When does a foreign person need to seek approval from the Foreign Investment Review Board (FIRB) for a proposed purchase? Foreign persons must have received foreign investment approval before they acquire an interest in residential real estate. An interest in residential real estate can include: signing an unconditional contract agreeing to purchase a dwelling (or […]
One of the most meaningful financial decisions you’ll ever take will be to purchase, or sell a home. Buyers’ rights are generally made pretty clear, for example, the cooling-off period, and the right to have a building and pest inspection. But, what about when you’re selling a property? What rights do sellers have in Australia? […]
A Covenant is a voluntary agreement that imposes some form of restriction or guideline to the parcel of land. Most frequently, the Covenant, in some cases known as a design guideline, is used to protect the physical appearance of the property for the benefit of the Suburb or Estate in question. There are two forms […]
Do you have a pool at the property you’re just about to sell? Do you have your Pool Compliance Certificate on hand? Sellers are required to provide the buyer with a Pool Compliance Certificate prior to settlement. The new updates to the REIQ Contract have simplified the pool related provisions of the contract and a […]
As per the terms of the contract (8.2), the buyer is entitled to various inspections of the property for specific purposes. One inspection allowed is an inspection of the property prior to settlement also known as a pre-settlement inspection. This inspection is to confirm that the buyer is satisfied that the property is in the […]
Get the ownership structure right!
Outgoings at settlement can be confusing.
The REIQ (Real Estate Institute of Queensland) has made many changes to the newest released contract versions (13th and 17th editions). To combat the issues experienced with settlement delays and the severe consequences suffered by buyers as a result of issues outside of their control the REIQ has introduced Clause 6.2.
The Real Estate Institute of Queensland (REIQ) issued an update in the requirements for smoke alarms for Queensland residential properties sold. Sellers must comply with the new version of the contract (17th edition Residential and 13th edition CTS) and failure to comply may put the property sale in jeopardy. The new legislation adds several new […]
It is important to remember to include the disclosure statement with the contract prior to the buyer receiving it to sign. The seller is required to provide relevant disclosure to the buyer prior to the contract being signed. Failure to do so results in the seller being in breach of contract and the buyer is […]