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...
Looking to Buy More than 1 Property – Beware of Transfer Duty Costs
Have you ever thought about buying two or more properties in one complex?
With ownership of property being one of the most prominent investment methods, it can be appealing to buy multiple properties to invest in. Maybe you have thought about buying two or more properties in the same unit complex. Be careful about buying multiple...
SUNSET CLAUSE BUYERS SHOULD BE WEARY – ARE YOU BUYING OFF THE PLAN IN QUEENSLAND?
Off the plan contracts have a potentially fatal flaw with the use of a sunset clause. While a sunset clause provides the benefit of setting a deadline for when the property must be built by, it can and has been exploited by developers to terminate contracts and proceed with a higher offer price. With the overly competitive property...
3 key Aspects Explained – when Appointed as an Executor of the Will
It can be a daunting task to deal with a deceased person’s money and property once they pass away. If you have been appointed as an executor of a will, it is important to know the expectations placed on you to distribute the estate correctly and what the penalties may be for failing to carry out your duties.
How to determine who has been appointed as an executor
You may have...
An Expensive Mistake to Avoid – Electrical Safety Switches and Smoke Alarms Disclosure on Property Contracts
In Queensland, the standard contract of sale in Queensland contains a smoke alarm section that the Seller is required to complete prior to the buyer signing the contract, stating whether the property is fitted with smoke alarms.
Contract conditions – Electrical safety switches and smoke alarm requirements
One of the last...
Flood-affected Damage to Your Property – What are your Legal Resources?
These recent floods will no doubt impact many property owners and businesses premises. If your property has been impacted by the floods, you should be aware of how the law protects you and what you must do to obtain remedies.
Houses and Units
A typical contract provides provisions for properties affected by flood damage. The Real Estate Institute of Queensland (REIQ) does advise...
Dealing with International Assets – Is an International Will Worth it and here are the reasons why you should have them!
In 2015 Australia became a signatory to the UNIDROIT Convention Providing a Uniform Law on the Form of an International Will 1973. This international convention has provided a way for a person to have one will dealing with...