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Q. What is the difference between holding the property as Joint Tenants or as Tenants in Common? A. 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...
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 warranties,...
Q. If there is a pool on the property and a valid pool safety certificate has been issued, does the Pool Inspector and Pool inspection date section of the contract need to be completed on the contract? A. No. The pool inspector and pool inspection date...
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...