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...
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...
Building and Pest Condition Explained – Why you Should Engage a Lawyer to Assist you with your Purchase or Sale
The building and pest condition is an essential term of any residential contract. It gives the buyer crucial protection to exit out of the contract, if there is something wrong with the property that would be of significant cost to the buyer to fix. This article will discuss:
each party’s obligations;
how a party can terminate...
Bought a Property with a Periodic Tenancy – What does that mean?
A buyer has purchased a property and on the contract, the tenant schedule has been filled out with the term of lease stated as “periodic”. This can be confusing to understand what does periodic mean, when does the tenancy end and how does it impact a buyer’s intention to use the property.
What does it mean?
A periodic agreement is defined by the Residential Tenancies and Rooming...
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...
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...
Instalment Contracts in queensland – A comprehensive Guide and reasons why they are Risky to sellers and buyers
Instalment Contracts – A Guide to Identifying them and why they are Risky
An instalment contract looks identical to a usual contract.
However, it provides more protection to buyers and greatly restricts the rights of sellers. It is important for a buyer and seller to recognise the warning signs of an instalment contract, and the potential dangers of entering into...
4 New Changes to Standard Residential Contract Conditions in Queensland – What Buyers and Sellers Need to Know
The Real Estate Institute of Queensland (REIQ) have amended their contract conditions which impact essential obligations on buyers and sellers such as
the settlement date, smoke alarms and paying a deposit electronically.
If you are a buyer or seller looking to enter into a contract for a house or unit in Queensland after 20 January 2022, you should be aware of the...