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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 on lands? Buyers Guide Sellers...
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 property...
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 Land...
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 are...
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 any...
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 required...
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 the...
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 buyer may...
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 seller...
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 of...