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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 are not...
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 date is automatically...
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 regarding...
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. Lack of Research People tend to be...
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 to...
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. ...
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...