The Importance Of A Good Conveyancer
When it comes to a stress free settlement, a good conveyancer or solicitor is worth their weight in gold.
As a purchaser or seller of a property, you will require a professional to assist you with the property transfer. Both conveyancers and solicitors can help you review legal documents, check the contract of sale, assess taxes involved in the purchase, help you ensure payment is...
The ins and outs of a Contract – When does a Contract Exist and Amending a Contract
When is a Contract Official?
A contract becomes official and legally binding when the last party has signed the contract. It is common that the buyer signs the contract first with their offered amount. If the seller accepts the offer, they will then sign the contract. The contract will become legally binding on the day the last...
Foreign Buyer’s Fee Increase – What a Foreign Buyer should know before purchasing in Australia
On 29 July 2022, the Australian Taxation Office increased foreign investment fees, impacting every person and entity that are foreign to Australia. While these fees increase at the beginning of every financial year, the 29 July increase was unique, as the federal government increased the fees significantly. Because off the plan...
Can New Zealanders Buy Property In Queensland? Top 5 Home Buyer Questions
NB Property Lawyers Kayleigh and Chloe sit down to discuss what is involved for a New Zealand citizen to purchase property in Queensland, Australia. Do they need to obtain FIRB approval or need to pay AFAD? What about applying for a home owners grant and eligibility of the First Home Duty Concession? Are there any other restrictions on a property purchase?
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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...