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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 Board...
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 will...
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 from the...
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 the...
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 Rate of Interest Buyers...
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 or...
Q. In contract signing, is it necessary to sign all of the pages of the Contract? A. 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 through...
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 the...
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 is...