Building Management Statement – What are they?
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...
Advance Health Directive – Do you need one?
There may come a time where you suffer an injury or accident which impacts your ability to make and voice your decisions on medical treatments. If you want to make your preferences known on whether to accept or reject particular medical treatments on your behalf, then you may wish to consider having an Advance Health Directive...
5 things you should be considering before you even receive a draft lease
Looking to enter into a Lease – 5 things you should be considering before you even receive a draft lease?
Looking for premises to conduct your business can be a time consuming and daunting process. Having a lawyer who is able to review draft leases, provide advice and recommendations will greatly assist...
Tenant in the Property or Vacant Possession?
How to know if there is a tenant in the property you are purchasing?
A Real Estate Institute of Queensland (REIQ) Contract provides a section for the seller to complete if there is a tenant that will live in the property past the settlement date. This section will include the name of the tenant, how long the tenant will be...
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...
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...