propertysale Tag

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...