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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 the...
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 that...
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 applicants...
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 vacant...
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 reserved...
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 it...
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. For...
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 such...
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...