3 key facts a Buyer should consider and address before signing a purchase contract in Queensland
In this video one of our Lawyers, Chloe Skubis, goes through three key factors any buyer should consider and address before signing a contract. Anybody looking to purchase a property in Queensland should ensure these three areas are addressed before signing a contract in order to protect any buyer’s interest in getting adequate compensation and getting the property in the best condition...
Selling a Unit or Townhouse? What you must Disclose to the Buyer Before Signing a Contract
When selling a unit or a townhouse a seller has an obligation to disclose to potential buyers’ body corporate information before a contract is entered into. Failing to provide the information, or providing incorrect information, risks the contract being terminated.
What information needs to be included in the Disclosure...
Transfer Duty Concession Explained
A common misconception about purchasing property is that the buyer will only be paying the contract purchase price. What they have failed to take into account is that other authorities charge taxes and fees to record the purchase of the property and registering the change of ownership.
One such payment is the payment to the...
Paid off your Loan? Why the Bank still has an Interest on your Property
Once a loan is paid off, a property owner may think they have the only interest in the property, however this is not the case. While you can pay off your loan the mortgage does not automatically go away with the last payment. Here is what you need to do to get remove a mortgage once it has been paid off.
Difference Between Loan...
Buying a Property in Queensland? Items to Check Before Signing a Contract
The property market has become so competitive that buyers are willing to not only pay anything for a property but give up some of their contractual rights to be the most appealing offer to the seller. The problem with giving up your rights is that if a problem arises, you may be stuck with taking care of it yourself. Here are 3...
Additional Foreigner Acquirer Duty – What Foreign Buyers Need to Know
When buying a residential property, a buyer has additional payments to make other than the contract price. These additional payments can involve:
Fees to lodge documents for transfer of ownership at the Titles Office; and
Transfer duty liability with the Queensland Revenue Office.
The Queensland Revenue Office have implemented...
Swimming Pools as part of Property Purchase – What do the Parties need to Provide?
If the property you are selling or are interested in purchasing has a pool, you should note that the owner has obligations to ensuring the pool is at an adequate standard or else risk termination of a contract. This article will explain obligations the seller has in a contract to ensure the pool complies with the stipulated...
When should a Lessee Renew their Lease Option?
Leases often come with a possibility to extend the lease for a certain period of time. This is considered a lease option period and if the lessee wants to pursue extending their lease, there will be obligations and deadlines the lessee must achieve to be granted the lease extension.
Renewal Requirements
Note that a renewal...
Leaving Gifts to Children in Wills – How to Leave Gifts and how Old should a Child be to Inherit?
Parents are commonly faced with the decision on how to leave gifts to children in their wills. Parents have a difficult balancing act between ensuring their child receives some financial benefit while ensuring their child has the maturity to deal with the inheritance appropriately.
There are three common options for leaving a...
Body Corporate Voting – A Step in the Digital Era
Body Corporate meetings and voting have received a modern transformation through the Body Corporate and Community Management (Standard Module) Regulation 2020 (Qld), with the introduction of the use of electronic technology. Now that it has been introduced, body corporate committees and their members should be aware of how and...