Verification of Identity (VOI)
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 reasonable steps be taken to verify the identity of an […]
What happens when a Seller dies? (Part 2)
What happens to the sale of property where a Seller noted on title dies? When a Seller dies the title to the property must be varied in the Department of Natural Resources and Mines to reflect the death of the Seller before the property is able to be sold. Where there is more than one […]
What happens when a Seller dies?
What happens to the sale of property where a Seller noted on title dies? In the event a Seller noted on title dies there are important steps that must be taken to with regard to the Seller’s estate and the title to the property before the Contract is signed to ensure that the transaction is […]
Foreign Buyer Approval
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 Acquisitions Takeovers Act 1975. We would recommend that a […]
New Contract Change – Delay Event
What is a Delay Event? The new REIQ Contracts released last week now include a provision to allow for the suspension of time as a result of a Delay Event. A Delay Event is defined in the Sixteenth Edition Contract as a tsunami, flood, cyclone, earthquake, bushfire or other act of nature, a riot, civil […]
New Versions of REIQ Contracts Released
New Versions of REIQ Contracts Released! New REIQ Contracts have been released for use from the 20th of August, 2019! It is extremely important that the new editions of the Contracts are used from this date as they refer to important changes in both electronic conveyancing and the suspension of time on the happening of […]
Cooling Off Period
When is A Buyer Entitled to a Cooling Off Period? A Buyer is only entitled to a Cooling Off Period in instances where the Property Occupations Act 2014 (Qld) applies. There are many instances where the Buyer is not entitled to a Cooling Off Period, for instance, where the property is sold at auction, where […]
Instalment Contracts
What is an Instalment Contract? An Instalment Contract is an agreement whereby the Buyer pays the purchase price to a Seller in gradual increments without having the immediate transfer title to the property made in exchange for payment. It is important to be aware of these Contracts as the laws surrounding them change the rights […]
What information should the Seller provide after Contract?
Is there any information that the Seller should provide to the Buyer after signing the Contract but before Settlement? The Seller has an ongoing duty to provide certain information to the Buyer after a Contract has been entered into but before settlement has been effected. The Seller should provide to the Buyer copies of documents […]
Priority Notices
What Is a Priority Notice? A priority notice is a form submitted to the Department of Land Registry and Mines that shows there is a potential change of ownership in progress, and all actions that may affect the property are on hold until a decision has been made to change ownership or to maintain the […]
