Cheapest Conveyancing in Queensland
With many conveyancing companies, the final price can really stack up. Depending on how complicated the process is, where your property is located, and property price, it could well reach thousands of dollars. Many conveyancing companies charge an hourly rate, so the longer the process takes, the more you’ll pay. In the case of negotiations […]
The ‘Place for Settlement’
Since the increase in the popularity of the PEXA platform, and particularly since the mandated use of electronic workspaces for most transactions in Queensland, we are often seeing the place for settlement in the standard contract left blank or completed only with the word ‘PEXA’ or similar. This can be problematic as the place for […]
The Register of Foreign Ownership of Australian Assets
The Register of Foreign Ownership of Australian Assets A new register will be administered by the ATO (the Registrar) from 1 July 2023, replacing the existing Residential Land Register, Agricultural Land Register and Water Register. This new register (like its predecessors) will not be publicly available. The purpose of the new register is to […]
It’s almost (Land) tax time
When we think of 30 June, we typically think of accountants and doing our tax returns however, for property owners, this is an important date in respect of Land Tax. The liability to pay Land Tax arises on the Registered Owner as at midnight, 30 June each year. Some may be familiar with Land Tax […]
Changes Coming to Off-the-plan Sales
Queensland’s Attorney-General, Shannon Fentiman has announced, following consultations and surveys late last year, that changes will be made to legislation to prevent property developers invoking a ‘sunset clause’ to terminate ‘off the plan’ contracts for land unless specific situations apply. This includes: with the written consent of the buyer; or under an order of the […]
The Instalment Contract Trap
It is rare that Buyers and Sellers will agree to enter into an Instalment Contract, which is an agreement to pay the purchase price in increments. Sellers particularly would find it undesirable as the Buyer is afforded substantially additional rights and powers as compared to a usual contract arrangement. On occasion, we see contracts that […]
Minimum Housing Standards from September
New leases for Queensland properties, entered into on and from 1 September 2023 will attract the implementation of new Minimum Housing Standards. Rental properties will be required to be safe, secure and functional as the Minimum Housing Standards require: the premises to be weatherproof and structurally sound; fixtures and fittings to be in good repair […]
Selling with tenants
A tenanted property is often a selling point to potential Buyers which means that investors will often make enquiries about the tenancy and desire that it remain in place after settlement. The notation of the tenancy on the QLD contract (on page 4 of the REIQ contract) would then be done in the usual manner. The […]
Deed of Recission or amend the contract?
The question of whether a Deed of Rescission is required in QLD really is an extension of whether an amendment to the contract, if made, could be seen to be a transfer of an interest. An example of where a Deed of Rescission would be required would be where a buyer, following advice from an […]
Choosing the correct ownership structure when purchasing!
Choosing the correct ownership structure when purchasing a property is extremely important to consider prior to signing a contract. The purchasing entity can be an individual or a company. This may be in its own right, or as the trustee of a Trust (such as a Family Trust) or Self-Managed Super Fund. We strongly recommend […]
