Let’s recap on changes which have now taken effect following the latest Federal Budget. The tax increases and charges to foreign buyers are estimated to bring in an extra $600 million for the government over the next 4 years. Buyers and sellers need to be on their toes in order to comply with the changes.
Well, it is more paperwork… but it is important! Queensland legislation requires sellers of units to disclose certain matters to buyers. The amount of disclosure that is required will depend on whether the property you are purchasing is completed, or if it is to be completed at some stage after the contract has been signed.
What’s the change? Last year, the Australian Taxation office brought in new requirements for property sellers to assist with the collection of foreign resident’s tax liabilities. On 1 July 2017, the requirements changed so that more sellers are required to obtain clearance certificates prior to settlement. Do I need an ATO Clearance certificate? Only if
When you sign a contract to purchase a house or unit, one of the first things your solicitor will tell you to do is – take out insurance. But what kind of insurance do you need? And why is it so important? It is easy to think – After all, I don’t own the property
What is a body corporate special levy? The normal body corporate levies payable by unit owners are the Administrative Fund levies for the everyday running costs of the body corporate, and the Sinking Fund levies which are saved for future capital works on the building which comprises the Community Titles Scheme. To use business terminology,
In Queensland property conveyancing, dates are crucial and essential terms of the contract. In the real world, it is very common for dates to be varied by agreement between the parties. However, there are traps for the unwary! Sajen Legal are experts in smoothly handling extensions and taking the worry out of it. We take a
If you ever buy or transfer two or more properties in one arrangement, this article is for you. Most people in the property market know of transfer duty (formerly known as stamp duty). It is the tax payable on most property transactions. Duty is calculated based on the purchase price of the property or the
What is a title deed? A title deed, most commonly known as a certificate of title, is a paper record showing the current owner and title particulars of a property. Pre-1994, a paper title deed existed for every property in Queensland. Since 1994 the Queensland Land Titles Register has been electronic and paperless, and certificates
Sellers need to avoid giving buyers an easy “out” of the sale contract. One of the most common of these is if an encumbrance on the property, such as an easement, is not disclosed to the buyer in the contract. The seller has an obligation to make the buyer aware of all easements related to
Option Agreements, also referred to as buy/sell agreements or put and call option agreements, provide a party with the right, but not a definite obligation to buy a property or asset. They have a wide variety of uses, including for real property, businesses or business assets and as tools for succession planning. This article focuses