All you need to know about Contract Deposits Payable when Purchasing Property
What is a deposit?
Often buyers can be confused in believing the deposit is an additional payment on top of the contract purchase price. The Deposit is in fact part payment of the contract purchase price. It is paid before settlement to demonstrate the buyer’s willingness to proceed with the purchase.
When do I have to pay the deposit?
Payment of the deposit is typically paid in...
Can you Purchase a Property Without Cash? Beware of the Dangers
Cryptocurrency (such as Bitcoin) has been on the rise in the last decade. More and more people are becoming interested in moving their money from banks into this digital form of currency. The question arises in the property market as to whether you can buy or sell a house in cryptocurrency. Even if you could purchase a property what are the risks and how does the law treat cryptocurrency....
Terminating a Lease Early – How and when can you exit out of a lease before the end date
A substantial benefit to retail and commercial leases is that they provide a fixed term meaning a lessee is given a set amount of time to occupy the premises. However, either party to a lease may be able to terminate it earlier. It is important to understand when either party may terminate a retail or commercial lease and whether there will be any penalties for terminating....
Rights of a lessee tenant when negotiating a retail lease
Leasing a premises for your business can be an exciting process. However, as leases are generally drafted by lessors, the clauses are predominantly in the lessor’s favour. Nevertheless, the Retail Shop Leases Act 1994 (Qld) (“the Act”) provides lessees protection as long as the lease meets the definition of a retail shop lease. It is important that lessees are aware of their...
Does Superannuation form part of your estate?
Does Superannuation form part of your estate?
Superannuation can often end up being one of an individual’s most significant assets at the time they pass away. A majority of people have minimal involvement with the management of their superannuation and are unaware just how valuable of an asset it is. A common misunderstanding is that superannuation can be dealt with in the will. Most...
Insurances required under a commercial and retail lease
Finding a place to move your business can be a daunting process. The process may involve reviewing the draft lease documents, that contain many pages of clauses. However, one of the most important obligations is the requirement for lessees to take out insurances related to the lease. Not only do the insurances greatly protect the lessee while using the premises but they provide a...
Lease Incentives – What are they and the Hidden Dangers
Lessors to commercial and retail leases may offer a lessee short term advantages to entice a lessee to enter into the lease. These are known as lease incentives and while they do intend to provide lessees with an easier transition into leasing a premises, they also can have hidden traps that lessees should be aware of. Lessee should understand the obligations imposed on them prior to...
Testamentary Capacity – what do you need to prove in order to make a valid will?
In order for someone to make a valid will, there is a fundamental requirement that they had the right state of mind to make their will. This is known as testamentary capacity and it is crucial that you understand how to prove testamentary capacity in case it is ever in dispute. Otherwise you may risk your assets being given to someone you did not intend to inherit them.
What does...
What if there is no Will? Intestacy Laws Explained
Having a love one pass away is an emotionally traumatic and stressful event. The stress can be made worse when there is no valid will in place. Having no valid will can cause extended time delays in distributing the estate as the rules for dealing with an estate with no will have strict rules to follow. Therefore, it is important to understand the rules surrounding intestacy and dying...
Adverse Possession – can a squatter claim rights to own a property?
In some circumstances – YES?!
You may think that it is an old wife’s tale when you hear if someone lives in a property long enough, they can become the new owner of the property without paying for it. The reality is that the law may allow a squatter to become the owner of the property. While this seems clear cut, many property owners may be wondering whether this extends to a...