Signing the Contract
Who signs the contract first once the offer has been made? Once a prospective buyer has made an offer to buy, the contract can then be prepared and sent to the buyer who will execute the contract first. Once the contract is finalised and signed by the buyer it can then be sent to the […]
Amending the Contract after it is signed
Are there changes that the vendor wants to make after the seller has already signed? Once the buyer has signed the contract this is a legally binding offer to purchase. Any changes made to an offer becomes a counter offer. If the seller wants to make changes to the terms and conditions contained within the […]
Self-Managed Tenant
Are the Tenants on the Property managed by the vendor? Did you know that there is a large amount of behind the scenes work done by managing agents when a property changes ownership. When the property is managed by the vendor privately, there are various documents required to be provided to the buyer at settlement […]
Government Registration Fees vs Transfer Duty
What is the difference between Government Registration fees and Transfer Duty? At settlement, there are various additional items required to be paid by the buyer to effect settlement. Transfer Duty (also known as Stamp Duty) is a Government Tax charged for acquiring property whereas Government Registration Fees are the Titles Office Administration Fees charged to […]
Deposit Bond
Q: What is a Deposit Bond? A: Deposit bonds can sometimes be used (when formally agreed to between the parties) instead of cash to pay a deposit when buying a home. The person taking out the bond has to pay the money plus fees for the bond back to the bond issuer by an agreed […]
Sellers Obligations Until Settlement
The terms of the standard ADL and REIQ Contracts differ in what the requirements of the Seller are until settlement. Under the current REIQ Contract a Seller must use the property reasonably until settlement whereas the current ADL Contract provides that the Seller must maintain the property in the condition it was as at the […]
PEXA Update
At Ownit Conveyancing we embrace the power of digital. Our clients and stakeholders expect fast and seamless settlements and this is why we choose to settle via the PEXA settlement workspace as often as we can. To date Australia wide there have been 7,402,197 settlements transacted via the online conveyancing platform with a staggering property […]
Transfer Duty Exemptions
Q: Did you know that there are many exemptions to the payment of transfer duty in Queensland? A: The Office of State Revenue website sets out the many exemptions allowed for the payment of transfer duty. These exemptions range from exemptions applied to deceased estates to exemptions allowed for family law separations and trusts. We […]
ADL or REIQ
Q: Are there any differences between the ADL and REIQ Contracts versions? A: Both the ADL and REIQ Contracts differ significantly in the standard Contract terms. It is critical that the version of Contract being used is taken into account when looking at a Contract as the terms of the different Contracts can change the […]
Regional Home Building Boost Grant
Q: Did you know that the Regional Home Building Boost Grant has been extended? A: The Regional Home Building Boost Grant has been extended until 31 March, 2021. In order to be eligible for the grant you must buy or build a new home in regional Queensland. The Office of State Revenue has a list […]
