracts versions? A: Both the ADL and REIQ Contracts differ significantly in the standard Contract terms. It is critical that the version of Contract being used is taken into account when looking at a Contract...
Q: Did you know that the Regional Home Building Boost Grant has been extended? A: The Regional Home Building Boost Grant has been extended until 31 March, 2021. In order to be eligible for the grant you must buy or build a new home in...
Q: When must keys be delivered to a Buyer following settlement? A: Pursuant to the terms of the current REIQ Contract, if the Buyer requests delivery of the keys at settlement not less than two clear business days before settlement, then the Seller must deliver...
To all of our clients and friends of Ownit we would like to take this opportunity to thank you for your support during 2020.2020 has been an incredibly difficult year for so many and we would like to take the time to say a heart...
The Federal Government has recently announced that the Home Builder Scheme which was due to cease at the end of the year has now been extended until 31 March, 2021.Contracts signed between January and March 2021 will now attract the lower grant amount of $15,000.00...
A range of changes to the Guardianship and Administration Act 2000 and the Powers of Attorney Act 1998 came into effect on Monday 30 November 2020. A key change is that from 30 November 2020, new forms have been introduced for Enduring Powers of Attorney....
We are pleased to announce that we have recently employed a Wills & Estate specialist Solicitor to assist our clients with all of their Wills and Estate planning needs. Geoff Cameron comes to our office with extensive experience in all areas of Succession Law. We...
On 1 October 2020 Certificates of Classification were renamed to Certificates of Occupancy. A Form 11 Certificate of Occupancy contains various information regarding the class and permitted use of a building, fire safety and any other building requirements. Any valid Certificate of Classification issued before...
Following recent highly destructive weather events the question arises as to what the rights of a Buyer are when a property is damaged due to a weather event? It is important to remember that under the terms of the Queensland REIQ Contract the property is...
Q: What if at the Contract Date the present use of the property is not lawful under the town planning scheme? A: This information must be disclosed to the Buyer in the Contract, failure to do so may allow the Buyer a right to terminate...
Residential pools on common property are generally the responsibility of the Body Corporate. Prior to signing the contract, the Seller should obtain a copy of the Pool Safety Certificate from the Body Corporate. If there is no Pool Safety Certificate for the Body Corporate then...
There are certain matrimonial exemptions from the payment of transfer duty for transactions pertaining to the Family Law Act 1975 (Cwlth) and the Property Law Act 1974 (Qld). If the transaction fits the exemption criteria then the transaction will be exempt from transfer duty. We...
It is a legal requirement in Queensland that any property built after 1992 must have an electrical safety switch. If the home was built prior to 1992 and does not have one the Buyer must have one installed within 3 months following settlement. We want...
In order to claim the first home, vacant land concession Buyers must be at least 18 years of age. The Office of State Revenue can, on the application, make an exception to this rule on a case by case basis depending on the individual circumstances...
At Ownit Conveyancing we are able to assist clients to attend to the verification of their identity via electronic means taking the hassle and fuss out of clients trying to find a suitable witness in the community to assist with this process! Here at Ownit...
Q: Is there any impact of the amount of duty payable by a Buyer where a buyer buys more than one property? A: Yes. In Queensland the amount of transfer duty payable increases with the increase in the amount of the purchase price. If it...
Q: Is there a threshold amount for First Home Vacant Land? A: Yes. In Queensland, the First Home Vacant Land Concession only applies to land valued at under $400,000.00. We want to assure everyone that here at Ownit Conveyancing we are ‘business as usual’ and...
Q: Is there a transfer duty concession in Queensland for Buyers purchasing a property as their home? A: Yes! In Queensland, a Buyer can claim a concession for transfer duty when acquiring a property as their home. The “Home Concession” rate applies to the first...
Q: Is it necessary to amend the title to a property when the owner of a property has passed away? A: Yes, the title to a property needs to be amended following the passing of the property owner. The title to a property cannot be...
Under the Body Corporate and Community Management Act 1997 (Qld) there are certain implied warranties that the Seller is deemed to have given to a Buyer. If there are matters that should have been disclosed that are not, then the Buyer may have a right to...
Under an “Off the Plan Contract,” the Lot does not exist at the time of Contract therefore the Standard ADL or REIQ Contract is not suitable for use when selling the Lot. A specialized “Off the Plan” type of Contract is the most appropriate type...
If a Seller lives overseas for a period of more than 6 months in a year and sells their property during that time they may not be able to claim the Capital Gains Tax ‘main residence’ exemption on the disposal of the property even if...
Revised registry fees with the Department of Natural Resources and Mines will take effect from 1 August 2020. The current fee structure will remain in place until 31 July 2020. We want to assure everyone that here at Ownit Conveyancing we are ‘business as usual’...
