Property Tag

A business leasing premises should be aware of the payments they need to make to the lessor. Not only does a lessee need to pay rent but they may be required to make additional payments termed as outgoings. Payment of outgoings is quite common in leases. It is important to note what the term “outgoings” covers and how a lessee can determine the amount to pay on top of their rent....

Changes to the Real Estate Institute of Queensland (REIQ) contracts have come into effect for residential unit purchases. A buyer’s method of terminating a contract now includes failure to register an interest. It is important for buyers, sellers and body corporates to understand what a building management statement is and how it...

  You may be looking to transfer property to a family member. Whatever the reason, if you are looking to transfer your interest in any property to a family member you should be aware of what is required and what financial implications there may be.  What is required   Typically, transferring an interest in a property to a family...

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...

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...

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...

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...

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...

Most people know that transferring of property ownership from one person to another is not a simple task but only a few appreciate how complicated the process of transferring the ownership title from the seller to the purchaser is. Conveyancing is the legal process of transferring the property from the seller to the purchaser. This process will be done either by a legally licensed...

The Federal Government recently announced the HomeBuilder scheme in an effort to boost Australia’s limping construction sector by providing eligible applicants $25,000 to put towards building a new home or the renovation of an existing one. The scheme is a tax-free grant and is estimated to directly support 140,000 jobs across the country. Eligibility Criteria To apply, you must meet...