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Conveyancing Fast Facts

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 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...

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 Foreign...