Q: Are there any differences between the standard REIQ and ADL Contracts? A: Yes. The standard terms of each of these Contracts are different in many respects. Both versions of Contracts are used in Queensland and it is important to consider which type of contract...
Q: Is the Home Builder Grant taxed? A: No. The Home Builder Grant is a tax-free payment. We want to assure everyone that here at Ownit Conveyancing we are ‘business as usual’ and that we will always here to help. We are here to...
As the 8th of June 2020 is a Public Holiday in New South Wales and Victoria settlements via the electronic settlement platform PEXA will be unable to be transacted in Queensland on this date due to the office of the Reserve Bank of Australia is...
Recently the Federal Government announced the Home Builder Scheme which will be a $25,000.00 cash grant for Contracts entered into between 4 June and December 31 and there are certain criterias that must be met to be eligible, it includes the following below: the work...
It has come to our attention that there are a number of persons who appear to be acting together in the transmission of a fraudulent scheme signing Contracts to purchase a property. These Contracts do not settle leaving the unsuspecting Sellers bound to Contracts for...
It has come to our attention that there are a number of persons who appear to be acting together in the transmission of a fraudulent scheme signing Contracts to purchase a property. These Contracts do not settle leaving the unsuspecting Sellers bound to Contracts for...
It is important to have a legally binding Will in place to ensure that in the event of your death your estate is distributed in the way that represents your wishes. If you die without a Will your estate will be distributed pursuant to the intestacy...
The law requires that all Contracts in relation to the Sale of Land are in writing and signed by the parties it is to be enforced against. In current times there is the ability for Contracts to be signed electronically. There are certain requirements when...
If you are a “foreign person” under the provisions of the Foreign Acquisition and Takeovers Act 1975 (Cth) and you have been granted FIRB approval to purchase a property in Australia you need to ensure that the property is occupied or genuinely available for rent...
If you are a “foreign person” under the provisions of the Foreign Acquisition and Takeovers Act 1975 (Cth) you need to obtain and No Objection Notification from the Foreign Investment Review Board before entering into the Contract and notify the Department of Natural Resources and...
Here at Ownit Conveyancing we have been transacting settlements electronically for quite some time now and therefore we are well equipped to attend to settlements electronically and remotely if need be. We have received many enquiries as to how we are able to look after...
Coronavirus – COVID-19 Ownit Conveyancing have taken steps to implement policies and procedures to ensure that we are able to continue to represent our clients during this ever evolving health situation. Fortunately at Ownit Conveyancing we have current systems in place that will, if necessary,...
What is a Consumer Guarantees? In some instances the sale of property may include the sale of goods that have implied consumer guarantees. By law, implied consumer guarantees cannot be contracted out of. When buying and selling property it is important to consider whether any...
What is a Certificate of Classification? A Certificate of Classification will set out the building classification for the property. When purchasing certain types of property (for instance a commercial lot) it is a good idea to obtain a copy of the Certificate of Classification so...
Is it a good idea to make a Contract for Land subject to satisfactory Soil Testing? Yes! We would recommend that a Contract for the Sale of vacant land be made subject to satisfactory soil testing. Soil testing will allow a Buyer to determine what...
Did you know that there is a prohibition on letting a property where there is no pool safety certificate? Owners of properties are not permitted to lease the property where there is a pool but no valid pool safety certificate. Very high penalties will apply...
What happens if the property is damaged before settlement? A Seller has an obligation to take reasonable care of a property until settlement even though the property is at the Buyers risk from 5.00pm on the first business date after the Contract date. If the...
Can a Buyer rely on the Seller’s insurance policy cover even though the property is at the Buyer’s risk? It is important that a Buyer obtains their own insurance for a property on the first business date after the Contract date as the property is...
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...
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...
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! 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...
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...
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...
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...
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...
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...
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...
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...
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 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....
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...
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) 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 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 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...
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...
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 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...
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,...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
In contract signing, is it necessary to sign all of the pages of the Contract? 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 are...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
What is the difference between holding the property as Joint Tenants or as Tenants in Common? 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 a method...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
We recommend that the Conveyancing Contract date should be inserted as the date the Seller signs the Contract.
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...
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...
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...
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....
If the seller is in breach of contract, can the Buyer claim damages for that breach without tendering the balance of the purchase price, to show they were ready, willing, and able to complete the Contract? For example, where the seller can not remove a...
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...
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”? Yes, if the property being sold is subject to the tenancy. If, however, the property...
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)...
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)...
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...
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? If there is a condition in the contract itself and it can not be removed from the Contract, which is...
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...
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...
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...
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)...
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...
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...
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...
